Foreclosure

As to the foreclosure of a property itself...(presuming they don't have rents/deposits or such received from the property), generally not involved.

From any of the other financial issues your probably dealing with, that may even be allied to the property foreclosure.....at risk.

Would depend on the formalities of the jurisdiction, including get the sherrif to evict.

Subprime crisis is a crisis started in the year 2008 that affects the mortgage industry because of the approved loans that they could not afford. In result, many lending institutions and hedge funds closed. This also affects the global credit market that results in higher interest rates of credit.

Filing for bankruptcy may enable you to recover your house from foreclosure. However the bankruptcy would entail dealing with your entire debt situation, not just the house.

A collection agency can collect from someone on social security or disability. If you incurred a debt, you can be prosecuted.

That depends what state you reside in . There are actually companies that will work with you for free to buy your mortgage away from your mortgage company and avoid your foreclosure. I would advise looking into this first.

Alaska, Arizona, California, Hawaii, Iowa, Montana, North Dakota, Oregon, Pennsylvania, South Carolina, Washington and Wisconsin.

Well, sorry to disappoint you, but, you dont get payed for "building" robots. The way you make money from it is "selling" them. Ok. That doesn't help you much, does it? Well, if you make a robot that can walk around the room, someone might think cool! Ill buy it for 5 bucks! But if you make a robot that can cook for you, clean your house, and drive your kids to soccer practice, while it balances your checkbook, and washes your clothes, I'd say you'd make a killing off of it. By the way- good luck making that! (no offence) But, many factors go into how much you make from the bots. The following things go into consideration for the price that you can sell them: Cost to make, Time spent on it, How many people made it, and finally, What it can do! Yes, there are many more, but I dont want to go on and on. So......... I really hope this helps! p.s. happy robot building!

Yes.

The best way is to pay the mortgage bill. If you own the house, pay your bill! If you're renting, talk to the bank and see if you can take over the mortgage payments or make some other arrangement with them. The bank wants it's money, so they will most likely be willing to work with you on something.

What to do after facing foreclosure is an extremely broad topic; after all, there are so many possibilities for homeowners to begin the process of financial recovery or make a fresh start or attempt to get their house back or qualify for a new house. How one family will respond to saving their house or losing it will be entirely dependent on their circumstances and the particulars of their experience with foreclosure, and any specific advice may be too narrow to apply to all cases.

In general, however, homeowners who have dealt with a foreclosure and survived to tell the tale have a number of decisions to make, both in the short term and in the context of their long-term financial lives. Dealing with a damaged credit history, attempting to qualify for a new mortgage as soon as possible, and making sure that they are protected from the next financial crisis are aspects of their financial condition that they must carefully analyze.

The most immediate consequence of having a mortgage go into default or foreclosure is that the borrowers' credit scores will drop drastically, possibly by over 200 points, depending on how many late payments they had and how they kept up with their other credit lines. Homeowners will have to decide whether it is worth their time to work on improving this score or simply attempt to extract themselves from the credit trap and focus on savings rather than borrowing.

If the owners do decide to work on their credit and improve the record, it is most likely in an effort to qualify for a new mortgage within the first few years of facing foreclosure. Whether they lost the house completely or are dealing with a higher payment due to a forbearance agreement or modification, qualifying for a mortgage with better terms can prove to homeowners that they have repaired the situation and are creditworthy again. Some of the more important aspects of this process to focus on include paying all of the other debts on time, not opening more credit lines, and disputing any inaccurate, negative information.

However, possibly the most important action for property owners to take after facing foreclosure is to analyze their current financial status and begin a monthly savings plan. If they are still in a position where all of their monthly income is going towards bills, housing expenses, and basic general expenses (food, transportation), then it may be wise to consider taking on a second job, eliminating as many expenses as possible, or downsizing to a smaller house or alternative living arrangement. If there is no room in the budget for even a small savings plan, then it is unlikely the homeowners will be able to weather the next financial storm.

Foreclosure can be an incredibly destructive financial process, but it can also provide a unique opportunity for homeowners to reconsider their financial habits and plan for their future with a fresh start. With completely damaged credit, it may be in their best interests to discharge other debts through bankruptcy or focus on living without the pain of borrowing money from credit cards just to finance their lives. What homeowners specifically do after foreclosure will be entirely dependent on their economic situations, but every one of them should carefully assess their current financial conditions and plan for the future.

It is called "sub-rime" because the holding of sub-prime (low credit quality) debt precipitated the crisis.

If the home was a short sale, many investors will view that like a foreclosure. Please proved more details on the type of transaction this was.

I am not an attorney and I cannot give legal advice. Please seek professional legal advice from a competent professional.

I believe that an LLC located within a home being foreclosed upon would not be at risk other than needing to relocate. However, there may be more to consider that I am not aware of.

The foreclosure will be on your credit report indefinitely.

The deed in lieu is pretty straightforward. In short, it means that the mortgage creditor will accept the deed of the house in lieu of payment when the debt owner is no longer able to pay upon the debt. When this happens, the home owner surrenders the property and moves out saving the mortgage creditor the lengthy time and legal trouble of taking an legal action upon the home owner to remove the home owner from the premises, enabling the creditor to recover the debt owed. Usually this is to the benefit of the home owner in situations where the housing market is depressed, there are many foreclosures on the market preventing the usual sale of the home, and the amount of equity in the house is not worth keeping the house, and/or selling the house under normal market circumstances.

If you have a second mortgage, you should also consider that that debt is yours because the mortgage creditor is only concerned about the first mortgage, and not any subsequent mortgages taken against the home.

A short sale is an option when a property owner is not able to afford the obligations of a loan. The amount of time a short sale is on a credit report can be answered by a lawyer who is assisting in the short sale. A short sale may hinder future loans.

No, you will not be able to stay in the home if one lender successfully forecloses on the home. It only takes one lien holder to take away the house. Chances are, if you have been able to keep up with your first mortgage, you can convince your lender to combine the two and just have one mortgage payment. Depending on how long you've had the loan and how much equity you have, you may even be able to negotiate a lower monthly payment. When you are facing foreclosure, it's important to stay in contact with your lender and explain what's going on and how you plan to recover from your hardship and begin making your payments again.

During the foreclosure process, there will not be adverse effects to a homeowners' credit cards if all are paid on time. If they fall behind, of course, they will have even more damage to their credit scores, and may face severely negative consequences from creditors. However, simply being in foreclosure itself will not cause homeowners to lose their credit cards or have interest rates increase or extra charges added.

Many credit card companies issue contracts that state that the company may be able to raise interest rates on the card even if the borrowers never miss a payment on *that* line of credit. If they miss a payment on any *other* credit card, said company may raise rates.

Even if a credit card is with the same bank as the mortgage, there is little that a mortgage company can do if a borrower's credit cards have not gone into default.

However, after a foreclosure has ended, and despite the fact that some owners may have been able to stop foreclosure, there will be severe damage to their credit reports from the late mortgage payments and/or foreclosure.

Such homeowners should be careful not to close out any credit lines that they may plan on using in the future. Because of the damage to their credit rating that late mortgage payments or a foreclosure will cause, it will be difficult, if not impossible, to qualify for new loans or credit lines with competitive interest rates for years after facing foreclosure.

Unless the homeowners voluntarily close their accounts or fall behind on the payments, the credit card companies will not do very much at all before, during, or after the home foreclosure process. The companies have no reason to take any negative actions against the borrowers just because they are facing foreclosure on a property they own. In fact, as long as the homeowners can keep on top of their credit card payments, they may try and request a higher credit line during foreclosure to be able to use some of that money to get back on top of the mortgage, although >>this is not a very sustainable solution<<.

On a somewhat unrelated note, just as homeowners who have Home Equity Lines of Credit on their properties and have had access cut off, credit card customers may also see companies start to decrease the total available to borrowers. Banks are beginning to realize that there may be a larger risk of default in consumer lending and are taking defensive actions to limit access to credit for debtors in the greatest danger of falling behind. So, before facing foreclosure, homeowners may want to consider cutting up their current credit cards and getting used to a life without borrowing money, since their lenders may cut off their access soon anyway.

Foreclosure is a process whereby a party (usually a bank) enforces a security interest (such as a mortgage or a lien) over the debtor's property.

The most common type of foreclosure is where a bank forecloses on the family home because the family fails to keep up payments on the mortgage.

The exact legal meaning varies between countries: in the US, it usually means any kind of enforcement, including selling the property. In the UK, it means a very specific type of enforcement whereby the bank takes title in exchange for releasing the debt. Foreclosure is often used loosely in commercial terms to types of enforcement which are not strictly speaking legal foreclosure at all - for example, where a financier terminates a hire purchase contract.

No matter how far homeowners fall behind on their mortgage, leaving the house before they are given an eviction notice can be a mistake. There are a number of different strategies that homeowners can use while facing foreclosure but before moving out to put themselves into a better financial position to deal with the aftereffects of a foreclosure situation.

Once a borrower begins missing mortgage payments, the first step the bank will take is to begin the initial foreclosure lawsuit. This typically takes anywhere from 3-6 months after the first missed payment, and merely signals the bank beginning the process of taking back the house. Just because the homeowners know that they are behind, this does not mean that the courts will automatically grant the foreclosure -- the bank still has to go through the correct legal channels and prove their case.

Thus, it would not be a good idea at this point for the owners to move out, because there is simply nothing that the courts have done yet to grant possession of the house to the lender. But even as the next step in the foreclosure process approaches, the owners may still have time to remain in the property. This next step is the sheriff sale of the house, also known as a foreclosure auction or trustee sale, depending on the terms used by the state and county.

Once a house is sold at the public auction, the homeowners usually no longer have any ownership interest in the property, or at least the purchaser has some claim to the title. In some states, however, it is even premature to move out soon after the sheriff sale, due to redemption period laws. States with a redemption period allow homeowners to keep living in their foreclosed house and have a chance to pay off the amount due to retain ownership. During the redemption, they can not be evicted and do not have to move out.

All of these periods, after the initial missed payments, the time from the lawsuit to the sheriff sale, and the period after the sheriff sale, can be used by homeowners to begin repairing their financial positions. Even if they know they can not save the house, the state laws grant them certain amounts of time that they can use to begin putting money away, paying off other debt, or otherwise begin planning for the future.

Moving out of a house after a few missed payments or at any time before the eviction order is given may be premature and negatively impact the owners' ability to sustain themselves after the loss of the house. In some cases, just having the extra time may even allow families to find a solution that will allow them to sell or pay off the amount they owe to the bank; moving out too soon would not allow them this small chance to save the house.

Thus, homeowners who have fallen behind on their mortgage should do everything they can to work with the bank and within the court system to get as much time as possible. Simply assuming they will be kicked out of their property after a few missed payments only makes sure that they will lose the home and face a more uncertain future after foreclosure. But using the protections of state law and the time given to them, they can often begin repairing their credit and finances, which is an opportunity they would otherwise lose by moving out.

Generally not. These are normally structured so it essentially the lender buying the property for for the amount of the outstanding loan. The difference in the value, is paid by your facilitating the transaction if you will. There is no forgiveness of debt.

Depending on the timing of the various required notices, it usually takes a minimum of 120 days to effectuate an uncontestednon-judicial foreclosure. There are actually companies that will work with you for free to buy your mortgage away from your mortgage company and avoid your foreclosure. I would advise looking into this first.

The process to foreclosure on you if you are in a Trustee Deed state is 3 months + 21 days. Once you start missing payments technically the bank will consider you in default after (1) 30 day late. At that point many banks can either be extremely aggressive and file a Notice of Default.

For the past 3 years or so. An NOD filing has not usually been the course of action. The banks can make attempts to collect the payments or work something out. But once an NOD is filed then the clock is ticking for you in your house unless you take the steps necessary to resolve the situation. After an NOD is executed, then the bank must wait 90 days before it can proceed with the next step which is the Notice of Trustee Sale. The lender has the wait 90 days after the NOD is Filed to Post a NOTS. Now, once that document is posted then the lender only needs to wait another 21 days to foreclose. If you are in this situation, you'll need to contact a real Estate Attorney to help you navigate through this process and help you understand your options.

Foreclosure affects everyone. California is a "Trustee Foreclosure State". The informality of non-judicial foreclosures, futile loan modifications, and the lightning speed of post-foreclosure evictions have created an atmosphere of desperation for the homeowner. Furthermore, the complex legal environment is in flux, plagued with misinformation, and riddled with false silver bullets such as "produce the original Note."

With your sale date fast approaching, it is important for you to know your options:

1) Declare a bankruptcy for the purpose of delaying the sale (of course this costs money)

2) File a civil action and try to get a Temporary Restraining Order.

3) Develop a pro-active foreclosure litigation strategy

4) Challenge/Subpoena the Trustee - Trustee Sale Verification