Foreclosure

Refinancing a house is possible when facing foreclosure, but it is certainly not a very easy option. Homeowners who have recovered from a financial hardship and can prove enough income and job stability may want to try applying for a foreclosure loan, but it is important to have backup plans in case the loan does not go through.

There are very few traditional lenders who will do foreclosure refinancing loans, though, so homeowners need to search for alternative sources of funds. These usually include banks that specialize in equity-based lending and hard money lenders.

Banks that specialize in this type of situation often require there to be high levels of equity in a property. They may not loan more than 65% of the value of the property, which puts many homeowners out of the running for a loan. With declining property values, it is becoming even more difficult to qualify for a foreclosure bailout loan from a traditional lender.

Hard money lenders are almost no different in terms of their requirements. They may go up to 70-75% of the value of the house, but this still makes foreclosure loans somewhat uncommon. These lenders often charge a much higher amount on the front end of the loan, as well, taking 4-5 points right when the loan closes. This makes it a more expensive loans over the long term, as homeowners need to pay back the interest on these extra charges.

Declining property values and the trend in the housing market to leverage a house to near 100% of its appraised value have made foreclosure loans more difficult to qualify for. Although lenders may be willing to do short sales to help a client sell a house, it seems they are less likely to go for a short payoff, which would allow homeowners to refinance for a lower amount. However, short payoffs may become more acceptable as more properties fall into foreclosure and property values decline further.

You go to the local court where the property is located and file foreclosure papers or call an attorney and have then do it for you just like a bank would. A better option may be to try to work something out with the payer like offering to pay moving expenses in return for having them sign a deed in liue of foreclosure.

Foreclosure is the legal process whereby a mortgage company takes your home back from you and sells it to recoup the money they loaned to you. if you intend not to foreclose it better file bankruptcy from the experts

Seven years! 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.

10 days

The time it takes for a foreclosure always depends on the lender. The timing of the required notices as well as arrangements to get the house empty and ready for sale depends on the bank's recovery team. If you are not making the house payment, you should be taking steps to move out sooner than later. These days, if you have one of the "bad" subprime loans, it may make a difference if you can hang on a few months in order to take advantage of the new laws that are surely going to be passed.

The lender will most likely tell you that you need to contact the attorneys for an updated payoff statement. Once the loan is in foreclosure, the attorneys handle most of the little tasks like payoff statements, reinstatement figures, etc. This is because they will have to add their fees to the numbers they quote you.

Of course, it will take them at least a week, in most cases, to generate payoff figures. This is because the bank will have to calculate interest, late fees, and other charges, and then the lawyers will add their fees and court costs on top. So, after the foreclosure lawsuit has been filed, it's the attorneys that will have the most information.

It means that a person isn't putting all of his revenue down. He is claiming less than he has.

The best way to get your home back is to have the foreclosure documents analyzed. That's what i did. My house was foreclosed on and I heard that judges awarding foreclosures without the homeowners having much defense. I live in a Trustee state which is even worse for homeowners because there is no judge involved. It's simply a court recording. So, a friend told me to contact Lighthouse Consulting Group, i did, and they looked over my foreclosure documents and preformed a Trust Deed Verification audit and it turned out the the Foreclosure process was not done incorrectly. My sale was reversed. Then, I went one step further and had Lighthouse perform a securitization audit and that turned-out that the foreclosing party didn't have the legal right to even begin the foreclosure. This whole foreclosure situation is a mess and if your on the verge of losing or have lost your home call Lighthouse Consulting Group 800-678-0419

the owner who is in foreclosure is attempting to sell the house before the foreclosure goes through. this is completely legal. if they want to sell the house for less than the amount that is owed to to the holder of the mortgage they will need to get the mortgage holders agreement.

Once the bank has accepted your offer, the bank really wants to move things along. Usually, it is agreed to close within 30 days. It is really up to what you and the seller agree upon and what was in your contract. Hope it goes well!

The bank will only take the home they foreclose.

That is usually determined by the laws of the state in which the residential property is located. In some instances the mortgage holder will refer to the terms of the original contract, but the homeowner can, ask assistance fromt he court if the alloted times greatly differ.

Yes, a voluntary foreclosure (deed in lieu of such) is a foreclosure just as a voluntary repossession of a vehicle is a repossession. All the same penalties/fees, recovery of debt laws apply and the information entered on the debtor's credit report will be as a foreclosure regardless of the circumstances involved.

10years...

Most States require that the process take place in less than 30 days. I some areas title transfer must happen in 10 days.

Remaining principal (and interest on remaining principal unpaid) is the responsibility of the borrower, of course. The lender whose foreclosure sale did not net the full outstanding amount can place a lien on any other property of the borrower and sue to liquidate those possessions or receivables to satisfy the debt.

86,000+ including the licensed and non-licensed

Search for a directory of free foreclosure listing sites There are actually companies that will work with you for free to buy your mortgage away from your mortgage company and avoid your foreclosure.

There are many companies/websites that offer access to foreclosure listings. The majority of these places will offer trial periods for you to take advantage of. Just pay close attention to the terms of service.

In addition, are you looking for listings because you are interested in purchasing foreclosure properties? Or are you just looking to see what's going on in your area?

If you are looking to purchase, please note that there are other properties available for which you can get a deeper discount than a foreclosure. Pre foreclosure properties (aka motivated sellers) need to sell and sell quickly, often times giving you the upper hand on the price you pay.

Also, if you already have a trusted realtor agent working with, perhaps you can both work together in obtaining a list of properties under foreclosure which your agent can ask from banks.

Answer

Second sale is when a properity has already been sold once, and is now being sold for the second time.

Often a person who is a commissioned sales person will receive their commissions on a monthly basis. In the interim, they might receive a weekly advance or "sales draw" against their next monthly commission check. So, if there was four weeks in the month, they might receive 3 checks for, say $500 each. Then, when their actual commissions were calculated for the month, the $1,500 draw would be deducted from the commission check.

It is absolutely illegal. All you need to verify this is an Internet search using the string "real estate straw buyer", then start reading.

It means the account that the check was drwan on has been closed. Whoever wrote the check went to the bank, closed the account without providing a list of outstanding checks, and took whatever cash was left in the account. Unfortunately it makes the check you're holding worthless... but if you are located in the US (not sure about other countries) it is considered bank fraud and is a federal offense. Contact an attorney.