Foreclosure

I believe that you are responsible as the seller for any damage to the property until the papers are signed in the closing . At that time it becomes the new owners responsibility. Check with your realtor and closing attorney. Generally speaking, the seller still owns it and it is therefore his problem.

You are responsible for the property during the foreclosure process up until the property is sold or auctioned.

Yes.

A lender might not know at the time the credit is pulled but it may show on the title report. Depending on the state, a title report can show any and all bankrupcies and/or judgments against a person. If any money is outstanding from the foreclosure,it may be found inthe judgments.

That depends on how low your income is and what your debt ratio is. It is still possible to save yourself from foreclosure if you can afford a normal mortgage payment. There is always the option to sell the home as well... but if you want to keep the home, you should probably try to qualify for a refinance loan.

The US has an obligation to help those who can't help or defend there selves. In the case of Iraq, the weapons of mass destruction was not totally correct. But, Iraq was lead by a tyrant who tested biological weapons on defenseless men, women, children and babies. The Kurds had NO weapons and merely farm tools to defend themselves when Saddam ordered the testing and usage of biological weapons. Shouldn't we have helped a nation that could help themselves? Our own leaders, and the ones that now deny, we should have invaded. Also, why is it that the ones who have never served have the most to say? Pull your weight then use these types of forums!

The US gives billions of dollars annually in aid to other countries, provides humanitarian support, forgives the debt of other countries and lends troops in times of military conflict (which shouldn't be confused with invading another country, such as Iraq).

Because the property was not owned outright by the deceased persons being willed the property are responsible for the debt attached as well. If they do not want to take the financial responsibility of paying the debt or selling the property they can allow it to be included in the probate procedure and therefore are not responsible for foreclosure or other litigation connected to it. yes, you are responsible otherwise you lose the house you don not get it free just because someone dies. only the person named as heir to the house has to pay. just did this.

You technically should not be able to do both at the same time. The bankruptcy should stop the Foreclosure proceedings in its track.

That would depend on the state in which the property is located. In some states the lender can use "self-help" methods when foreclosing on collateral property, meaning that no court order or procedure is required. Other states the lender must go through the required judicial procedure in the state court in the county where the property is located.

NO! The party holding the judgment will first have to get a sister stae judgment approved in the county that you moved to. Of course before that, they will have to find you...depending on the state, just keep your head down, don't go nust applying for credit, then let it die down. A California judgment is good for 10 years, with the opportunity to extend for another 10. Very few people extend judgments. * Monetary judgments are not transferable from state to state as state garnishment laws differ, with the exception of child support obligations. The judgment creditor will have to file another suit against the debtor in the state where the debtor now lives;unless the debtor is still employed by the same organization. If the judgment credtor can prove the debtor moved specifically to avoid the garnishment they can request additional monetary damages be added to the debt.

Yes, you can. If you show good credit worthiness after foreclosure. Usually two years after. With at least 3 new accounts and with 1 account with a credit limit above $3,000.00.

Short Answer: Yes. You signed paperwork on the construction loan that would be very similar to the final loan. They will foreclose and sell the house at a sheriff's sale.

That is a yes and no answer. No, the accounts won't be affected immediately. Yes, later they will. Ok, you won't lose the cards because of the foreclosure but as the credit card companies do run periodic checks on your credit you may find that they may lower or remove the credit line until such time as they feel safe to let you charge again.

There are lending institutions that specialize in "high risk" loans. you could probably get a loan right now, but you most likely won't be getting a good rate, and you'll most likely need to do a lot of searching to find someone who will take on that amount of risk.

This is a good question, because homeowners have some serious decisions to make about their other debt when they are unable to make the mortgage payment. There are a number of considerations here, though, and it can be difficult to determine what the best use of that money will be. It is not always best to pay off credit cards at the expense of putting away savings or trying to work out a solution with the mortgage company.

First of all, the owners need to decide if they are willing and able to save the house or not, because this will help them put their money through the best channels. If they are unable to stop foreclosure at all, then it might just be best to keep paying off the other personal debt, such as credit cards and student loans. It will not keep their credit score as high as it was before they started missing mortgage payments, but it may prevent even more drastic decreases in their scores.

But if they do wish to keep their home, the homeowners need to examine a few different options for doing so. Especially in terms of qualifying for a mortgage modification or foreclosure refinance, there is a fine line to walk between paying down other debt and establishing a savings account to use in paying down the mortgage to qualify for the workout plan.

In terms of paying down or off the personal loans, this can free up extra monthly income that the homeowners would be able to use once they qualify for a repayment plan or other solution. Banks do not want homeowners spending more than 50% of their total income on debt payments including the mortgage, so they will not approve a solution if the homeowners still have a large debt load. Using some of the money not being paid to the mortgage company to pay off credit cards can free up a significant amount of the owners' incomes.

This would also help if the homeowners were considering a bailout loan from a foreclosure lender. With the high interest rates that most of these lenders charge, it is important for the homeowners to have as much of their income as they can to dedicate to the monthly housing payment. Paying 29% on a credit card and 14% on a foreclosure bailout loan means that there will need to be enough income for the banks to decide to give the homeowners another chance.

But on the other hand, even though paying down other debt can improve the owners' credit scores and help them qualify for a solution to foreclosure, they also need to consider their savings accounts. The original lender may require several thousand dollars to start a forbearance agreement or modification, and the homeowners may not have this available if they have been focusing on paying down credit cards. As well, foreclosure loan sources may not be willing to lend the owners as much as is needed to pay off the mortgage in full, so they will be required to use savings to pay of part of the mortgage at closing. This also requires the owners to have enough savings to complete the loan.

In the end, the decision whether to pay down personal debt deserves careful attention by homeowners facing foreclosure. Although it can help preserve their credit scores, they may need extra funds if they have any plans to stop foreclosure and keep the house. If they are not able to save their home, then it may be best just to pay off debts as quickly as possible to make a clean break; but if they wish to prevent the house from being lost, they need to weigh the benefits of paying down debt to the disadvantages of having less money in savings to qualify for a plan.

Obtain legal help immediately. *That decision is not made by the lender, but rather by the laws of the state in which the property is located.

You may be able to initiate it by discussing the situation with the lender and getting it to agree to allow you to give a deed in lieu of a foreclosure. It will be up to the bank and each lender has its own requirements.

From what I have gathered so far, a forclosure is the worst thing for your credit next to bankruptcy, and a deed in lieu is just better than a forclosure.

Yes. Answer {| |- | This is where you are unable to pay for the house and you voluntarily give the house back to the lender. This is subject to a deficiency judgment yet counts as a "less serious" foreclosure on your credit. However, you lose your greatest asset, your home. |}

Forclosure only affects the specific property that is under contract. If you have other assets they are not in jeopardy during forclosure. On the other hand, a lending institution may initiate a lawsuit to capture remaining loss. Banks are in the business of LENDING money, not giving it away. By law, they are to seek whatever means available to recover the money they loan to you. They have an obligation to repay THEIR lenders, which are the people who deposit money to the bank in hopes of getting an investment type return. So, back to your question: The bank will complete forclosure first to get the property back. You'll have an opportunity to move your personal property out of the "Real" property before forclosure, but if you wait too long they will dispose of your personal property in a way that is most efficient for them. Then they will sell the property in hopes of recovering whatever money is owned on the original loan. If they don't recover enough to pay back the money that you borrowed they may initiate a lawsuit to get the REST of that money, depening on whether they perceive that such a lawsuit might be effective.

There is not a need to hide assets before a foreclosure. You will owe the difference between what the house is sold for and what you owe on it, but you will have time to pay this.

You could try. You could also try insider trading, of course that didn't work out too well for Martha Stewart. Seriously, this would probably be looked upon as fraud.

If You Paid The Bank All Moneys Owed, And At Present Are Credit Wise Clear With The Bank. Take Your Report To A Loan Officer Then File A Report With The Credit Reporting Company, This Should Clear This From Your Credit Records.

Yes. But they have to reach an agreement with the first mortgage holder, for example by buying them, out so to speak. It can be complicated to say the least but it can be done.