Foreclosure

Yes, if they receive a court judgment in most states it can be used as a wage garnishment.

Bankruptcy only temporarily prevents foreclosure action. A house is considered secure property so it is up to the lender as to what action will be taken, foreclosure or reaffirmation of the loan. The bank would pursue foreclosure and not wage garnishment. If you're in a house you can't afford any longer, sell it. Too many homeowners wait too long. Don't wait for the bank to foreclose.

You should receive a letter from the mortgage company stating that mortgage lien is released when the house is sold or auctioned off. This does not mean that you no longer have an obligation unless the mortgage company sold the house for an amount that would cover your total balance including all collection costs and any other costs, like real estate taxes, utilities etc. that were incurred. If the mortgage company did not have a deficit balance left, you should have no trouble getting such a letter, but if there is a balance due, the letter may state something to the effect that the property has been sold but a deficit balance of a certain amount of money is due.

Foreclosure is basically the act of foreclosing, especially a legal proceeding by which a mortgage is foreclosed. Here in California, for example, a lender can foreclose on the deed of trust if you don't pay your mortgage. The bank or note holder goes through an extensive process to sell the property at public auction to the highest bidder. Some foreclosures require court action, others do not.

Your reference to bankruptcy seasoning is a little unclear. Creditor attorneys will sometimes refer to a lien as "seasoned" if the lienw as created outside of the preferential transfer period in federal bankruptcy law. Federal bankruptcy law allows a debtor to recover certain payments or "preferential transfers", that were made to a creditor a short time before the filing of the debtor's bankruptcy. A judgment lien can be a transfer and can be a preferential transfer if the lien arose within the 90-day time period prior to the filing of the bankruptcy.

Foreclosure and bankruptcy seasoning is commonly used in the mortgage industry referring to the time period that must elapse before a borrower is eligible for a loan. ie. To purchase a home using an FHA loan the foreclosure seasoning requirement is 3 years, therefore 3 years must have elapsed since the previous home was foreclsosed. Unless the foreclosure was due to extenuating circumstances such as the loss of the primary wage earner or a situation beyond the borrowers control. It must be a really good reason before a lender will reduce the 3 year restriction. The bankruptcy seasoning requirments are 2 years from the discharge date for a chapter 7 and 12 months for a chapter 13 bankruptcy with court approval on an excellent payment history on the trustee payments. The seasoning requirments for conventional loans are much longer in the midst of these volatile lending conditions. Please consult your mortgage advisor for details.

My friend's dad bought one after 3 years.

There is not a specific time limit for being eligible for a mortgage or other credit.

Most lenders prefer the consumer to have at least 12 months of responsible credit history.

With a higher interest rate. You will able to purchase a home with a subprime mortgage. What this means is your rate will be much higher than if your credt score was higher. It may be smarter to consolidate your debts and raise your credit score before purchasing a new home. Good luck! Henry Most conventional programs have a 580 credit score requirement for 100% financing for purchasing a home. At 551 you have the option of either contributung 5-10% down payment on a conventional loan or attempting to obtain an FHA insured mortgage which does not have credit score requirements. The foreclosure can also affect your down payment requirements and interest rate but that depends on the time that has elapsed. If you need any further information on either option feel free to contact me at 214)607-1445 or eloy@platinumfinancialonline.com.

State's establish laws concerning foreclosure action. Not knowing the state or the exact nature of the foreclosure document ( "Right To Cure" letter, forclosure notice, etc.), it is not possible to give a specific answer. If it is a letter of demand, the only response to such is for the borrower to adhere to the terms stated in the letter. A notice of foreclosure generally outlines the time in which the borrower has before the property is sold, whether the borrower has redemption rights, and so forth. Some states allow self-help foreclosures as outlined in the lending contract, some only allow foreclosure through judicial procedure, some allow either depending upon the individual circumstances. The only other option is to contact the lender and try to resolve the problem.

Sure, if you don't mind losing your entire investment, ruining your credit rating and being hassled by creditors. Ok... enough sarcasm... maybe you need to talk to Suzie Orman. Yes, but the borrower will still be responsible for any deficiency between the loan balance and the amount that the lender receives in the sale of the property. In addition to any deficiency that may result, the borrower is also responsible for all other costs incurred by the lender related to the foreclosure process.

7 years. Lenders will set underwriting guidelines for how much time must pass after a foreclosure before they will lend to you again, but the acutal reporting lasts 7 years. Some lenders will extend credit if the foreclosure is not within the last 2 years, 3 years, or 5 years depending on their policy.

There are several classifications of judgments, but they are all executed by the same basic method. A judgment creditor may execute the writ according to the laws of the judgment debtor's state. Some ways of enforcing a judgment are; income garnishment or levy against bank accounts or seizure and sale of non exempt property or liens against real property. The judgment debtor is allowed specific exemptions for real and personal property, exemptions will differ from state-to-state. A consumer who believes they may be sued for a debt should familiarize themselves with their rights under state and federal law as to what property can be protected from a judgment creditor.

The lender does not need to render a "Right To Cure" notice to the borrower when the contract is defaulted. Recovery of the vehicle may take place without judicial process only if it can be accomplished without a breach of peace. In other situations the lender should refer to, Georgia Code, 11-9-503.

This varies depending on which state you live in. It is typically around 6 months from beginning of foreclosure to the end (when the property is sold at auction).

If foreclosure has been started, it doesn't really matter if you pay the loan up to current. Your original contract probably stated that once you are in default the entire amount can be called due, and the property can be sold for the amount owed (foreclosure).

As soon as you are in default, the bank can foreclose. If you pay the past due amount, they MAY decide to let the loan continue. It's the bank's decision. In general, once you have been in default you are considered to be a higher risk. The bank may let you re-finance the loan, but they also may want to charge a higher interest rate because you are no longer a low risk borrower.

I would talk to a Lawyer first to see if it is someone's faught why there is a sinkhole. And check with your neighbor's to see if they are having problems. Or if you let the bank take it then you will be responsible for the difference in what the house is auctioned off for and what you owe on it. Or I would maybe try to sell it as is. That would be your best bet. Now thisis how it is done in Ohio. You might want to check the laws in Florida. Good Luck * There is not such an action as a "voluntary foreclosure". If the lending contract is defaulted and the property abandoned by the borrower the same procedure will apply as if the borrower defaulted unintentionally. Likewise the foreclosure action would be entered on the borrower's credit report and would remain for the required 7 years. As noted, the best option would be to seek legal advice, as trying to sell property that is a potential danger without knowing the legal issues involved would not be advisable.

A dental bill dispute of $350 that goes to collections can stay on your credit history for up to seven years from the date of the first missed payment that led to the collection. This negative mark can significantly impact your credit score during that time. However, if the dispute is resolved and the debt is paid off, it may be possible to request the removal of the collection account from your credit report. Always check your credit report periodically to ensure its accuracy.

A foreclosure, being a legal action, is a significant derogatory mark. This would show twice on your credit report. Once as a notation in the tradeline, and then again in the public records section.

The tradeline entry would show all the history on the account and negative data for 7 years, plus 180 days from the last time the account was paid as agreed. The public record would have its's own opening date (the date the foreclosure was filed at the courthouse) and would show for 7 years from the date of the disposition.

Having any item in the public record section of your credit report causes all deductions to have a larger impact on the score. Foreclosuure is a serious legal action and would indicate great risk to potential future lenders. Most consumers, even when they have trouble with other types of bills, pay their housing and utilities expenses. Lenders tend to look very unfavorably toward anyone who has let those expenses go into collections and lawsuits.

To me this is a pretty easy no. Once you get the report I would dispute it and make the bureau prove that your mom filed bankruptcy. They will not be able to so it will have to be removed. It sounds like the mortgage company got wind of the bankruptcy and told the bureaus that all of the owners of the house filed for bankruptcy.

Are the co-owners married? If not, then the bankruptcy effects the owner to the extent that she (he, it) will need to get clear title since it cannot be sold unless the title (deed) gets cleared. Anyone out there knows what needs to be done?

If two people own a house and one files bankruptcy - the bankruptcy can affect the other owner. First, if the house were to be sold or refinanced - the title company or lawyer (depending upon where you live) will search the local courts, where the bankruptcy procedures would be found. As long as the courts don't file an order that the house must be sold or anything like that then title company/lawyer will wait until the bankruptcy is discharged before proceeding.

The way the deed is titled defines how real property is held and how it can be subjected to division or protection under bankruptcy laws or judgments. Every state has what is known as a homestead exemption, in the majority of bankruptcy cases this will protect property that is used as a primary residence. It is important however to know how the state of residency laws apply to joint ownership especially a "JTWRS" as opposed to a "TIC".

The loan papers or who made the payment(s) unfortunately are not relevant to ownershp. If his name is on the titled, then the house belongs to both of you. How the property is handled during the bankruptcy, depends on how the title reads, and the state in which you reside. If it is TBE, then it is safe from your husband's bankruptcy. If it is JTWS, it would be handled a bit differently. I doubt that a BK Trustee would, (or could) force a sale. However, a lien could be placed against his portion of the property. Without knowing your state, it is difficult to make a assessment.

Look here might help.

Yes. A chapter 7 will normally only delay a sheriff sale (which may be sufficient time for the debtor to refinance the real estate and buy it out of foreclosure), but a Chapter 13 can stop the sheriff sale permanently without a refinance so long as the debtor structures his or her Chapter 13 Plan to cure the delinquency on the mortgage. However, in most states the Chapter 13 has to be filed BEFORE the sheriff sale or the house is lost in most cases. A typical Chapter 13 Plan which successfully stops a sheriff sale is one which is set up to pay the mortgage lender the entire amount of arrearage (including foreclosure attorneys fees and costs) over 3 to 5 years and requires the debtor to immediately begin regular monthly mortgage payments again. The mortgage lender is then required to treat the debtor as current again, and the debtor will then pay their regular monthly mortgage payments plus a Chapter 13 Plan payment which pays back to the mortgage lender whatever the debtor is behind on the mortgage. Once the Plan is paid off in 3 to 5 years, the debtor then only has his or her regular monthly mortgage payments left to pay off. The Chapter 13 Plan can (and does) include the debtor's other debts as well, but the payment of those other debts can cost substantially less through a Chapter 13 Plan than the sum of the other debts outside of bankruptcy (see your attorney). Please note that nothing in this posting or in any other posting constitutes legal advice; this is simply my understanding of the facts, which I do not warrant, and I am not suggesting any course of action or inaction to any person.

Generally, yes.

Have your Attorney contact the attorney for the other side and discuss the situation. Most of the time, you can object to the motion and work something out the week before the hearing.

Word of advise... Make sure you have an attorney. The attorney for the bank does NOT want to hear from you personally.

No, filing bankruptcy will never help improve your credit score, it stays on your report 10 years whereas a repo or foreclosure normally remain 7 years. So bankruptcy would only make your credit worse.

That information would be included in the terms of the loan agreement. Some states have laws prohibiting recovery of legal fees. Those laws usually apply to unsecured debts and would not include a mortage. It would be advisable to consult the state statutes concerning foreclosures and/or redemption procedure.

Once you get a Notice of Default the attorney is in the pcicture and he/she always gets paid.

This depends on state law, but normally one has the right to "redeem" collateral up until the sale date (and in some states people have up to 1 year AFTER the sale to redeem). In most states, as long as the debtor shows up with the ENTIRE amount owed (including attorneys fees and foreclosure costs) and hands it to the creditor PRIOR to the collateral being sold, the creditor is required to accept the payoff and tender the collateral to the debtor. So, one can normally refinance a house during a foreclosure process with some other lender, regardless of whether a bankruptcy was filed, and require the bank that is foreclosing to turn over the property. Of course, as a practical matter it may be difficult to get a new lender to finance the property for you when you're in foreclosure, but theoretically it is possible in most states.

Please note that nothing in this posting or in any other posting constitutes legal advice; this is simply my understanding of the facts, which I do not warrant, and I am not suggesting any course of action or inaction to any person.

The answer depends on your life goals and style. But, in general, a 3 bedroom, 2 bath will be easier to resell.

Single? Middle-aged and childless? Retiring and traveling? For a place to live, close to jobs, family, and entertainment venues, a small, well-located condo may be the best answer. The advantages are ease--fewer unexpected maintenance expenses, less yardwork, usually access to recreation facilities and lower cost of ownership than a single family house in the same area.

Raising kids? Breeding dogs? Repairing cars? Enjoy gardening, nude swimming, loud music/home theater? Better buy a house, even though you'll have to spend more, or have less space, or a less desireable neighborhood, or a long commute. You'll have more personal freedom and privacy, though the neighbors will, too, so be sure you're the tolerant type.

Also, consider the HOA situation for the type of home you choose. Depending on the amenities of the subdivision, you may have higher costs beyond the cost of the home as well as committee oversight of any changes you may want to make to the exterior of your home.

I would suggest to look out for single family home, where you can live, move, eat and speak independently.

== == You can only receive DPA through FHA, and not conventional. HUD repos only require 100 bucks down