0
Foreclosure
The process by which the holder of a mortgage sells a property after the debtor defaults on their loan for it
2,433 Questions
How do you change a sheriff's deed to a warranty deed?
You cannot change a sheriff's deed to a warranty deed. A sheriff's deed is given pursuant to some action by a creditor against a debtor and it never passes warranty covenents. The debtor may have a statutory period of redemption. The grantee may need to obtain a confirmatory deed from the debtor to obtain good title or have the title quieted by a court decree. You need to consult with an attorney in your jurisdiction who can review the details and explain your options.
How long after a bank foreclosure will it take for my credit to re-bound?
It will never rebound!,,,,,,,,,,,,, The only way to have good credit is to build it. It is very easy to have bad credit. ,,,I had A forclosure on my report from an ex. I got A mortgage the next month because I had good report (sounds like repore) with my bank. They knew I was not at fault for the reposession of the house and I had no controll over it.... If you want to rebuild your credit, Start as soon as you feel ready.
Is suicide against the law in North Carolina?
No, it isn't. It used to be, but the law has since been abolished.
Source:
North Carolina statute 14-17.1.
http://www.ncga.state.nc.us/gascripts/statutes/statutelookup.pl?statute=14
§ 14-17.1. Crime of suicide abolished.
The common-law crime of suicide is hereby abolished as an offense. (1973, c. 1205.)
If you put a lien on someone's house what happens if the house goes into foreclosure?
Liens get paid off in the order the lien is recorded, except for Government liens. For example: house sells for $100,000.00 at a foreclosure auction. There is a $80,000.00 first mortgage, $5,000.00 in back taxes, $3,000.00 in nusance abatement fees and a $35,000.00 second mortgage and a $6,000.00 third mortgage. The $5,000.00 in back taxes gets paid. The $3,000.00 in nusance abatement fees gets paid. The first mortage holder gets $80,000.00. The second mortage holder gets $12,000.00 of their $35,000.00 second mortgage. And the third mortgage holder gets nothing. The third mortgage holder would have to have bid enough to cover all the prior liens in order to protect their position. In this example at least $123,000.00. Then the property would be theirs to sell and try to get more than $123,000.00 to get some of their $6,000.00 back or if they could sell it and net $129,000.00 after costs they would break even. The second mortage holder would have to bid enough to cover all the prior liens in order to protect their postion. In this example at least $88,000.00. Anything above the $88,000.00 that the winning bidder paid they get to keep up to the $35,000.00 owed them. The second mortgage holder would have to then try to sell the house for a net of $123,000.00 in order to break even. There are books written about this subject.
How long after a foreclosure can you buy another house?
In the process of having your home foreclosed upon, your credit rating probably took a beating. You can try to buy another house immediately, but you will probably have trouble finding a bank to loan you the money. You can buy as soon as you find a lender.
More information
Currently most financing is through HUD- and has to follow FHA guidelines. The reason most people are getting FHA financing is that they allow you to purchase a home with only 3.5% down, while most other lenders require 10% or more. In any case you can purchase a home through HUD 3 yrs after you have foreclosed. Other lenders can do it sooner but you will need a nice chunk down- 20% plus.
Can foreigner buy property in US?
YES! But, with some differences from the U.S. citizens.
Basic Requirements for Foreign Investors wishing to Purchase Real Estate in the US
1. FIRPTA (Foreign Investment in Real PropertyTax Act)
Foreign Investors must acquire a US taxpayer identification number (TIN) before purchasing property.
2. Capital Gains Tax on Sales
Income resulting from the sale of US Real Property is taxable. The Capital Gains tax is calculated by using the Sale Price today minus the Original Sale Price, plus Capital Costs, minus Depreciation. Since this tax is approximately 20% of the gain, Sellers may consider an exchange. The time to divest can become the time to reinvest.
3. Income Tax
Foreign Investors are taxed at a flat 30% federal tax rate on gross rental income, unless they take the "net election" on their income tax returns allowing them to take deductions for regular expenses before income tax is calculated. Furthermore anyone who collects income for a Foreign Investor is generally required to withhold 30% of the Gross Income such as rents.
4. Title Decisions
Decisions as to how title is taken should be address beforehand. Title can be taken as an Individual , a foreign corporation, a US corporation or trust, for example. In these and other matter it is advisable to seek out a competent accountant and or lawyer with international experience.
Can you put a lien on property for collecting security deposit?
The renter must sue the property owner in court and win. Then the renter can request a judgment lien from the court. The renter should also contact the local landlord/tenant agency first to find out about their rights as a renter in their particular jurisdiction. The agency may be able to help obtain a refund if one is due.
The renter must sue the property owner in court and win. Then the renter can request a judgment lien from the court. The renter should also contact the local landlord/tenant agency first to find out about their rights as a renter in their particular jurisdiction. The agency may be able to help obtain a refund if one is due.
The renter must sue the property owner in court and win. Then the renter can request a judgment lien from the court. The renter should also contact the local landlord/tenant agency first to find out about their rights as a renter in their particular jurisdiction. The agency may be able to help obtain a refund if one is due.
The renter must sue the property owner in court and win. Then the renter can request a judgment lien from the court. The renter should also contact the local landlord/tenant agency first to find out about their rights as a renter in their particular jurisdiction. The agency may be able to help obtain a refund if one is due.
Can a collection agency put a lien on your property?
After due process of state law is followed, a creditor can place a lien against nonexempt property owned by the debtor(s). Basically the creditor/collector must file a lawsuit in the debtor's state, win the suit, be granted a writ of judgment and execute the judgment. A judgment can be used as a property lien, or wage garnisment, bank account levy and other such actions allowed under state statutes. The debtor is entitled to exempt property that is specified under the laws of the state. The most important being the homestead exemption, the Kentucky homestead exemption at present is $15,000 but will increase to $18,450 on June 20, 2005. The exemption does not need to be filed by the homeowner it is covered under state statutes.
Technically the foreclosure should not effect your credit, because it is a lawsuit against the person(s) who took out the mortgage. BUT, in reality, because your name is on the deed, the foreclosure could make it to your credit report. This is something that wouldn't effect your score much, but someone looking at your report might be able to tell that your home was in foreclosure.
Technically, in Massachusetts and most other jurisdictions, if the lender forecloses it can only foreclose against the person who signed the note and mortgage. If you are a joint owner and didn't sign the mortgage then the lender cannot foreclose on your interest in the property. Your name shouldn't be mentioned in the foreclosure at all and your interest in the property should remain in your own name.
If you want to sell your interest to the lender it should conveyed by a separate deed with you alone as the grantor. You should seek the advice of a real estate attorney who could advise you about your rights and how to make the transfer properly so it doesn't have an effect on your own credit at all.
The lender erred by not having all the fee owners sign the note and mortgage. If only one owner signed then the lender only received that person's interest in the property. Thousands of mistakes like this one, not having all the owners sign, were made by lenders during the lending craze.
Who pays your mortgage if you dies?
If you have an outstanding mortgage on your property at the time of your death the lender will take the property if the mortgage isn't paid. You can purchase some type of mortgage insurance or life insurance to pay off the mortgage in the event of your death. Otherwise, your heirs will need to pay it if they want to keep the property.
Do both parties in a divorce have to show up in court?
No.... If the none attending spouse doesn't contest to the divorce. Also if one of the spouses does not show the spouse that shows is granted what they request in the divorce proceedings
How do you respond to summons of eviction?
you are entitled to a trial, if you feel the eviction is in error, see your clerk of courts for the step by step process to fight the evictin. you may have as little as 5 days from the date of summons. each state is different. OR pack your bags!
What is a dismissal without prejudice in a foreclosure case?
A dismissal with prejudice in any civil case means that the case may not be refiled. A "Notice of Voluntary Dismissal with Prejudice" is typically filed by the Plaintiff when all issues have been resolved.
Alternatively, a court may enter an order dismissing a case with prejudice if the Plaintiff engages in one or more actions that the court considers to be egregious. In those circumstances, the Plaintiff is normally warned several times before this serious a penalty is imposed, as it effectively cuts off the Plaintiff's right to judicial redress for the matter involved in the lawsuit.
How long can I stay in the house after the sale?
Ownership and possession of a property do not necessarily change at the same time. You could rent (or lease) the house from the new owners, if they choose not to occupy the house after they purchase it.
In many cases, however, it may be advisable to make "vacant of all tenants and their belongings" a condition of the purchase, if the new owner wants the prior owners (and their guests) to leave immediately.
There are situations in which it may also be acceptable to charge short-term "rent", say, $2,000 per week, for the first week and $10,000 for each week after that, or some other strong incentive for the previous owner to vacate as soon as possible.
One potential problem is that such "rent" may be taxable (e.g., in NH at 8%), and the buyer would have to file official papers as a tax-collecting landlord.
Does a sheriff deed override a deed of trust?
Your question is complicated and needs a lot more detail for a more concise answer.
Generally:
A sheriff's deed is the result of a judgment lien. It indicates the land was actually siezed. It can create a cloud on the title to real estate even when recorded after the property has been conveyed if the conveyance was to avoid creditors. If it relates to a debt that was recorded prior to a mortgage in a state that uses deeds of trust for mortgages then it may override the deed of trust.
If this refers to a conveyance deed to a trust and the trust was not drafted properly the real estate would be left exposed to creditors. If the debt predates the deed to the trust the sheriff's deed may override it. You may need to pay off the lien to remove the cloud on the title.
You should have the situation reviewed by an attorney who specializes in real estate law. If the siezure was "good" the interest on the debt adds up quickly causing the pay back amount to grow. In Massachusetts the interest allowed is 12 percent.
Why do people put stars on houses?
people around here put these big stars on the side of their houses, is it just a decoration or is there a reason for it? members in some organization or what. i know none of them that do to ask em why.
ANSWER:
People place the stars on there homes to signify a family member in the military, Blu meaning someone has gone to war, yellow meaning someone has been killed in active duty!
ALTERNATE ANSWER:
The purpose of these stars may change depending on location. In some places, especially in coastal areas, the star is a nautical symbol, representing the north star that was used by sailors as a guide while out at sea.
They lately seem to be somewhat of a fad in housing fashion (yes, it's true, houses wear fashion as well), similar to how certain colors are popular during certain decades. Just decoration, whatever the origin.
Is there a way to get out of a writ of execution?
Other than paying the debt, the only method for having a judgment quashed is to prove that it is invalid due to the content or the method in which the named person(s) was notified. Unlike the lawsuit summons itself, a debtor must receive and acknowledge the receipt of a final judgment notice before the judgment can be enforced.
Can a foreclosure action go forward against a property that has been awarded quiet title?
A quiet title action is a remedy brought by a party with interest in a property to remove invalid claims of interest in the property. A foreclosure by a party that has the right to foreclose a valid debt under a valid mortgage and note is not considered an invalid claim.
You may be referring to quiet title used as a defense to foreclosure. That type of action is a relatively new maneuver designed to challenge the validity of documents associated with the mortgages that have been recorded during a long period of sloppy lending and careless record keeping by mortgagees and their assignees. It has been used successfully in many states. Attorney workshops are being offered on the topic.
Quiet Title is reported as routine in some jurisdictions but it is not routinely allowed. It is part of the trend toward attacking the vulnerabilities of lenders who have not paid enough attention to the chain of title for holders of notes and mortgages, and toward MERS not being a legal interest holder in mortgages that pass through its system.
In one case in California, the mortgagor filed a quiet title against the lenders who were foreclosing. They did not respond to the lawsuit. The court heard the plaintiffs evidence and the plaintiff won by default.
If you think you may have success with a quiet title remedy you need to find an attorney in your jurisdiction who is familiar with that type of case and who can review your situation and explain your options. It can be a complicated and costly endeavor. The best time to file a quiet title lawsuit is during the foreclosure. The attorney could advise if a quiet title can be pursued in your case after the foreclosure has been completed.
See related links for more reading on this topic.
ADDITIONAL ANSWER:
One has to look at this question from more than one point of view. In addition to people who have lost or are in danger of losing their interests in real property in a foreclosure proceeding, a quiet title action may be filed after a foreclosure by a person who acquired title after or as a result of a foreclosure. For example, if the current owner acquired title after a foreclosure and if the chain of title had some defect prior to and unrelated to the foreclosure, that defect would still exist. The foreclosure does not by itself, wipe out all clouds upon the title especially if notice had not been given to someone with an interest in the property. If the new owner wanted to eliminate that defect and have a clean chain of title, he would file a quiet title action after the foreclosure.
Do you have to file bankruptcy if your home goes into foreclosure?
No. You virtually never "have to" file bankruptcy.
Doing so will involve all of your other assets, including those ht aren't secured by property...and the secured property is still reserved to benefit those who have it is security in bankruptcy.
What does Notice of Dropping Party mean?
A dropping party is one where many animals are brought together in one area for an extended period of time until they all leave their droppings. And then the droppings are all put in separate containers and each party guest tastes each dropping and determines by taste which droppings belong to which animal. Who ever is closest to guessing them all right wins the designated prize.
If a house is in foreclosure can it be quit claim deeded to someone else?
No. That would only complicate the situation and result in more legal expenses that will be passed on to you eventually.
What to do when a family member ignores you?
Don't talk to them let them wonder why you not talking to them after they wan't to start talking to you again take it to the next level don't talk to them even if they ask questions after they are sorry ignoreing you then forgive them.
What is a foreclosure dismissal?
Foreclosure dismissal is a simple foreclosure challenge that can be filed to the foreclosure complaint even without an attorney.
Added: A foreclosure dismissal is a court order dismissing a foreclosure action.
What does it mean when your name is not on the deed but it is on the mortgage?
It means that you have promised to pay for real property you do not own. It means you are fully responsible or paying the mortgage if the primary borrower, the owner of the property, fails to make the payments.
If you are not an owner of the property and yet you signed a mortgage then you have volunteered to pay the indebtedness if the co-mortgagor (assumed to be the owner of the property) does not pay. One must wonder why you would sign the mortgage when you don't have any interest in the property. You have placed your credit record and your finances at risk.
If the owner doesn't pay the mortgage and the bank forecloses then your credit will be ruined and the bank may go after you for any shortfall after the property is sold at the foreclosure sale. If the owner fails to pay and you don't want your credit ruined then you will need to take over paying the debt. If you help to make the mortgage payments the owner could toss you out at any time. You will get no return on your investment. You have obligated yourself to pay for property you don't own.
****
The above is completely wrong.
If you are on the NOTE and not the deed then you agreed to repay the debt with no interest in the property.
If you are on the mortgage it only means that you agree to give up any rights to the property if it is foreclosed on. The mortgage is not an obligation to pay the Note is the obligation to pay.
How can a person purchase a property in foreclosure?
Foreclosure sales are governed by state laws and mortgage and foreclosure laws vary. First, you could contact the lender and express your interest in purchasing the property to determine what the terms are. You may need to show up at the foreclosure sale and make a bid. You may be able to negotiate a short sale. It may depend on how far the process has progressed. You should arrange to have the title examined to disclose any and all other liens that affect the property. You should contact an attorney beforeyou sign anything related to a foreclosed property.
It is never advisable for an individual to attempt to buy foreclosed property without legal representation.
