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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 legally divide undivided interest property?
If you no longer want to own the property you can sell your interest to the other owner or to a third party if you can find someone who wants to take over your interest in the property.
If it is a large tract and you want to divide it you can arrange to have the tract surveyed and subdivided and an attorney can draft deeds to legally transfer the subdivided parcels to each respective owner. Each will become the sole owner of a smaller tract.
If you want to sell and the co-owner does not want to buy your interest then you must file a petition in court to have your land partitioned. (See related question link.)
How can you look up a civil judgment?
You can go online in the county the person lives on and look at the civil court records. In most cases, this will be free. You could also pull a background check on someone which you can sometimes get a free copy.
Just the people that are on the home loan will hurt his/her credit. Title is different from loans mortgage. Once a house is foreclosured the bank will show this on the credit report for 7 yrs.
Can a Quit Claim Deed from bank or tax foreclosure be converted to a Warranty Deed?
No. The grantor has the benefit of choosing what warranties they will provide at the time of the sale or the warranties are negotiated by the parties at that time. Once the grantor has executed and delivered the warranty deed to the grantee they cannot take it back to revoke the warranty covenants. The grantee on the deed is the new owner and the grantee cannot make changes to their deed. If there was an error made you need to consult with an attorney as to how it can be corrected.
No. The grantor has the benefit of choosing what warranties they will provide at the time of the sale or the warranties are negotiated by the parties at that time. Once the grantor has executed and delivered the warranty deed to the grantee they cannot take it back to revoke the warranty covenants. The grantee on the deed is the new owner and the grantee cannot make changes to their deed. If there was an error made you need to consult with an attorney as to how it can be corrected.
No. The grantor has the benefit of choosing what warranties they will provide at the time of the sale or the warranties are negotiated by the parties at that time. Once the grantor has executed and delivered the warranty deed to the grantee they cannot take it back to revoke the warranty covenants. The grantee on the deed is the new owner and the grantee cannot make changes to their deed. If there was an error made you need to consult with an attorney as to how it can be corrected.
No. The grantor has the benefit of choosing what warranties they will provide at the time of the sale or the warranties are negotiated by the parties at that time. Once the grantor has executed and delivered the warranty deed to the grantee they cannot take it back to revoke the warranty covenants. The grantee on the deed is the new owner and the grantee cannot make changes to their deed. If there was an error made you need to consult with an attorney as to how it can be corrected.
The amount of sales generated by a company after the deduction of returns, allowances for damaged or missing goods and any discounts allowed. The sales number reported on a company's financial statements is a net sales number, reflecting these deductions.
Can a condo association place a lien on a property for non-payment of association fees?
You can read your governing documents to be reminded of your obligation to pay your monthly assessments.
As well, you can find the process that the board follows in order to collect this debt from you.
It may include ultimately selling your unit in order to satisfy the debt, and may include filing a lien on your personal property, including your car.
Why would the second lien holder foreclose?
It's simple. The second lien holder will foreclose if you don't pay that debt and it thinks there is enough equity in the property to take possession subject to the first lien.
It's simple. The second lien holder will foreclose if you don't pay that debt and it thinks there is enough equity in the property to take possession subject to the first lien.
It's simple. The second lien holder will foreclose if you don't pay that debt and it thinks there is enough equity in the property to take possession subject to the first lien.
It's simple. The second lien holder will foreclose if you don't pay that debt and it thinks there is enough equity in the property to take possession subject to the first lien.
If they choose to file a lawsuit for monies owed and the suit is won, it might be possible for the plaintiff to execute the judgment as a lien against the property. State statutes regulate when liens can be placed upon real property. Without knowing the state of residency it is not possible to be more specific.
Which lien has first priority?
Liens are given priority in the order that they are filed. Liens for property taxes, however, will be given priority in the case of a foreclosure sale. But after any back taxes are paid, then the lien filed in first in chronological order will be given the highest priority.
What is a judgment of default?
The term describes the action taken by the court when the named defendant fails to respond to the lawsuit summons in writing and/or appearance upon the court date. A defendant is not required to make an appearance in court in a creditor suit, but failure to do so means the plaintiff will be automatically be awarded a writ of judgment. Such a judgment can then be executed against the defendant's real and personal property in accordance with the laws of the defendant's state.
Can an HOA place a lien on a house?
Maybe. If the homeowner's association (HOA) has written, recorded covenants and/or bylaws that require the payment of dues, liens can be filed for non-payment of those dues. The laws regarding HOA liens vary widely from state to state. I suggest that you see a real estate attorney in your area to discuss your particular situation. Or, better yet, try to work out a payment plan with the HOA. That will save you and the HOA a great deal of stress and money.
Another Answer:
Read your governing documents to understand your obligation to pay your monthly assessments. Since assessments pay for services to property you own in common with your neighbors, such as master insurance policy premiums, reserve funds and basic utilities, when you don't pay your assessments, you essential ask your neighbors to pay your bills.
If you are obligated to pay your assessments, the association can not only file a lien to collect the debt you owe, it may be able to sell your unit to satisfy the debt.
Can a home still be saved after foreclosure?
After all the completed legal processes and notices and fair warnings and opportunities for redemption, and SALE to someone who puts up money that is then distributed to (generally) many others (lenders, tax depts, courts, attornies, papaer processors, recording clerks. etc) and the others who are paying for it today, no. And if it were to be, all those people and costs, as well as all your back payments, late fee's, extra interest, as well as compensation for all those who had to work and are paying (again even today) for what you didn't, would have to be made "whole" (meaning get back everything they did for you and the property), which is a rather big hurdle.
What happens if you have a judgment against you and are unable to pay immediately?
If you have no money, you are "judgment-proof". For example, let's say a person was sued by a creditor, and that person was retired, his income a Social Security check, he had no bank account, no property, no car, nada. Creditors could sue and win until the cows came home. But the "win" would be nothing. There could be many other reasons, but the bottom line is that if there are no wages to garnish, no property to put liens on, no bank accounts to attach, then the judgment is monetarily meaningless. One would think that a creditor would avoid taking this kind of person to court.
The creditor will likely leave the judgment out there, and will eventually garnish your wages or attach to your checking account if you do become employed again. They can also garnish other income, such as government pay outs and even your tax refund. It is difficult to be truly judgment proof and not homeless. They can lien any property you own, they can wait until you are employed to begin garnishing pay checks/bank accounts. In some states, they can even force a "fire sale" where all your assets must be sold.
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FYI: Social Security/SSI income in most cases [the exception being alimony and child support] can not be garnished, regardless of whether or not you have a bank account.
What happens to assets at foreclosure?
Not exactly sure what you're referring to. If you are speaking of your so-called 'equity' in your home, you lose it. The lender takes possession of the house and tries to liquidate it in order to recover their investment. Your equity (which was only on paper anyway) becomes part of his asset.
Where do we send UCC-1 claims from Saskatchewan, Canada. What state will it take?
File in Canada in your province of jurisdiction, a Personal Property Security Agreement ("PPSA") which is similar to Article 9 of the US Uniform Commercial Code (the "UCC")
Can a homeowner's association place a lien on a house as a penalty for convenant violations?
The homeowner association rules and state law will govern the actions that can be taken to assess and collect penalties against members who are in violation, and it may well include placing a lien prior to a lawsuit to stop the violation and collect damages or penalties. A lien would be to collect money owed the association only (such as fines for the violation)--a "notice of non-compliance" may be recorded for the violation itself. Please note that a lien or notice of non-compliance will usually be the prerequisite to a lawsuit initiated by the homeowner's association to secure compliance with the covenants/CC&Rs (injunctive relief) and/or collect the fines owed (foreclosure).
How long does it take for a bank to foreclose on a home?
After you are late for 3 months they have the right to for-close. Good luck! Answering in generalities only... Most areas no longer actually use mrtgages for home financing..they use something called a note and Deed of Trust, although the old terms stick just for convenience...(and so many peoples inability to deal with seemingly simple legal and financial things). One reason the DOT was gone to is because it takes half the time to foreclose. A mortgage had at least a 1 year period from the time the payment wasn't made until the title could beome the banks, presuming they did everything as quick as possible. Requirements like a period of redemption and time to get the title itself transferred delayed things with a mortgage. With a DOT, there is actually a 3rd party holding the deed, invisibly normally, who when presented with the proof according to the loan agreement, can take the deed and give it to the lender. not a whole lot of court process needed. The minimum time to effect the foreclosure I know of, even in these circumstances, is 6 months from default of payment. In reality, the normal time period is 6 months of defaulted payments and 6 months of process to get ownership, then how long to get the Sherrif to move the people out of the house, if needed, can certainly take several more months. Foreclosure time frames are determined by the state. In Georgia, foreclosures can happen within 37 days of the first delinquency. In North Carolina mortgage companies have to wait about 120 days before initiating a foreclosure.
Until the foreclosure sale happens, the tenant owes the rent to the landlord. What is happening between the landlord and tenant is really none of the tenant's business.
And, yes, a landlord can certainly ask the tenant to pay the rent to someone else, acting as an agent. However, the tenant would be within his rights to say, "No, I'll only pay to the landlord."
How do you put a lien on a house with out equity?
Equity has little effect upon a lien. It just records the fact that someone has a claim to certain value in the property, regardless of who owns it or who has equity.
In theory you can buy and sell land without any effect upon the liens, as long as the buyers are aware that they are getting encumbered title.
While I can't give you any guarantees that you won't go into labor before your wonderful husband returns, being 1cm dilated is not at all unusual for a pregnant woman. This is especially so if it is not your first baby.You can be more than this at 36 weeks and still go over the due date!
Whether or not a house is forfeited in a BK, depends on several factors. How the property is titled, the property exemption allowed, if the mortgage is in default, etc. Regardless of where your spouse lives, you are still entitled to the exemption, which is usually what determines the "fate" of the property. Contrary to most peoples' belief about BK, very few filers "lose their home". It is ususally surrendered voluntarily, because they are unable to make current payments and make up for those that are in arrears.
Do Trust deeds have a limited liquidity?
I will assume that you mean liquidity as the quality if being readily available for cash.
A deed is simply the instrument used to transfer and convey the title to real estate. Land transferred by a deed of trust would have the same liquidity as land transferred by a quitclaim deed or warranty deed. The liquidity of the real property described in th deed would depend on such factors as the equity in the land and the present market.
A deed of assignment transfers real estate from a debtor to a creditor.
How long does it take to be a step9 in mass insure?
What are you asking exactly? How long does it take to become a Step 9? I have to assume you either just came to the state or just got your lic. In the "Just came to the state" scenario, you should obtain your prior good driving record and take it with you to the registry when you get your lic and they will apply it in the computer. If you just got your lic then you are starting at a step 15 (in addition to being and "Unexperienced Operator) and you will lose a point each year you go violation free so in 6 years of clean driving you will be a step 9. 4lifeguild
How long does the power have to be out before they send you home from school?
about 30 minutes to an hour depending on your state or area.
