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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

What is Sub-prime?

The Term sub prime is usually used in the context of loans.

A prime customer is one who has a very good history and can repay the loan comfortably during the agreed tenure.

A subprime customer is one who does not have a good credit history and also does not have enough income to substantiate the loan payments monthly.

The loans granted to a subprime customer is termed as a subprime loan...

Can the bankruptcy trustee try to shortsale your house before the stay has been lifted instead of letting the bank go through the foreclosure process?

Yes, but this is very rare. A Chapter 7 bankruptcy trustee will generally not seek to sell real property if the mortgage and other liens exceed the value. The Trustee's job is to liquidate assets for the benefit of unsecured creditors. If a Chapter 7 trustee were to sell a house that is upside-down, only the secured lien holder would realize anything from the proceeds, the trustee and unsecured creditors would get nothing. It would be an exercise in futility

However, some aggressive Chapter 7 trustees have been known to try to force a short sale and/or stall a foreclosure in order to negotiate some sort of payment for the estate.

What happens to proceeds from sale of property in partnership?

The proceeds must be divided equally amongst those persons who took title as partners. A tenancy in partnership is a joint tenancy.

What are personal assets?

Personal assets are things that are owned and accumulated by someone. Personal assets are also things that can help an individual establish their net worth.

How can you find out what a property sold for in a foreclosure auction in Maryland?

ALL property sales are public information. Go to the court house and ask. They are required by law to give the information. If you get static, Ask for the name of the highest ranking person in the office. I have reported these people A couple of times, Now when I go in the office I am treated with courtesy.

What happens if your renters do not move out after you filed an eviction?

They will have their day in court and then will be ordered by the court to leave. You can then enforce this using the local police/sheriff, after the appointed date for them to be out.

Does a loan against a house and land override the will?

The loan doesn't 'override the will'. It is a matter of rights in property and debts. The debts of a testator must be paid before any property is distributed to the heirs. In the case of a mortgaged property, the testator doesn't own the property free and clear so she can't give it to her heirs. She conveyed it to a bank in return for a large sum of money while she was living. The bank owns a security interest in the property until the money has been repaid.

The heirs have the option of paying the loan on the property (if they want to keep it), conveying their interest to the bank or or allowing the bank to take possession by foreclosure.

What is the exact source of this quote from Shakespeare What matters it what went before or after now with myself you will begin and end?

It's not from Shakespeare, but from John Webster's The White Devil: "I do not look/ Who went before, nor who shall follow me;/ No, at myself I will begin and end."

If you are 9 weeks how many months are you?

There are (on average) 52/12 = 4.333 weeks in a month, or in other words, 4 and 1/3 weeks in a month. Most people during pregnancy round this to 4.5 weeks in a month. Therefore, most people would say that you are 2 months.

My step-son bought a house and your deceased husband has is name on the loan they put the house up for collateral the house is in foreclosure. The deed is joint tentancy. Will i be responsible.?

since the deed is in joint tenancy,to my understanding, the deceased name will come off the property once the death certificate is recorded in that county for the deceased,if I am understanding the question right.If the house is in foreclosure,the first person with the first lien against the property will be paid first at the time of the actual sale of the property.

How do you get paid if you are a subcontractor and the general contractor didn't pay you for working on a house can you put a lien on the owners house and how long after finishing can you do that?

If the GC.is.a.Negro. you will.never.get money back. EVER THEY get away with everything. I.say regardless u will never get money back. Go beat the Shit.out of.him and order what your.owed under an account that is his.to.a.random.location .its been done.with great success. It's the only way u.will.get your.money back unless.u are black.and he is.white

What store in North Carolina can i buy Naruto posters?

wilmington,feyetteville,greensboro,raleigh,winston,salem,chalotte, are the only ones i could find on the internet

How long do you have to move your belongings out after being evicted in Illinois?

there are 2 stages to eviction;

the judge grants an UNLAWFUL DETAINER first. If the tenant does not leave,

the judge then, on application, will grant, 10 days later, a WRIT OF RESTITUTION.

The sheriff will act on that in 1-5 days.

[so, in 18 days max, the tenant will be removed physically]

Can condo foreclose over a lender?

It is possible that both entities -- the association and the mortgage holder -- have vested, monetary interests in a condominium unit.

There may be no 'priority' as to which entity forecloses first, but your state law may dictate which entity occupies the 'priority' position insofar as the distribution of funds are concerned when the property is sold.

A local, association-savvy attorney can answer the specifics of your question.

Answer

Generally, a lender will make certain there are no outstanding condominium fees or assessments due before granting the mortgage. The banks require a certificate of no unpaid charges as part of any mortgage transaction. That is the main purpose of the title examination performed for any property that is the subject of a pending mortgage, i.e., to make certain there are no prior encumbrances. The lender wants to make certain it's lien is senior.

If a lien arises for unpaid condominium fees or assessments after a mortgage is granted, the lien is subject to the mortgage. If the condominium forecloses on a condominium lien for a unit that is subject to a prior mortgage, the condominium would acquire the unit subject to the mortgage.

Least expensive place to live in dominican republic?

Buy in the capital city Santo Domingo you will find a vararty of prices everywhere

Can they foreclose a property if the note is paid and current?

No. Foreclosure is a legal process that can be used in the case of a default only.

What happens to HOA lien in foreclosure?

Your answer depends on the priority of the lien among the debts owed against the title.

Clean title cannot pass to a new owner until the lien is satisfied in some way.

In some states HOA liens are given a special status, much like property tax liens, regardless of their recording order/priority. See related link.

How long does a foreclosure eviction stay in record?

What record? The court's records are permanent.

Added: And so is your credit history.

Can an employer withhold money from your check if you work for a company that accepts checks for purchase and the check bounces but it was not your own check but one accepted from a customer?

Nope. Illegal. He could get into big trouble. Even if you totally screwed up they can't take from your cheque. They could fire you for not following policy, but if you followed company policy they can't do a thing. The poster above is right. Get a lawyer or call the employment commission. The number will be on a poster near the time clock. This is very illegal. I work for a company that cashes checks and it would be wrong for them to pull it from YOUR check. If you cash a bad check they may write you up or fire you over it, but there should be no reason for them to take money from you.

What is the process to transfer title of a home to one of five heirs?

The estate deeds it to the heir. If the other heirs have rights in the property, they need to be paid for their share of the property, either by compensation from the estate (if the total estate is worth 5 times the value of the property) or the person getting the deed pays them off for their share of it.

How do i get half the money of the house i owned with my partner she sold it?

You would have to get a lawyer and go to court - but you must have proof as well that your name is listed as part owner because unfortunately if it wasn't and she is not willing to tell that it will be up to you to prove.

In Florida can you have a home equity line of credit and still file a deed in lieu of foreclosure?

You will not be able to keep your home equity line of credit if your house is in foreclosure or anything similar to it. This is standard across the United States.