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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
When do you have to move out of a foreclosed home?
You typically have to move out of a foreclosed home after the foreclosure process is complete and the new owner takes possession. This timeline can vary depending on state laws and the specifics of the foreclosure process. It's important to be prepared to move promptly once the foreclosure is finalized.
How does a Deed in Lieu Foreclosure affect Socia security benefits?
A Deed in Lieu Foreclosure can impact Social Security benefits if the forgiven debt is reported as income, potentially increasing the recipient's income and affecting benefit eligibility. It is important to consult with a tax professional to understand the implications on Social Security benefits.
What is the redemption period for Kansas?
The Redemption period in Kansas is 3-12 months after the foreclosure, depending on the amount of money (as a percentage) that has been applied to the principal balance. To redeem and sell after the foreclosure, the borrower has to re- pay the amount of the highest bid at Sheriff's Sale-- in addition to applicable interest and other fees. Many times, that offers a nice opportunity for both sellers (to walk away with cash and salvage a bad situation) and buyers (to purchase under the market prior to the home becoming property of the bank).
What deficiency judgment laws in Maryland?
A homeowner who is foreclosed upon in the State of Maryland is exposed to the lender pursuing a deficiency judgment for the portion of the total debt not repaid from the proceeds of the foreclosure sale. The lender must pursue the in personum judgment (judgment against the person) within 3 years of the final ratification of the foreclosure.
Can you go to jail for removing appliances from a foreclosure?
Removing appliances from a foreclosure without permission can be considered theft, which is a criminal offense. Depending on the value of the items removed, the individual may face criminal charges and potentially go to jail. It is important to verify ownership rights and seek permission before removing any items from a foreclosure property.
What states have the statutory right of redemption after foreclosure?
Several states have statutory rights of redemption after foreclosure, including Alabama, Connecticut, Delaware, Iowa, Minnesota, Mississippi, Missouri, Tennessee, and Wisconsin. These states allow homeowners a period of time after foreclosure to buy back their property by paying the outstanding mortgage debt.
How do you write a response letter to summons?
In general, a summons is an ORDER to appear. That is not open to debate. If it is physically impossible to comply with the order (summons is for next month in Kansas, but you are in Iraq for another 6 months) then it would be appropriate to write the court, addressing the judge, explain the problem, and provide documentation. If the problem is that is would be inconvenient, or that you would just prefer not to go.... you have a problem.
What was the purpose of judiciary act?
The purpose of the Judiciary Act of 1789 was to establish the federal court system in the United States. It laid out the structure of the federal judiciary, including the creation of the Supreme Court and the lower federal courts, and defined their jurisdiction and powers. It also helped to clarify the relationship between state and federal courts.
Are deficiency judgments allowed in Minnesota after foreclosure?
In certain cases, deficiency judgments are allowed in Minnesota after a foreclosure.
While they may be allowed in a judicial foreclosure proceeding, the amount of the judgment may be limited by the fair market value of the property that was foreclosed on. Homeowners have the right to a jury trial to determine the fair market value of the property.
If nonjudicial foreclosure is used with a power of sale clause in a deed of trust, and the six month redemption period is available to the homeowners after foreclosure, a deficiency judgment is not allowed.
Minnesota statutes relating to foreclosure of real estate are located at the following place in the state laws:
Minn. Stat. sections 580.01 to 580.30
What is the summary of judgment and foreclosure sale date in Florida?
In Florida, a judgment is a court ruling that confirms a debt owed by a party. A foreclosure sale date is set when a property owner fails to repay a mortgage, and the lender seeks to sell the property to recover the debt. This process allows the lender to auction the property to the highest bidder in order to satisfy the outstanding mortgage debt.
How long after foreclosure do you have to vacate your home in California?
Generally, if you are the owner you should be prepared before the foreclosure sale. You will be given notice of the time and date of the foreclosure sale. When the foreclosure sale takes place and the property is sold you will no longer have the right to enter the premises. You should remove your personal belongings before the sale.
Is Florida a judicial or non judicial state for foreclosures?
Florida is a judicial state for foreclosures. This means that lenders must go through the court system to foreclose on a property in Florida. This process typically involves filing a lawsuit against the borrower.
What are the deficiency judgment laws in Arizona?
Arizona allows deficiency judgments, but there is one exception that allows many homeowners facing foreclosure to avoid this worry.
Purchase money mortgages on one- or two-family homes on less than two-and-a-half acres will be denied deficiency judgments.
However, a deficiency judgment in any case may be allowed if a court finds that the homeowners committed waste.
Ariz. Rev. Stat. sections 33-741 to 33-749, 33-801 to 33-821, 12-1281 to 12-1283, 12-1566
"Squatters" are a misunderstood group. Generally, in the United States they have no rights. They are trespassers during their period of trespass. They are people who use and improve another person's land openly and without permission. If the owner allows the situation to extend for a period of years (that period varies from state to state) they can file an action for "adverse possession" and obtain title to the premises. Until they do that and succeed they have no rights. The procedure varies in different states.
It sounds as though the party who maintained the property for years had someone's permission to do so. In that case they would not be considered "squatters". If they had an agreement to maintain the property while living there then they could sue the other party if they breached the agreement. However, they are using the property subject to the mortgage that the owner granted to a bank. The bank has the right to take possession of the property by a foreclosure. It can sell the property and apply the proceeds toward the unpaid balance on the mortgage.
Mike Stivic finally moved out of Archie's house in 1978 after getting his degree in engineering.
What does dismissal with prejudice mean in foreclosure case?
Dismissal with prejudice in a foreclosure case means that the case has been resolved in a way that bars the plaintiff from bringing the case back to court at a later date. This usually indicates that the court has made a final decision regarding the foreclosure action, and it cannot be refiled.
What is the legal word for remove?
The legal term for remove is "evict." It refers to the legal process of forcing someone to leave a property.
Which US states allow deficiency judgments?
Many states allow deficiency judgments in one kind of foreclosure, but not another. Often, a deficiency can be pursued in a judicial foreclosure, but not if a power of sale clause is used to auction a home outside of the court process. Homeowners should look up their own state laws and type of foreclosure being used against them.
The following list should be taken as a guide and not as legal advice or as particularly relevant to one borrower's case.
These states allow deficiency judgments without limits in certain kinds of foreclosure:
- Alabama
- Alaska
- Connecticut
- Delaware
- District of Columbia
- Florida
- Hawaii
- Illinois
- Indiana
- Kentucky
- Louisiana
- Maryland
- Massachusetts
- Missouri
- New Hampshire
- Ohio
- Rhode Island
- Tennessee
- Virginia
- Washington
- Wyoming
These states allow deficiency judgments with certain limits on the amount that can be granted in a judgment:
- Arizona
- Arkansas
- California
- Colorado
- Idaho
- Iowa
- Kansas
- Maine
- Michigan
- Minnesota
- Mississippi
- Nebraska
- Nevada
- New Jersey
- New Mexico
- New York
- North Carolina
- North Dakota
- Oklahoma
- Pennsylvania
- South Carolina
- South Dakota
- Texas
- Utah
- Vermont
- West Virginia
- Wisconsin
Deficiency judgments are not allowed on residential properties in Oregon under judicial foreclosure proceedings, and at all in power of sale foreclosures.
An order for possession is a legal document issued by a court that gives the landlord the right to take back possession of a property from a tenant. It is typically requested in cases of eviction due to non-payment of rent or breaches of the tenancy agreement. The order sets out a date by which the tenant must vacate the property, failing which the landlord can seek further legal action to enforce the order.
Has the rate of teenage pregnancies risen or dropped in the past ten years?
The rate of teenage pregnancies has dropped in the past ten years.
What is the definition of social control?
Social control means , control of individual behavior by society, and that control of social institutions should be in the interest and welfare of the whole society. Some warnings and directions of prohibited activities, are an example of social control
1- social control is an influence ,which may be exerted through various means of control like public opinion, force, public appeal, social ,religious organizations.
2- This influence should be implemented by society-there are so many groups who exercise this influence, like family, trade union church ,state, school ,neighborhood, clubs, religious groups etc.
3- The influence should be exercised for promoting the welfare and interest of the entire group.
Every society must have harmony and unity. without it no society actually could remain in existence. To maintain the society effectively ,it needs some rules and regulation. in other words behavior patters for members are essential. To obey and follow these rules and regulation society needs its implementation. There are various ways to implement such things. In other words we can say some special type of behavior is expected from members of society. Such expected or controlled behavior is called social control.
Social control means , control of individual behavior by society, and that control of social institutions should be in the interest and welfare of the whole society. Some warnings and directions of prohibited activities, are an example of social control
Social control refers to social mechanisms that regulate individual and group behavior, leading to conformity and compliances to the rules of a given society or social group. Many mechanisms of social control are cross-cultural, if only in the control mechanisms used to prevent the establishment of chaos or anomie. Some theorists, such as Emile Durkheim, refer to this form of control as regulation.
Definitions of Social Control.
When we use this word, the ideas which generally comes in mind is of police .court ,law, force, prison of force and harassment. But in sociological term it is used in broader sense. Social control has been defined by MacIver as "the way in which entire social order coheres and maintain itself-how it operates as a whole ,as a changing equilibrium."1(Society p137)
To Ogburn and Nimkoff;"the patterns of pressure which a society exerts to maintain order and established rules ."
Landis defines social control,"as a social process by which individualis made group -responsive ,and by which social organization is built and maintained." (Social Control.p.4)
Lumely expresses social control,"as the practice of putting forth directive, stimuli or wish-patterns, their accurate transmission to and adoptionby,other whethe voluntarily or in voluntarily."(Means of Socila control.p13.)
On the basis of above definition it is cleared that social control is different from concept of self control. To undrstand more this concept. there are three important things to learn.
1- social control is an influence ,which may be exerted through various means of control like public opinion, force, public appeal, social ,religious organizations.
2- This influence should be implemented by society-there are so many groups who exercise this influence, like family, trade union church ,state, school ,neighborhood, clubs, religious groups etc.
3- The influence should be exercised for promoting the welfare and interest of the entire group.
Sociologists identify two basic forms of social controls
1. Internalization of norms and values, and
2. The use of sanctions, which can be either positive (rewards) or negative (punishment).
Applications of social control theoryAccording to the propaganda model theory, the leaders of modern, corporate-dominated societies employ indoctrination as a means of social control. Theorists such as Noam Chomsky have argued that systematic bias exists in the modern media.[4] The marketing, advertising, and public relations industries have thus been said to utilize mass communications to aid the interests of certain business elites. Powerful economic and religious lobbyists have often used school systems and centralized electronic communications to influence public opinion. Democracy is restricted as the majority is not given the information necessary to make rational decisions about ethical, social, environmental, or economic issues.In order to maintain control and regulate their subjects, authoritarian organizations and governments promulgate rules and issue decrees. However, due to a lack of popular support for enforcement, these entities may rely more on force and other severe sanctions such as censorship, expulsion and limits on political freedom. Some totalitarian governments, such as the late Soviet Union or the current North Korea, rely on the mechanisms of the police state.
Sociologists consider informal means of social control vital in maintaining public order, but also recognize the necessity of formal means as societies become more complex and for responding to emergencies. The study of social control falls primarily within the academic disciplines of anthropology, political science, and sociology.
How do you respond to court for foreclosure summons?
You need to engage a lawyer if you wish to fight this or find a better deal. You will need to appear when the summons is asking you to unless your lawyer negotiates something different. You could also attempt to do this yourself.
Is Georgia a non recourse debt state?
"Is Georgia a non recourse debt state?"
Since Florida is not a recourse state, and Florida adopted its laws from Georgia, Georgia must not be a recourse state.
Social control refers to the mechanisms, strategies, and rules through which society regulates and enforces conformity to norms and values. It can be informal, such as through socialization and peer pressure, or formal, such as through laws and institutions. The goal of social control is to maintain order and cohesion within a society.
What percent of US corporate assets are invested overseas?
Approximately 20-25% of US corporate assets are invested overseas. This includes investments in foreign corporations, real estate, and other assets outside of the United States.
