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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
If you live in Indiana how do you put your house on Section 8?
You would apply to HUD to put your house on Section 8. Do this either online or call the local office to find out how to do this.
Does a Grant deed override a Living Trust in California?
In the state of California, a Living Trust will override a grant deed. You should speak to a lawyer to draw one up.
How is opening bid price determined in trustee sale?
In most cases, the opening bid is the amount required to pay the loan in full.
How long does it take to get a house refinace?
it is normal for a refinace to take anywhere from 3-4 weeks. sometimes they can get done sooner than that, if it takes any longer then there is something wrong with your loan and the agent is not telling you everthing. always be in contact with your loan officer and don't be afraid to ask questions. if i can be of any assistance you can email me at sean@moneyorchardinc.com Hope this helps.
How many months behind before house is foreclosed?
Usually after 90 days. A good rule of thumb is 60 days after the first missed payment.
The answer to this question can vary by state. In California where non-judicial foreclosures constitute the majority of foreclosure types, a notice of trustees sale maybe filed 90 days after the notice of default was filed. The sale date is generally then set 21 to 30 days from the date the notice of sale is filed. Once the home is publicly auctioned, it becomes the property of the highest bidder or if there is no bidder it reverts to the lender. The owner or lender then must initiate eviction. Depending on the tenants intentions and knowledge of the eviction process, this can take 30 to 120 days.
The truest definition of respect is treating others as we want to be treated...There's different types of respect, but it involves acceptance, tolerance and sometimes understanding. Respect doesn't require us to like or agree, only to tolerate and honor others rights or authority. We respect authority by obeying rules or following a superior. We respect peers by keeping open minds and being civil and courteous even when disagreeing. Respect involves avoiding arguments and being fair minded...not putting others down or being mean or cruel. Agreeing to disagree is a respectful way to avoid arguments....I'm going to respect your time by not going on any more about this..
Absolutely. And you can't give a deed in lieu to anyone other than the mortgage lender anyway. (A "deed in lieu of foreclosure" pretty much has to go to the one that is or could foreclose....no one else!) You give them the deed to the property that is secured by the mortgage (not a deed in lieu on a mortgage...which doesn't exist in any way). You can't give - or sell - the deed on the property without the mortgage lien and debt going along (and only then if the mortgage cos approve of the new one responsible for the mortgage anyway). Now of course to the court, these wildly crazy acts are going to look like you planned or attempted to play games and defraud the creditors - which if they don't want to have it pursued criminally (which is highly possible) at the very least will not put you in a good light with the ones in charge of your case. You really need to get expert help before you dig a bigger hole.
What is a deed under power of sale?
Power of sale is a clause that can be put in a deed allowing the lender to sell a property if the owner defaults on the loan. When this clause is present a borrower can sell the property with minimal notice and foreclose without court interference.
The purpose behind a foreclosure sale is to enable the lender to recover what you owe. You are entitled to any surplus funds after the lender recovers what you owe, pays all the fees relating to the foreclosure and pays off the balance of any junior liens, property taxes and municipal charges.
You need to check in the jurisdiction where the property is located to determine the procedure to claim the overage in your state. In some states the excess is turned over to a county trustee. In others a check is sent to the mortgagor. There are many cases where debtors had built up equity in their property and there are attorneys who handle this type of claim.
In Massachusetts for example, the lender must provide to the mortgagor an itemized accounting of the disposition of the proceeds from a foreclosure sale within 60 days of receiving those funds. The accounting must include any surplus due the mortgagor.
See the article at the link below that relates to overages.
http://www.denverpost.com/2011/03/07/money-owed-to-victims-of-foreclosure-rarely-gets-to-them/
What is Islam?: The name of the religion is Islam, which comes from an Arabic root word meaning "peace" and "submission." Islam teaches that one can only find peace in one's life by submitting to Almighty God (Allah) in heart, soul and deed. The same Arabic root word gives us "Salaam alaykum," ("Peace be with you"), the universal Muslim greeting.
Who is a Muslim?: A person who believes in and consciously follows Islam is called a Muslim, also from the same root word. So, the religion is called "Islam," and a person who believes in and follows it is a "Muslim." * What is the difference between Muslim, Moslem and Islamic?
How Many and Where?: Islam is a major world religion, with over 1 billion followers worldwide (1/5 of the world population). It is considered one of the Abrahamic, monotheistic faiths, along with Judaism and Christianity. Although usually associated with the Arabs of the Middle East, less than 10% of Muslims are in fact Arab. Muslims are found all over the world, of every nation, color and race. * Muslim population of the world
Who is Allah?: Allah is the proper name for Almighty God, and is often translated merely as "God." Allah has other names that are used to describe His characteristics: the Creator, the Sustainer, the Merciful, the Compassionate, etc. Muslims believe that since Allah alone is the Creator, it is He alone that deserves our devout love and worship. Islam holds to a strict monotheism. Any worship and prayers directed at saints, prophets, other human beings or nature is considered idolatry. * More about the nature of God * "Names" of Allah
What do Muslims believe about God, prophets, the afterlife, etc.?: The basic beliefs of Muslims fall into six main categories, which are known as the "Articles of Faith": * Faith in the unity of God * Faith in angels * Faith in prophets * Faith in books of revelation * Faith in an afterlife * Faith in destiny/divine decree
The "five pillars" of Islam: In Islam, faith and good works go hand-in-hand. A mere verbal declaration of faith is not enough, for belief in Allah makes obedience to Him a duty. The Muslim concept of worship is very broad. Muslims consider everything they do in life to be an act of worship, if it is done according to Allah's guidance. There are also five formal acts of worship which help strengthen a Muslim's faith and obedience. They are often called the "Five Pillars of Islam." * Testimony of faith (Kalima) * Prayer (Salat) * Almsgiving (Zakat) * Fasting (Sawm) * Pilgrimage (Hajj)
Daily life as a Muslim: While often seen as a radical or extreme religion, Muslims consider Islam to be the middle road. Muslims do not live life with complete disregard for God or religious matters, but nor do they neglect the world to devote themselves solely to worship and prayer. Muslims strike a balance by fulfilling the obligations of and enjoying this life, while always mindful of their duties to Allah and to others. * Morals and manners * Business ethics * Modesty in dress and behavior * Dietary rules * Marriage * Care of children and elderly * Racism and prejudice * Relations with non-Muslims
In Real estate what does the term deed instead of foreclosure mean?
If the bank is about to foreclose on your property, you may be able to make a deal with them. Instead, of have them having to hire a lawyer and pay him several hundred dollars an hour and go to court and pay court costs and have the sheriff sell your property on the court house steps, you will simply sign a quit claim deed. You will sell the bank your property for $10. You will not have a foreclosure on your record. The bank will not have to pay a lawyer and court costs. You will have a tremendous loss on your property and not give the bank a gift so the IRS can not claim you gave the bank a valuable piece of property. You move out without having the cops throw your property out on the street.
Is there such a thing as a voluntary surrender of mortgaged property without foreclosure?
Yes. In Massachusetts and other states there is a procedure whereby the mortgagor gives the bank a deed in lieu of foreclosure. You should discuss a "deed in lieu of foreclosure" with the mortgage department of your lender.
If you get caught, it will be considered theft. Best to just stay out of it, and let the owner worry about what to do. * An individual cannot seize property belonging to another person regardless of relationship status, unless they have a judgment from the court or a valid lien against the property in question.
Yes, unless you bargain for a deed in lieu of foreclosure, Basic- if bank forcloses, its on your record.
How do you get lenders to stop harassing you about payments during foreclosure?
You need to contact your attorney about having them stop. There is no law unless you have declared bankruptcy that they have to stop.
What is an all inclusive deed of trust?
An All Inclusive Deed of Trust (AIDOT) is an instrument made that encompasses an existing encumbrance (mortgage/Deed of Trust (DOT) with new terms irrespective of the existing [underlying] promissory note and DOT.
Where can i find information about the foreclosure listing?
Bank and mortgage foreclosures are legally required to be posted in 'newspapers of general circtulation' in your area. This same requirement also applies to homes sold for tax auctions. Contact your local Clerk of Court office and ask which papers they advertise in - chances are those will be thepapers you will want to start checking.
Does a rider to a Deed of Trust or Mortgage replace the Deed of Trust or Mortgage?
No. A rider adds to the document, and perhaps changes some of the original provisions.
What happens if a property goes into foreclosure and the borrower is dead?
The executor should be involved. As the estate they have to pay off the debts. If the estate cannot do so, they distribute as best they can. If the court approves the distribution, the debts are ended.
How do you check on the availability of a company name?
Search for registered trademarks at the U.S. Patent and Trademark Office http://www.uspto.gov If you're worried about duplicating someone else's company name locally, check locally. The city or state may have a list of all companies registered as "doing business" there. You may not use an identical name, but you might use a similar name, as long as you do not sell similar products or services. If your concerns are larger than local, then your budget should include hiring an attorney to help "clear" the name for use in other places, by checking out numerous state corporate and d/b/a registries, state trademark registrations, trade journals, domain names, as well as the federal trademark database mentioned by another contributor. Start by using an ordinary online search engine to find out who may already be using a similar name, where they are, and what they sell.
The bank will take possession of the property. If the mortgage was granted prior to the property being transferred to the trust the bank may try to attach assets of the mortgagor/decedent for any deficiency. If granted by the trustee only the trust assets are vulnerable.
Can Florida law foreclose on condo for non paid condo fees if owner filed chapter 7?
Your governing documents may provide for leverage against both your property title and you personally, for your obligation to pay your assessments. As well, assessments due prior to the date of filing are treated differently than assessments due after the date of your bankruptcy filing.
Your bankruptcy counsel can answer your question.
How long after foreclosure do you have to vacate in Pennsylvania?
You will have at least 4 to 6 weeks. The bank will tell you when to vacate. Sometimes the banks are slow and you have months or even years.
