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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
Why do they remove the lining of the skull during autopsy?
Well, to be honest, the skull lining protects the skull, and of course, they must look at everything during an autopsy - including the skull. So this is why they remove the skull lining.
What states have longest foreclosure proceedings?
# Wisconsin's is quite long. Check this site http://www.foreclosures.com/pages/state_laws.asp
Examples of a well written radio show proposals?
There are books and web sites that show examples of a well written radio show proposals. The basic rules to writing a radio show proposal include writing down the idea of the program, creating your own biography, selling your idea to the radio network, and proofreading the final draft.
What is personal deficiency judgment foreclosure?
This is when you receive a judgment for a foreclosure because you do not have the money to pay your mortgage. Most foreclosures are a result of this, this is just a more specific term pertaining to this.
You should get the difference less any outstanding tax liens, fees and costs associated with the foreclosure. In a normal foreclosure the above is true...any excess above the total amount of accrued interest, fees, principal, costs, etc for the bank to foreclose, is yours. If it isn't enough (a deficiency), you still owe the balance. However in BK the excess if any is going to be used first to pay off any other creditors. (BK involves everything you owe and everything you own, proceeds from selling assets get used to pay off debts/liabilities). On the other hand, any deficiency is then discharged. In this case, if all your other debts are more than the amount raised from selling the assets, that amount would be discharged. The mortgage lender in this case won't be getting any part discharged as he will be paid in full. He has first call up to the amount described above, on the proceeds from the secured property.
The SELLER won't give back anything. You'll have to finance the home for 10% MORE than the asking price to get back what you need. If the value of the house isn't there, the bank probably won't finance it. You may have to work with someone who understands what you're doing and is willing to finance for over the current value.
Your son can only sell his own interest in the property if you are a co-owner. However, he will have trouble finding a buyer for his interest because the bank is taking possession of the property by foreclosure. His selling of his interest would not stop the foreclosure unless his buyer paid all the outstanding debt on the mortgage. If he did find a buyer the buyer would become a co-owner with you. He cannot sell your interest. The foreclosure will affect your credit record as well as his.
As a 20 Year Veteran Real Estate Broker, I'm confident that ...Yes that is correct.. However, said Realtor may not abuse the key privilege As an example,,, if numerous potential pre-qualified purchasers are seeking entry, schedule a weekend showing for all at once within the same 1 hour period. To show the property an excessive number of times, could be viewed as a form of intimidation, harassment or interfering with ones quiet enjoyment of the premises. One thing that should never be forgotten or or overlooked. Always give proper and adequate notice to the occupant's Otherwise you will have trespassed and unlawfully entered. Only the occupant can wave his/her own right to the statutory required, traditional, customary, conventional amount of adequate notice.
Should an Occupant vemonently objects to providing the key(s), You can compromise and work within whatever gets a close to a win-win work out. Either side can Seek an ex parte injunction for necessary access. I assure you the court will assist both camps in a compromise.
Perhaps being in that situation would be the perfect time to Buy... It is after all an REO. And You as the occupant did pay the mortgage in fact via your monthly payment to the former owner.
Trenton Sims
California Broker
310.422.0435 ph, 310.807.9230 FX, TSims@GreenPlanetFunding.com
What happens if you forfeit on your contract for deed?
Depending on the terms of the contract you may forfeit your deposit. You need to review the terms of the contract you signed. If you don't understand it then you should consult with an attorney who can explain its terms after the fact.
Who gets proceeds of sale when Life use property is sold?
If the life tenant is deceased the proceeds go to the "remainderpersons" who are the fee owners of the property. The life estate was created in some legal document such as a will or a deed. That document should identify the "remainderpersons".
Yes, if the state and loan documents allow for a deficiency judgment, the bank can sue for one after the home has been sold at the sheriff sale and there is a deficiency.
If the homeowners are sued after the public auction and the bank gets a deficiency judgment, then bankruptcy can be used to discharge the judgment.
However, bankruptcy can not be used in advance before a deficiency judgment or other debt even exists to preclude its possibility.
There are a number of issues to this question -- first the foreclosure lawsuit filed in the courts followed by the bankruptcy petition, and the turning over of the house to the lender and the possibility of a deficiency judgment.
First of all, the foreclosure process that the bank initiated against the homeowners has been stopped by the bankruptcy filing, as long as it was a Chapter 13 bankruptcy and the mortgage was included. Filing a Chapter 7 to liquidate debts does not affect the status of the house loan, since it is a secured loan and can not be discharged through bankruptcy.
The automatic stay of any collection efforts in a Chapter 13, however, puts all foreclosure proceedings on hold until the bankruptcy is dismissed. If the homeowners are able to complete the payment plan, they will have paid back the arrears on the mortgage and reinstate the loan, and the lender will not be able to sue for foreclosure any longer. Also, if the homeowners fall behind on the bankruptcy payments, the bank will most likely have the stay released and proceed with the foreclosure.
In terms of giving the house back to the bank through a deed in lieu of foreclosure, this can not be done while the house is still locked up in the bankruptcy courts. Homeowners can begin to negotiate a deed in lieu with the lender, but they will not be able to transfer ownership to the mortgage company without voluntarily dismissing the bankruptcy. It is better to have this type of deal fully negotiated with the lender before releasing the stay.
Once the deed is transferred back to the lender, there is no chance for a deficiency judgment against the homeowners. This is for a couple of reasons. First, the bank accepts the deed as payment in full of the mortgage loan, so there is actually no deficiency. The house is not auctioned off for less than the total amount owed -- the bank accepts ownership as payment in full. Second, the deed in lieu is a direct transfer of the property with no real money involved -- there is no transaction where the bank could claim they are owed more money. Unless the homeowners agree to pay more (which they should not have to do), the bank has no real claim to anything extra.
Can a collection agency put a lien on your property in the state of Ohio?
Only courts can do that. If a collection agency wants the power to put a lien on, they have to sue you.
Look into Federal Trade Commission and Ohio law via Google.
You have more protection than you imagine. For example, you can write to a collection agency and tell them to stop contacting you and they must stop. If you are willing to take their calls, they must call at reasonable times, no more than daily and they can't threaten you with any action they don't really intend to take, e.g. suing you for a small debt.
When we file the Motion to reinstate does this stop foreclosure process?
Once this motion is recorded it should stop the foreclosure process. Actually, once the bankruptcy is filed, the foreclosure process should already be stopped.
Can a debtor refile bk sfter voluntary dismissal?
Yes, provided that the previous dismissal occurred no sooner than one year before the time when the 2nd case was filed. If less than one year's time has lapsed, the 2nd case is (1) subject to dismissal (upon a claim that the 2nd case was an "abusive" filing) and/or (2) the possibility that the court (or the law) will allow dissolution of the so-called "automatic" bankruptcy "stay" (meaning that, notwithstanding the pendency of the 2nd case, certain foreclosure or repossession actions can still be taken against the debtor's property). See, Code § 362.
How do you stop a trustee's sale in two days?
You can pay the entire amount of the deed of trust (plus interest and costs) in full, stop the sale with a lawsuit, or negotiate with the bank or lender ordering the trustee's sale to discontinue it.
Foreclosure affects everyone. California is a "Trustee Foreclosure State". The informality of non-judicial foreclosures, futile loan modifications, and the lightning speed of post-foreclosure evictions have created an atmosphere of desperation for the homeowner. Furthermore, the complex legal environment is in flux, plagued with misinformation, and riddled with false silver bullets such as "produce the original Note."
With your sale date fast approaching, it is important for you to know your options:
1) Declare a bankruptcy for the purpose of delaying the sale (or you may to go through with it )
2) File a civil action and get a Temporary Restraining Order.
3) Develop a pro-active foreclosure litigation strategy - We will provide you with invaluable knowledge and tactics which will turn you into a foreclosure litigating lion who is not afraid to go toe-to-toe with the Bank.
4) Challenge/Subpoena the Trustee - Trustee Sale Verification
Yes, the private mortgage insurer can sue the homeowner for the deficiency. They can get a judgment against the home owner for the difference.
What is the real estate foreclosure procedure in Florida?
The owner needs to be 91 days in arrears on their mortgage payments. The bank will send them a letter that they will be beginning foreclosure proceedings. The whole thing can take up to 6 months before the bank actually takes the house.
How long does bankruptsy last?
A chapter 7 should be about 3-4 months. A chapter 13 can be between 3-5 years. A BK stays on your credit report for 10 years.
What about foreclosure on a home in bankruptcy?
I suspect you need some help in really understanding the terms your using...a house doesn't go bankrupt...the person does....Foreclosure doesn't completely extinnguish the debt if enough money to pay it isn't received from the sale. This may help. New IRS FAQs address problems of taxpayers who lose their homes through foreclosure
IR 2007-159
IRS has announced in a news release that it has a new frequently asked questions (FAQs) section on its website devoted to taxpayers who lose their homes due to foreclosure. It also reassured homeowners that while mortgage workouts and foreclosures can have tax consequences, special relief provisions were in place to "reduce or eliminate the tax bite for financially strapped taxpayers who lose their homes." Background. Gross income generally includes "all income from whatever source derived." (Code Sec. 61(a)) This includes income from the cancellation of debt (COD income). (Code Sec. 61(a)(12)) Under Code Sec. 1001(a), gain realized from a sale of property equals the excess of the amount realized over the taxpayer's adjusted basis in the property. The amount realized from the sale or other disposition of property includes the amount of liabilities from which the transferor is discharged as a result of the sale or disposition. Where the debt is recourse, the amount realized is the property's fair market value (FMV). Additionally, the debtor also realizes COD income to the extent the debt discharged exceeds the property's FMV. (Reg. § 1.1001-2(a)(1), Reg. § 1.1001-2(a)(2), Reg. § 1.1001-2(c), Ex. 8) A debtor is treated as having sold or exchanged property when he transfers it to his creditor in discharge of his debt. This applies whether the property is transferred as a result of agreement between the parties or as a result of a foreclosure proceeding. (Rev Rul 90-16, 1990-2 CB 12) Thus, if a home mortgage is recourse (and virtually all will be in this category), the actual or deemed sale of the property may generate a gain or loss and discharge of debt income. The discharged debt may be excluded from income under Code Sec. 108(a)(1)(B) if the taxpayer is insolvent.
COD income portion. Where a home is lost due to foreclosure, IRS's FAQs say the COD income equals the excess of the total amount of debt immediately before the foreclosure less the FMV of the property from box 7 of Form 1099-C (Cancellation of Debt). Determining exactly what the FMV of the property is may not be an easy task. If the taxpayer surrenders his property to the bank in exchange for cancellation of debt in a foreclosure sale, the FMV will be the sale price. However, if the transfer is in lieu of foreclosure and the bank sells the home shortly thereafter, the taxpayer will have to find out what the actual selling price of the property. One of the FAQs suggests that taxpayers who don't agree with the information on a Form 1099-C to contact the lender and get it to issue a corrected form if the information on it is incorrect.
Gain from foreclosure. Where a home is lost due to foreclosure, IRS's FAQs say the taxpayer has gain to the extent that the home's FMV exceeds his adjusted basis. This gain may, however, be excluded under the up-to-$250,000 home sale exclusion under Code Sec. 121 if a 2-out-of-5-year ownership and use rule is met ($500,000 for joint filers meeting certain conditions). Gain on a home sale may be partially or completely protected by the exclusion under Code Sec. 121(c)-even if the 2-out-of-5-year ownership and use rule is met-if the sale is made due to a change in employment, health, or "unforeseen circumstances." In its FAQs, IRS does not say whether it would treat the foreclosure of a home as an "unforeseen circumstance." Illustration: A borrower bought a home in August 2005 and lived in it until it was taken through foreclosure in September 2007. The original purchase price was $170,000, the home is worth $200,000 at foreclosure, and the mortgage debt canceled at foreclosure is $220,000. The borrower would have $20,000 of COD income and $30,000 of home sale gain (which may or not be eligible for the Code Sec. 121 exclusion). The COD income may be excluded under the insolvency provisions. For example, if the borrower was insolvent at the time of foreclosure-his liabilities totalled $250,000 and his assets totalled only $230,000-the $20,000 of cancelled debt would be excluded. ("Questions and Answers on Home Foreclosure and Debt Cancellation," FAQ 5)
Loss on home sale. If the taxpayer's adjusted basis in the home exceeds the FMV of the foreclosed home, he would have a loss that's not deductible. ("Questions and Answers on Home Foreclosure and Debt Cancellation," FAQ 4) Nonrecourse loan. It's rare for a home mortgage to be nonrecourse (the borrower isn't personally liable for repayment). If a homeowner whose home is foreclosed was fortunate enough to have one of these mortgages, he will not have COD income. However, he may have gain from the deemed sale of his residence. ("Questions and Answers on Home Foreclosure and Debt Cancellation," FAQs 2 and 3) Other relief. Without getting into specifics, IRS urges borrowers who wind up owing additional tax and are unable to pay it in full to use the installment agreement form, normally included with the notice, to set up a payment agreement with IRS. ("Questions and Answers on Home Foreclosure and Debt Cancellation," FAQ 7)
What is possible in todays screwed up lending market changes hourly...certainly it would seem you have options to try...and as your in foreclosure process, something to do ASAP. From what your saying, your house is currently worth at least 180K, has 100K mortgage in default (so your credit is less than pristine)...and you have 15K of other debts. Another option is to look to refinance the first mortgage...maybe eve with the same co that has it...and try for a loan with 25% down...which most lenders still look at favorably. The 180K house should then get about a 135K mortgage...pay off the 100K and leaving you with close to what you wanted...pay off the 15K and you still have some left to make the new payments with. HELOCS would want to have you keep about the same 25% equity, are even looked at more critically now and carry a higher rate than a new primary. Good luck!
How long after default notice is foreclosure complete?
That depends on you and the lending institution. The best course of action is to contact your lending firm and wear your contrition hat. Be humble when you talk to these folks...they are people too. Talk to them and if you are serious about stopping the foreclosure, tell them so and explain your circumstances. If all fails, talk with your legal advisor. In most cases, the foreclosure takes a while as the lenders, like you, have to wade through the red tape. Do not be afraid to ask questions of your lender.
If property was foreclosed on can they take the savings plan at work such as 401K?
In most states, and maybe in every state, 401(K) plans are exempt from liquidation by creditors to satisfy a judgment unless those 401(K) plans were funded to protect cash (e.g. if you dump $20,000 into a 401(K) in one day right after a judgment the court may deem this a fraudulent transfer to protect unexempt cash). Please note that nothing in this posting or in any other posting constitutes legal advice; this is simply my understanding of the facts and law, which I do not warrant, and I am not suggesting any course of action or inaction to any person. Speak to a lawyer for specific advice. If you have any questions, please refer to a lawyer in your jurisdiction. Thanks!
When does personal property become a fixture?
When it becomes permanently affixed to the real estate such as kitchen cabinets, built-in appliances, doors, water heaters, furnaces, etc.
