Foreclosure

Recourse funding is a type of loan for which collateral is placed. The difference between recourse and non-recourse funding is that in recourse funding, if the collateral sells for less than the amount left on the loan, the lender can go after other assets. In non-recourse funding, the lender would have to absorb the loss.

The trick with "staging" is to make the house appear to be lived in, but decorated so impersonally that the potential buyers can visualize the house as their own. Clean, clean, clean. And don't neglect the outside of the house. As soon as the weather allows, plant some inexpensive perennials, and make sure that your yard is immaculate. Front doors and porches often look a bit shabby, especially after a tough winter. Clean, and paint as needed. You only get one shot at a first impression. Get a friend or neighbor to help you by having them go through the house, looking for anything that needs attention. Stuff that you've seen every day for years, so it no longer catches your eye. Remember that things like paint, switch and outlet plates, and light fixtures are cheap, easy things to fix or replace. Agents know that a completely empty house strikes some people as "cold", and that careful, professional decoration can make a rather ordinary home seem luxurious. If you're doing it yourself, you should start by renting a room at a storage facility. Remove anything that could be consided "clutter" and take a look at large pieces of furniture. The big screen goes into storage, along with the china hutch. His and hers dressers in the bedroom? Lose one of them. Closets full? Anything you won't need right away goes into storage. Portrait of Great Aunt Martha over the fireplace? (Hey, you've been wanting to get rid of that thing for years anyway!) Bathrooms. Remember that set of towels you got as a gift? The pretty ones that are both scratchy and don't dry worth a darn? Get 'em out and use them, or more to the point, hang them up and hide the ones you actually use. Emphasize clear pathways and open space throughout the house. Neutral colors whenever possible, except for the bright, cheerful flower arrangements in the living room and at least one other major room. If there is a new home development in your area, take a walk through the model home. That is the ideal, even if it is often unattainable if you're still living in the house. Obviously, you aren't going to be able to do everything, nor can I give you a complete set of instructions in a WikiAnswer.

Probably. However, if it's a short sale, the lender will have to approve the sale. If it's not a short sale, they really don't care, they just want the money they are owed.

at the auction sale of my home the sale was stopped. i did not file bankruptcy. i have two mortgages own by investors need to make a decision to or to move?

Note: I am not a lawyer. For a definitive answer, you should contact one.

It's a general principle of "common law" systems that both "sides" of a contract must provide some kind of consideration in order for the contract to be valid. The legal slang for a nominal consideration is a "peppercorn", and it's more or less customary for contracts to contain some kind of verbiage such as "for the sum of one dollar and other good and valuable consideration".

In the US, at least, including "peppercorn" clauses is... essentially... more of a superstition than anything else. Courts can and have found that such clauses do not actually reflect any kind of real "consideration", and that obviously one-sided contracts may in fact be invalid despite a "peppercorn" clause.

You probably co-signed on the MORTGAGE LOAN that was used to buy the home. As co-signer, you are also entirely responsible for payment of the loan....and if the primary borrower defaults you can expect the lender to come to you for payment, or if they have to foreclose and sell the property, for any losses they incurr doing so. Thats what you co-signed for...saying you were responsible for the debt if the other borrowers didn't prove to be responsible.

Some of the debtor's property will be public record such as real property records at the county recorder's office. Some states allow you to take the deposition of the debtor or submitt written questions that must be answered under oath. You can hire a private investigator to look for assets. The laws of your state may allow additional methods to find the debtor's property.

Working with a foreclosing lender is never an easy task.

Best practices dictate that the board work with its counsel to file the proper paperwork and send the invoices to the proper address, and file the proper documents that cloud the title sufficient to have some chance of collecting the assessments due from the property at the time of sale.

This depends on who signed the mortgage document in question, and the date on which the document was signed. If you did not sign the mortgage, and the mortgage was filed after your divorce, you may have a claim to file a quiet title lawsuit (including a lis pendens). However, I'm not sure why title to the house was not decided during the divorce. Because this is a complicated matter, I suggest you consult an attorney (look in the phonebook for a lawyer who gives free consultations).

While this is not specific, it is necessary for the homeowner to work with the Historical Society in planning rennovations. Often, plans must be submitted. Any work that is done on the home is not done with replacement in mind, which is the case for most improvements, but the work needs to be done as restoration. Sometimes very specific types of material must be used, such as wood or nails. These can be very expensive depending on what the local historical society requires.

That means a lender has executed a purchase and sale contract on a property it owns by foreclosure and a sale is pending.

Deeds in many, if not most, state do not recite the actual sales price. Instead, they simply recite "for $10.00 paid and good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged." In part, the reason is because that is the form that the recorder's office expects to see. It may also be viewed as a privacy thing, where people don't want others to know directly how much they paid or received for a given property. The actual sales price is agreed upon, and paid in advance of, signing the deed. After the agreed purchase price is paid, then the deed is signed.

Many if not most places require the buyer to pay an excise or recording fee based upon the statement of actual consideration paid (a separate form not recorded with the deed). For example, in New Hampshire it is presently $15 per thousand, so if there are tax stamps shown on the recorded deed for $150, then the property was sold for $10,000. so merely stating "$10.00 paid" in the deed does not provide a basis for the buyer to avoid paying the full tax amount owed.

Bankruptcy will prevent a foreclosure but you still have to reaffirm the loan and begin paying or the bank will repossess your house regardless of bankruptcy. Bankruptcy temporarily halts the process for up to a couple months.

Yes, a lender can file for a deficiency judgment in Indiana. The court has to approve the judgment in order to prosecute.

Mortgage loans can be discharged in Chapter 7 bankruptcy proceedings so that homeowners no longer have to worry about paying an expensive loan when their income has dropped. But with a discharge, the owners will not be able to keep their house, as the bank will receive the collateral back as a result of the loan being eliminated. So there must be other reasons for owners to consider this tactic, since it does not actually save the house.

The main benefit of doing this is that homeowners are able to stop foreclosure from moving any further along in the legal process, meaning no more court documents, lawsuit paperwork, sheriff sale dates, or eviction hearings. Even if the borrowers move out of their house before the foreclosure process is complete, the courts will still move ahead with the necessary procedures to sell the house to satisfy the mortgage lien. Discharging the mortgage through bankruptcy ends this sequence of events.

Another important reason to consider filing Chapter 7 to eliminate the mortgage and move out of the house is the possibility of avoiding deficiency judgments after foreclosure. Although few banks sue again after the sheriff sale for any difference between what was owed and what the property sold for, it may be best just to discharge the mortgage and not worry about any further lawsuits regarding this property.

Bankruptcy is an important legal defense that homeowners have against unmanageable debt burdens and aggressive collections efforts, whether they are from credit cards, collection agencies, or mortgage companies. Collectors will never give up trying to go after a debt, and every day of the foreclosure process can be a nerve-wracking experience. Although the social stigma of bankruptcy may be severe, many debtors will liberated and generally much feel better with a fresh start and no extra debt.

Japan offers the opportunity to buy foreclosed property through the prefectural court system. Japanese people are very risk-averse, so they tend not to trust the process even though its performed by the courts and the bubble is long since gone. Japanese property prices fell 9% per annum from 1990-2006, so they still have little confidence in the market. Westerners have been entering the market for a number of years. Its a big market, so still plenty of opportunities.

The process to buy is:

1. Research the market - identify where you want to buy, price expectancies, etc.

2. Identify the property you want, identify the branch of the court

3. Pay your 20% deposit to the govt by bank transfer

4. Submit your bid along with deposit transfer receipt

5. Wait a week for result

6. Pay the remaining 80% if you win, or the court reimburses your 20% deposit within 2 weeks.

7. Take possession of the property and change the locks

8. In some cases some prior owners still occupy the property, or leave possessions. Read the court documents and visit the property to avoid this.

Yes. See this same question, many times. The deficiency is collectible and the debt is collectible against anyone on the note who didn't clar it theough some other process like bankruptcy.

If the loan on the investment property is "recourse" -- ie you personally owe whatever the bank fails to collect on a foreclosure sale, and then you do not pay that "deficiency", then the bank could sue you and take a judgment against you and file a judgment lien against you that would tie up the house (a judgment lien effectively puts a "stop" on transfers of any property). And if you try to sell the property after they file suit (or possibly even before), you might be charged with a fraudulent conveyance. It also depends on whether they took your home up front as additional collateral. There are too many unknowns because you gave few facts, but this is as "could be".

The titled owner is responsible for taxes and assessments: if such an owner is a bank, the bank is responsible.

Of course you can. In most states, condo fees become liens on the condo, so a secured debt. You would have to file a C. 13 and plan to pay off the arrears as a secured debt.

No, but it is a good idea.

There is nothing in the court system in the US that "requires" an attorney.

It should be.

Presumably you mean property taxes...the property is responsible legally.

That means, the owner of the property must pay them or the tax collector could sell the property to collect it.

Until the property is sold, and no longer owned by the borrower, he is responsible for everything. Its his. As is the obligation to pay the loan as he promised. No if, ands or buts! He will not benefit or have anyone else pay anything that he would have by not making good on his legal promise.

In fact, any and all costs of the foreclosure or attempts to collect the debt, EVERYTHING - the borrower is entirely responsible for. When the foreclosure happens, the amount generated goes to pay that total amount....the banks attornies, the collectors phone calls, the back taxes, penalties, interest, etc, all due....EVERYTHING is included in what the borrower owes. If enough isn't generated by the sale...then THE BORROWER is still responsible for the rest. The court provides a deficiency judgment and and other assets of the borrower will be sold to pay off the remainder, and/or wages garnished, etc.

Finally, if an amount is forgiven by the lender, that becomes taxable income to the borrower and will be reported on a 1099-C. The borrower will owe the IRS tax on it. Problems with paying the IRS make problems with paying your mortgage seem easy.

Yes, it would be heard in civil court. A foreclosure is an action due to default on a contract (the mortgage), which is a tort, not a crime.

You can contact the bank and make arrangements to pay the mortgage. If you can't pay, the foreclosure can be continued and the lender will name the estate and the estate representative in the foreclosure documents.

You can contact the bank and make arrangements to pay the mortgage. If you can't pay, the foreclosure can be continued and the lender will name the estate and the estate representative in the foreclosure documents.

You can contact the bank and make arrangements to pay the mortgage. If you can't pay, the foreclosure can be continued and the lender will name the estate and the estate representative in the foreclosure documents.

You can contact the bank and make arrangements to pay the mortgage. If you can't pay, the foreclosure can be continued and the lender will name the estate and the estate representative in the foreclosure documents.