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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
Can my mortgage lender refuse a payment because it is not for the full amount owed?
i am two months behind on my mortgage. can the lender refuse to take one payment?
Can a house be added to a bankruptcy after 9 months into the bankruptcy?
When you file bankruptcy, you must include ALL assets that you own. You can't pick and choose. This is considered fraud upon the court. So, absolutely not.
You should be out before the sale, but...
The new owner will goto court and get a writ of possession and return with the Sheriff. It normally takes a few weeks.
Speak with an attorney about your specific situation. If you can not find an attorney, contact your local Bar association and they will refer you to one.
If you didn't sign the mortgage then the bank can't come after you for payment in the case of a default. However, they can foreclose on the mortgage and take possession of the property notwithstanding the quitclaim deed to you.
Yes it is perfectly legal to pass on the move in fees, however the lease fees are another issue, depends what the lease fees are if for the amenities NO as the owner has already paid for them, as a precessing fee yes, to generate a lease yes.
There ae doezens of reasons for different fees
I have even seen a move in and a move out fee, interview fee, etc
The landloard can cahrge you basically anything he wants if you agree to it.
Are condo or homeowners dues in arrears discharged after the bank forecloses?
Only items reported to the credit bureau (s) can be "charged off" after a foreclosure and that is up to the creditors descretion. Items are discharged after a bankruptcy, not foreclosure (two separate things -- although a foreclosure can happen within a bankruptcy) Usually what happens in a foreclosure is that the assoc. dues that are in arrears are paid from proceeds at sale closing and the new owners will start fresh.
Will the title be on your name using a deed of trust?
When land is transferred to a trust the grantee is the trustee of the trust. For example, suppose the Murphys decided to execute a trust naming their daughter Elizabeth as the trustee. If they wish to transfer their home to the trust they would need to convey it to Elizabeth Murphy as Trustee of the Murphy Family Trust.
What Is the difference between a collector's deed and a deed of conveyance?
In Massachusetts a collector's deed is an old form used by the tax collector to seize land of tax delinquents for non-payment of property taxes.
A deed is the instrument used to transfer an interest in real property. There are different types of deeds such as treasurer's deeds, trustee's deeds, quitclaim deeds, warranty deeds and foreclosure deeds. A deed of conveyance is any deed that conveys an interest in real property. Therefore all those types of deeds mentioned are deeds of conveyance.
Can a recorded quitclaim deed create a cloud on title thereby preventing a foreclosure action?
If you're asking if the defaulting mortgagor can stop the foreclosure by executing a deed and conveying the property the answer is no. To execute a deed wouldn't create a cloud on the property. The property would be transferred subject to the mortgage and the lender can continue with the foreclosure by giving notice to the grantee.
What happens to property sized in the Asset Forfeiture Program?
The primary mission of the Program is to employ asset forfeiture powers in a manner that enhances public safety and security. Asset forfeiture has the power to disrupt criminal organizations that would continue to function if we only convicted and incarcerated specific individuals. If you want to get rid of the problem then you should consult attorney specialist like Sebastian Ohanian. Those will provide you the proper suggestion in this situation.
Can you keep valuables found in the home you purchased?
Valuables found in a home you purchased are yours unless stated otherwise when you go to settlement. Example: All window dressings, washer & dryer, refrigerator stay with the purchase of the house. If seller has by accident left certain things behind or if movers made a mistake, they should call the new owners of the house immediately to discuss what happened and if the items where still there. The owner should then look around, tell them if the items they identify are still in fact there, give them a time , a date to pick up their belongings. If items are not picked up on or before the date that you kindly provided, it is now the new owners property. Even if you throw the things out, you gave them a chance. You should not be hasstled or inconvenienced when you provided them with a time and date they could pick up their belongings. It is not your responsiblity to be calling them repeatedly if the items are still there. They should be more responsible.
Is it better to bankrupt a home or let it be foreclosed?
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)
Is a deed of trust a secruity instrument?
Yes. A deed of trust is similar to a mortgage.
Yes. A deed of trust is similar to a mortgage.
Yes. A deed of trust is similar to a mortgage.
Yes. A deed of trust is similar to a mortgage.
How much you pay for it when you get a loan modification?
If you use an attorney to make application for a loan modification on your behalf, you will pay between $2,000 and $5,000 for the service, and sometimes even more. There are also loan modification companies that can help you, and they too will charge a significant sum.
The alternative is that you can do it yourself. You can do your own mortgage modification, and it will cost you nothing. However, you need to know precisely what documentation your Lender needs.
If you end up doing your own loanmod, it is always a good idea to use a loan modification guide written by an expert.
Based on the discussion entries, apparently the benefit of the association in foreclosing on the unit makes the unit available to another buyer.
The the association's members pay assessments to pay for services and amenities that all owners enjoy, and when an owner does not pay assessments, that owner is asking the neighbors to pay his/her bills.
So the association has a duty to collect assessments -- foreclosing on the unit pays the arrears -- and a new buyer may have a more adult regard for the fiscal responsibility that comes with this kind of real estate ownership.
When should you file bankruptcy?
There are too many factors which could change the outcome of this situation, so you should really see a lawyer. Generally speaking, if both spouses are willing to file BK, it's best to file together before the divorce is final (its okay to file a BK together once the divorce has been filed, but you have to file jointly before the divorce becomes final or it's too late - it is usually better to file BK after the divorce is filed but before it's final because by then the spouses have separate households, so expenses are higher and it's easier to qualify for Chapter 7). Filing BK amicably together is ideal because it saves money, it saves a fight later, and it makes the divorce easy since there's no debt to divvy up. However, if only one spouse is filing BK, it is generally better to file after the divorce is final or else the divorce court could stick you with debts you just wiped out in bankruptcy. For example, say Wife wants to file BK. Hosband and Wife owe $20,000.00 in joint credit cards. Wife wipes out her half in bankruptcy, then files divorce. The divorce court may say something like "I want to divide the debt evenly, so each spouse has to pay $10,000.00." So, even though Wife wiped out her liability on the debt as far as the credit card companies are concerned, the divorce court - in evenly dividing debt - can still order her to pay half, and she can't then file bankruptcy on her obligation to pay half because her obligation to pay half is a post-bankruptcy obligation, and only pre-bankruptcy obligations can be discharged in BK. It would be better for Wife to get stuck with $10,000.00 of the debt in the divorce, then after the divorce is final, file BK on the credit cards and on her divorce obligation to pay half (though there can be complications if Wife's discharging her half results in a greater hardship on Husband than it would be on Wife if she kept the debt, see 11 USC 523(a)(5) and (a)(15) - and keep in mind (a)(15) only applies to Chapter 7 cases). If a hardship on Husband might occur, Wife could file a Chapter 13 and still get out of the situation with minimal debt since 11 USC (a)(15) does not apply to Chapter 13's (see 11 USC 1328(a), which does NOT list (a)(15) as an exception to discharge).
What do you mean by institutional sales?
Institutional Sales in the financial world relates to selling IPOs, private placements, issues of new classes of shares, etc. into the financial system. This activity is conducted by investment banks who work with companies to sell debt or equity and thereby raise capital to allow those business to grow.
Who gets money in excess of money owed in foreclosure auction?
In the rare case that there is money left over after payoff of the note, penalties, taxes, and the fees involved in the foreclosure and auction, the second mortgage and other liens can then be paid off, and if there is still money left over, the home owner will receive the excess equity because the banks and lawyers have already been paid what they are owed.
sheriff deed is the deed given by the court order for the non payment of taxes or judgments
When do foreclosure proceedings begin after a relief from stay is granted?
They pick up wherever they were at the time of filing. They usually do not have to start all over, but some states may differ and sometimes the mortgagee may have made a mistake that will require starting over.
Deficiency judgment in Illinois?
Lenders don't issue deficiency judgments. Courts do. And if the lender doesn't get the total amount owed, including all the costs of trying to recover (legal, towing, fix up, maintenance, interest, fees, etc), then they would ask the court for this judgment and normally get it.
Can you foreclose a mortgage without the note?
In some states it is going to be hard to foreclose without the original copy of the note because the court will need this to show the chain of title and who has what rights revolving around the debt and the real estate.
However, in other states such as Massachusetts, the recorded mortgage allows foreclosure in the case of a default as long as the mortgage and any assignments were recorded and the foreclosing bank is the owner of record.
This is an extremely complicated issue and the laws vary from state to state. Also, there are urban legends that have sprung up concerning mortgage notes. You need to consult with an attorney in your jurisdiction who can answer your question under your particular state laws.
What is the foreclosure procedure in Florida?
The entire legal procedure for foreclosure is too long to reproduce here. You can review the procedure for Florida at the link below.
How safe is your mortgage when you enter into a loan modification?
Many homeowners believe that, if they can just get a loan modification and lower their monthly bills, they will be out of foreclosure. With the lenders' ability to make temporary loan modifications, though, this is turning out not to be the case in many situations.
For instance, banks may approve a temporary modification of the terms of a loan and require homeowners to make a series of payments on this plan. Even if the payments are made on time and as agreed, the bank can terminate the modification agreement.
Mortgage companies are under few obligations to turn a temporary modification into a permanent modification, despite whether or not the borrowers have successfully completed the plan or not. Banks can collect lower payments from homeowners for months, and then put the home back into foreclosure.
Thus, a loan modification may not be a safe way to stop foreclosure for the long term. Obviously, making on-time payments on a temporary loan modification may help, but the lenders have made it so that these plans can act as nothing more than a further collection effort before a property is finally foreclosed on.
I don't believe this question is worded correctly. Do you mean that your husband is about to LOSE the condo due to hisbeing foreclosed on? If so: The mortgage company cannot seize money from his checking, Social Security, or Retirement accounts. However, they can being suit against him for the money he legally owes them by virtue of the real estate contract and mortgage.
