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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
How long can I stay as a tenant in an apartment that the bank foreclosed on?
The Federal Protection of Tenants in Foreclosure Act requires a foreclosing bank to give a 90-day notice to quit (if they give one).
Can you take appliances that were given as in incentive if your home forcloses?
You should probably ask a local lawyer, but generally appliances that are NOT "built-in" are considered personal property and can be removed.
Basically it means there is an objection either from a creditor or the court to the filing. It is possible that the trustee or creditor has decided the person's financial situation does not merit the change in filing. And it is being requested that the filing or a party to it be dismissed.
How long does it take to get evicted after a foreclosure in Texas?
Texas has a rather quick foreclosure process for non-home equity loans. (Home equity loans must be foreclosed judicially.) The process is conducted by the trustee designated by the lender in the deed of trust (the mortgage instrument) without any court involvement.
The process may take as little as 41 days, depending on the timing between mailing the required notices and the actual foreclosure date. All foreclosure sales in Texas occur on the first Tuesday of the month between 10 a.m. and 4 p.m. The commissioner's court designates the location. Generally, it is conducted at the courthouse, but any location in reasonable proximity to the courthouse and accessible to the public is acceptable.
First Required Notice-Notice to Cure. Once a default occurs, the lender may declare the full amount of the note due and payable under the acceleration clause in the promissory note signed by the borrower. Without this clause, lenders could not foreclose on the unpaid balance of the note but only on the missed payment(s).
For residential loans in Texas, however, lenders may not accelerate the note immediately upon a default. Instead, they must give the homeowner 20 days' written notice to cure the amount in default. The notice must be sent by certified mail, return receipt requested. This right cannot be waived. The notice must be sent to the debtor's last known address.
Receipt of the notice alerts the homeowner that the lender intends to accelerate the note and foreclose (sell the property) if the default is not cured within the 20 days.
Second Required Notice-Notice of Acceleration: If the amount in default is not cured within the 20 days, the lender sends the debtor a notice of acceleration and initiates the foreclosure process by requesting that the trustee sell the property. Chapter 51 of the Texas Property Code delineates the process. The trustee must strictly comply with Chapter 51 and any other requirements set forth both in the deed of trust and the promissory note to ensure a valid foreclosure.
The trustee begins by sending a third notice to the debtor of the pending foreclosure sale, posting an identical notice at the courthouse and filing one in the deed records. The notice alerts the debtor and all who read it that the property will be sold on the first Tuesday of the month occurring 21 days after the notice was forwarded, posted and filed. It specifies the earliest time the sale will begin. The notice must be sent to the debtor's last known address.
The debtor may stop the foreclosure process prior to the sale by tendering the full amount due under the note and any additional interest, late fees and trustee's fee due at the time.
Foreclosure Sale: The trustee begins the sale by reading a copy of the posted notice and stating the terms of the sale. Generally, the trustee requires cash-only sales. If a bidder requests time to return with the cash, the trustee must temporarily adjourn the sale to accommodate the request. All parties present may bid, including the lender, debtor and even the trustee. However, the trustee may not bid on his or her behalf or on behalf of a company or corporation owned by the trustee.
In preparation for the foreclosure sale, the lender gives the trustee a minimum bid price for the property. If no higher bid is offered, the property is sold to the lender at that price. Lenders may pursue the borrower for collection of the difference between the foreclosure sales price and the balance due on the loan. If the borrower files for personal bankruptcy protection, the foreclosure action is stopped until the bankruptcy court determines whether the borrower has the ability to repay/restructure the mortgage.
Post-Foreclosure
Following the sale, borrowers have no right to redeem (repurchase) the property. Redemptive rights apply only after tax foreclosure sales in Texas. If the borrower continues to occupy the property, the lender (or new property owner) may file an eviction action. The county constable's office serves the eviction notice, which includes a court date. Following a court hearing and ruling by a judge, the defendant has five days to vacate or appeal the ruling. After the five days, the constable's office posts a notice on the door giving the borrower a minimum of 24 hours to move out. Otherwise, the constable will remove the occupant and place all his or her personal possessions outdoors.
With the rate of foreclosures increasing, the Tarrant County Constable's offices in Fort Worth are conducting as many evictions stemming from foreclosures as from delinquent rents
If your house is going in foreclosure can you take kitchen cabinets with you?
Generally yes.
While there may be some differences between court districts / states...appliances are generally always exempt assets. Now that would certainly mean non-built ins....things that are not firmly part of the real estate (no central heating units). But a freestanding washer & dryer I would think are clearly what is intended.
It will go bad on your credit report anyay. What you got left does't matter. Creditors want to know how you may, can, did, might do, and do, pay up on their current accounts.
Who should you call to negotiate on loan modification?
You can contact the loss mitigation department of the lender your loan is being serviced through or you can search for a HUD approved non-profit counseling agency. Beware of the many loan modification scams that are out there.
The debtor is not the owner of the house can you put a lien on the house you did work?
Yes, you may have a lien against the house where you agreed to do work, did work or delivered materials , notified the other party that you had completed your part, and were not paid for it, regardless of whose house it is. In most places it's called a "mechanic's lien" or "construction lien", and can be easily recorded through the locally specified bureau, but must usually be done ("perfected") within a limited time after being denied payment. Each state law has its own variations of forms, limits, and so forth. You then sue to collect on the lien within a prescribed period.
First, your father's estate must be probated in order for title to the real estate to pass to you legally. Then, if you want to keep the home you must pay the back taxes and catch up on the mortgage payments if there is a default. You should discuss the situation with the lender and see if you can negotiate any assistance to enable you to catch up.
You should also contact your town offices to ask if there is any agency that could provide you with counseling and assistance with this problem.
In the state of Ohio you have 30 days to vacate the property after a sheriff's sale. If you don't you can be charged with criminal trespassing.
Can I do a Bankruptcy and foreclosure with a second mortgage at the same time?
YOU don't evcer do a foreclosure on what you own. the bank does. Bankrutpcy overrides foreclosure and in fact will essentially delay it while the property is sold in the BK process.
Is there a list of Fl realtors dealing with Hispanics?
You can go to the area you wish to purchase a home in and see if there is a way to convert into spanish. Usually, there is some type of tab that says: "En Espanol" Most of the brokers that I have worked for either have an agent that speaks spanish or will help to try and find one for you.
Can you sell your house for less than the loan amount just before filing for bankruptcy?
Future Bankrutpcy is irrelevant. Unless you can pay off the mortgage (using additional personal funds in what your saying), you CANNOT provide title...and hence cannot fulfill your contract to sell...which will just mean the buyers (and agents, etc) will sue and receive damages from you for your not being able to do what you contracted and promised. If you make a bad investment using borrowed funds, the loss is yours, not who lent you the money you asked for!
You can spend your profit from your investment property any way you wish as long as you make your mortgage payments. If you want to refinance then you need to speak with your lender.
You can spend your profit from your investment property any way you wish as long as you make your mortgage payments. If you want to refinance then you need to speak with your lender.
You can spend your profit from your investment property any way you wish as long as you make your mortgage payments. If you want to refinance then you need to speak with your lender.
You can spend your profit from your investment property any way you wish as long as you make your mortgage payments. If you want to refinance then you need to speak with your lender.
Can you remove garage during foreclosure?
No, you cannot remove the garage since it is part of the real property and thus covered by the mortgage.
How do you write a letter requesting goods?
Writing a letter requesting goods can be simple. If requesting a sample of a product be formal but friendly. Compliment the company and simply ask for a free sample or perhaps a discounted price.
Oklahoma law states that anyone under the age of 18 is a minor, and therefore your parents/legal guardians have the authority to decide where you can/can't live. If you leave home without their permission then they can have you picked by the authorities. In Oklahoma you can't even ask the court for an order of emancipation. Not every state has emancipation laws, and OK is one that doesn't.
no you must be a male to do that, don't ask me why I'm a male and still don't understand it.
Is there a law stating the length of time a credit has to stay on an account?
The Federal Fair Credit Reporting Act, and the Fair Debt Collection Practices Act, along with each state, has a limit on time.
so whats Maryland law
Are attorney retainer fees refundable if the case is withdrawn?
Mine wasn't. Went in to see her first day. Deposited $2,000.00. The next day told her I didn't need her....................:>(
Are the heirs to a property in foreclosure responsible for mortgage?
The estate is responsible for the debts of the deceased. None of the assets can be distributed until the debts have been paid. The bank has a prior lien on the property. The foreclosure of that mortgage will not affect the heirs in any way except to deprive them of inheriting the mortgaged premises. If the heirs wish to maintain that property then they would need to negotiate with the bank and pay off the mortgage. The foreclosure will not affect the credit records of the heirs.
Who is BAC Home Loans Servicing LP?
BAC Home Loans Servicing, LLP is part of Bank of America.
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They call me every day about my home loan. Which might seem legitimate unless you take into account the fact that I am not, nor have I ever been, a homeowner and I do not have and never have had a mortgage.
Bank of America and Recontrust appear to be the same companies. Slightly (3 digits) different numbers but SAME mail stops SVW-88. See below:
DATED: 09/03/2008 RECONTRUST COMPANY
1757 TAPO CANYON ROAD, SVW-88
SIMI VALLEY, CA 93063 Phone: (800) 281 8219, Sale
Information (626) 927-4399 By: - Trustee's Sale
Officer RECONTRUST COMPANY is a debt collectorattempting to collect a debt. Any information Obtained will be used for that purpose. ASAP# 3625868 07/01/2010, 07/08/2010, 07/15/2010
7/1, 7/8, 7/15/10
PRE-1892558#
BELL GARDENS REVIEW - Publishing Newspaper in Calif.
Then, per the Bingham County, Idaho, Tax Collector's Office for a foreclosed property at 1252 - N 1150 E, Shelley, ID.
BAC (bank of america) Home Loans Servicing, LP
1800 - Yapo Canyon Rd
Mail Stop SVW-88
Simi Valley, CA 93063
