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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
Does Countrywide Home Loans Servicing LP still exist?
Countrywide Home Loans Servicing, LP is now BAC Home Loan Servicing, LP and they are still operating out of Simi Valley, CA.
Does a Deed in lieu of foreclosure affect credit the same as a foreclosure?
Deed in lieu of foreclosure is not nearly as devastating to your credit as is a full foreclosure.
Below is an article about the pros and cons of deed in lieu.
What is A foreclosure of academic studies associated with 7 down?
The answer to 7 down related to a foreclosure of academic studies is likely "dropping out." This term refers to a student leaving school before completion without transferring to another institution.
What should I do to submit an offer for foreclosed homes?
To submit an offer for foreclosed homes one can contact the home owner directly to submit an offer before they are forced out of their home. Alternatively one can wait and submit an offer through an auction on the property.
Are there foreclosures in Ohio?
Yes there are some foreclosure close to your are there in Ohio. You can go to the website realtytrac.com to find the foreclosed homes that are coming up for auction in your area.
Bank Foreclosure: a Homeowner's Overview?
Since the U.S housing market bubble collapsed in 2008, bank foreclosure has become a reality for millions of homeowners. People who understand foreclosure rules have the best chance of keeping their property or minimizing their personal losses if the foreclosures go forward.
What Is Bank Foreclosure?Every mortgage spells out the lender's remedies if the mortgage holder fails to make timely payments or properly maintain and insure a property. A bank choosing foreclosure to protect its loan investment takes physical possession and legal ownership of the home. It can then attempt to sell the real estate for enough money to cover the remaining balance on the loan.
What Triggers the Bank Foreclosure Process?Foreclosure typically follows a borrower's sustained failure to meet the mortgage terms. Missing between three and six months of payments, dropping insurance or damaging the property enough to significantly reduce its value can trigger foreclosure. Each state has a specific legal process allowing the bank to transfer the home's title back to itself.
Costs of Bank ForeclosureA bank assumes legal, postage and advertising fees for each property it places in foreclosure. More fees accrue if the home actually goes to auction. Borrowers have the right to correct the mortgage situation throughout the foreclosure process, but they must also pay the bank's foreclosure fees. The best scenario for a borrower is to avoid foreclosure if at all possible.
Avoiding ForeclosureMeeting mortgage payments on time and properly maintaining and insuring a home is sometimes impossible, especially following a job loss or medical emergency. In these instances, it is best to notify the bank immediately and negotiate a temporary change in mortgage terms. This change can lower the monthly payments to a manageable level until the borrower's financial situation improves.
It may also leave money necessary repairs and insurance premiums. If the bank refuses to negotiate, the borrower can attempt to refinance through another lender or sell the home and pay off the loan. Bank foreclosure seriously damages a credit history and makes it difficult for a borrower to obtain future mortgages.
Buying a foreclosed home isn't an easy process. However, if done efficiently, it can be a beneficial choice. Banks often sell these home for much less than a private seller would.
Get ApprovedThe first step is to get pre-approved for a loan. Sellers almost always require a pre-approval letter from a lender before accepting an offer. Keep in mind that time is very important, so they don't have time to wait for the lengthy approval process. To get pre-approved, try contacting a bank that already hosts individual checking, savings or loan accounts. If this isn't an option, try applying with Wells Fargo.They offer an efficient and competitive pre-approval process.
Find An AgentIt's important to find an agent who specializes in foreclosed homes. The best way to do this is to visit ForeclosuresUS.com. This site hosts a database of agents and local foreclosure listings. These agents have long-standing relationships with banks, meaning they often know of new listings before they appear on an Internet site. Keep in mind that the seller of a foreclosed property will want to use one agent or broker.
Find A PropertyDon't expect all foreclosure brokers to be as dedicated as an average agent. Due to the high volume of foreclosures today, they may be overwhelmed with work. It's imperative to be proactive during the process of finding a property. If the right home is found, contact the agent to set up a meeting. Immediately after meeting with the agent, meet with the lender who granted pre-approval to discuss a loan.
Compare Prices Of Similar PropertiesRemember that foreclosed homes are sold in their current condition. If they're in dire need of repair, don't count on the seller to do a thing. Ask the broker for the best local resources for comparing prices of recent foreclosure sales. Find homes that are similar in location, price and features to the one chosen. It's important to make an offer that is competitive with similar sale prices.
Make An OfferFor a property that is similar to ones that sell within a few days, make the highest and best offer possible. It's important to keep offers within reason. For example, a property with similar sale prices between $200,000 and $250,000 may ultimately sell for $251,000. If a prospective buyer offers $250,000, someone else may offer $1,000 more and seal the deal. It's usually best to offer about $5,000 higher than the highest similar sale for homes in this price range.
Once the offer is made, the seller will usually accept or deny it quickly. If it's denied, start the process again. It may take multiple offers, many headaches and several months to finalize a foreclosure sale. The keys to a successful purchase are persistence and patience.
A deed of trust is a legal document often used during a home purchase. Most people are familiar with a mortgage, but not as many have heard of a deed of trust. Mortgages and deeds of trust are similar in that they are both used to provide security for a loan. However, a deed of trust is different because there are three parties involved whereas when a mortgage is used, only two parties are involved.
The three parties involved in a deed of trust are the trustor, the trustee, and the beneficiary. The trustor is the person who is borrowing money to make the purchase, the trustee is the entity that holds the legal title to the property, and the beneficiary is the bank or other entity that is lending the money for the purchase. This differs from a mortgage because in the case of a mortgage, the lender also holds the title to the property until is has been paid in full.
When a deed of trust is used, it is recorded with the County Recorder and is used to prove evidence that the property is being used as collateral until the loan terms are met by the borrower. When the borrower pays the loan in full, the title is then transferred back to the borrower. This happens in a process called reconveyance.
However, in instances when a borrower does not meet their financial obligations, the trustee has the right to file a Notice of Default against the trustor, or borrower. When this happens, the borrower typically has a set period of time to cure the default by catching up on his payments. The time allowed depends on the state in which the deed of trust was filed. Should a borrower not cure the default, the trustee can begin foreclosure proceedings against the borrower. In the case of a deed of trust, many borrowers will opt to surrender the trust deed as opposed to going through foreclosure proceedings. This is typically referred to as a deed in lieu.
A deed of trust contains a large amount of legal information. Some of the information that is typically part of a deed of trust document includes the loan amount, a legal description of the property, names of all involved parties, the provisions of the mortgage, the requirements of all parties, legal procedures to be used if a party does not comply with the trust deed, and a number of clauses and riders that pertain to the trust deed.
Deeds of trust are complex legal documents and people who are using them in the purchase of a home or other property should take care to read them carefully and to be sure they understand what they are agreeing to before entering into a legally binding agreement.
Whether you are looking for a vacation home or an investment home, buying a Puerto Rico home can be a great purchase. Puerto Rico is a beautiful place with stunning beaches and fun attractions. If you are unable to buy a Puerto Rico home, renting is always an alternative.
In Puerto Rico, the housing market is different than the market in the US. The tax-credits are stimulating sales in Puerto Rico. It is a very attractive housing market. The average median home price in Puerto Rico is higher than the average home listed in the US.
If you are interested in purchasing a Puerto Rico home, the first step is to contact a real estate agent. You may want to plan a trip to view the properties before purchasing. The web is a wonderful tool, but you can only see so much in a photo. In order to really get a feel for a home, you must see it in person. Of course, you will also have to travel to Puerto Rico again for the closing. In some cases, the paperwork can be completed through the mail.
Go to auctions to find a reasonably priced home. You can go to a Puerto Rico auction and bid on houses that are being foreclosed or in the process of foreclosure. This is often the best way to purchase an inexpensive home. It may require some work. Look for first-time home buyer programs and grants to pay for renovations. You can purchase HUD homes in Puerto Rico, too. There are numerous assistance programs and vouchers. The HUD website will include guidelines and how much you can afford.
When you are ready to buy a Puerto Rico home, be sure to consider everything you want and need in your new home. Research which areas are most suitable for your needs. If you want to live near water or prefer a certain school district, these are things you should consider when looking at properties. Plan to spend a few days in the area, visit the stores and travel the streets. Read reviews about the cities that interest you the most. You don’t want to purchase a home, only to find you are unhappy with the location.
What is the house foreclosure process?
Foreclosure is governed by state law, different states can observe different foreclosure procedures. In foreclosure, the lender, mortgagee, automatically becomes full owner of the property when a borrower, mortgagor, defaults. The borrower can still pay the full amount and get the house back during the redemption period. If the money is not paid back, you will lose the ownership of the house. Then the house will be sold at a public sale or auction to pay for the full loan amount, if the sale is less than the amount owed, you will owe the difference.
The notice itself should have given you options for ways to respond or contest the process. If these do not work then contact a lawyer who specializes in real estate or foreclosures for help with stalling the process.
You should contact your local banks and finanical institutions. They will provide you with a list of properties that are being sold and the price ranges.
How does foreclosure impact my credit score?
Foreclosure can have a drastic effect on your credit score. Your credit rating decreases with missed payments on your home, as well as other bills. In addition, the foreclosure itself can lower your score by over 100 points. In addition, a foreclosure can stay on your record for seven to ten years.
Forclosure can and will have a very negative impact on your credit score. This is an unfortunate by product of the recent economic crisis.
Do you get the best deal by buying a house at a foreclosure auction?
Yes, you get the best deal by buying a house at a foreclosure auction. You can read more at www.realtytrac.com/foreclosure/Auction/how-to-buy-homes-at-auction.html
By Texas foreclosure law how long can a family stay in their home during the process?
The amount of time you can stay in your home vary from lender to lender. Your forclosure can be complete in as little as 90 days or take over 1 year to complete.
You can stay in the home during the process which usually takes 3 months to complete. You generally have 30 days to leave the property after the home hits the auction block. You will probably be served with eviction papers.
Will bankruptcy protect me from foreclosure by my mortgage company?
Yes, bankruptcy protect you from foreclosure by your mortgage company. You can read more at www.hirby.com/mortgage-lender-filing-for-bankruptcy
Is there a guaranteed way to stop a foreclosure?
No, there is no guaranteed way to stop a foreclosure. In order to prevent a foreclosure, you can just pay your mortgage on time and you can read about it at hud.gov/homes/homesforsale.cfm
Can I really buy cheap houses at a foreclosure auction?
Foreclosure auctions are some of the best places to buy cheap houses. Normally the bank is just trying to get their money back and is willing to sell the house pennies on the dollar so you can end up getting a bargain
Are there any legitimate foreclosure auction websites?
prlog.org is one of the legitimate foreclosure auction websites.
What's the difference between a foreclosure auction and a regular auction?
A foreclosure auction is a forced auction. The person who used to own the property being auctioned owed either the bank or the government money. For not paying the money back, their property is sold at auction to satisfy their debt. A regular auction could be anything and isn't necessarily to pay off debt, but usually to make a profit.
If our house goes into foreclosure can the banks still get their money from you ?
foreclosure is a conditon where a lender (the bank) acquires title to and uses the value of the property to offset the outstanding balance of the loan. If your property goes into foreclosure you will LOSE ownership of that property but will also no longer owe the unpaid balance of the loan. This is called 'defaulting' on your loan.
Since the bank padlocked it, it belongs to the bank.
It appears, if they are not allowing her access to the home, that they have taken over responsibility for it. She should have been given notice to vacate, and been given an opportunity to retrieve her belongings. There should also be some sort of 'no trespassing' sign on the door. The best thing that you can do is tell her to contact the bank. They should be able to give her a straight answer.
How do you find foreclosures or bankruptcy real estate?
Look on the multiple listings and go to online reality sites in your area. They will show foreclosures.
