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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
The foreclosure process allows a lender to take back ownership of a property from a borrower. Foreclosure occurs when the borrower is no longer making the mortgage loan payments on time and in full. There are other factors that may cause a family to suffer from one of the many life changing events, such as:
- Divorce is a life changing issue. When there is a split in a household, this can cause people to lose their home in foreclosure. Divorce is definitely a reality of our society today.
- Unexpected illnesses lead to a excess of uninvited bills. Many people can't afford these expenses or do not have the insurance coverage to save them. Nobody plans to foreclose on their home, just like they do not expect to pay thousands of dollars in hospital bills.
How can one apply for pre foreclosure?
First you have to qualify for a short sale (meaning ubouve all else - you cannot have assets like a second property) than speak to a bank manager and a real estate broker.
How can anyone get into buying foreclosed homes?
When foreclosed homes are put up for auction that are usually held publicly by the banks. If you are able to meet all the requirements than you can purchase a foreclosed home.
Are foreclosed homes easier to buy than new homes?
It is often easier to buy a foreclosed home directly from the bank than a new home if you are willing to put up with the possible problems caused by an older, empty house sitting on the lot without maintenance for months. However, the bank will have less incentive to hold out for a better offer and will be more willing to part with the property without hassle. Foreclosed homes are easier to buy but may be more difficult to deal with after the sale.
Where does one find a mortgage loan calculator online?
Bankrate.com will provide you with a mortage loan calculator. You can also find them at the online sites for traditional mortgage brokers such as Wells Fargo.
How do you get a home loan after a short sale?
Fannie Mae reducing wait for home loan after short sale
WASHINGTON - Here's some good news for people who have had to give the deed on their house back to the bank or who have done a short sale: You may not have to wait the typical four or five years to requalify for home financing.
In fact, your wait may be as little as two years. In a bulletin to lenders April 14, mortgage giant Fannie Mae said it is relaxing rules that prevented loan applicants who participated in short sales or deeds in lieu of foreclosure from obtaining a new mortgage for extended periods of time. The new rules are scheduled to take effect July 1.
Though Fannie Mae officials declined to discuss the reasoning behind the changes, the bulletin to lenders said the company hopes to encourage troubled borrowers to work out solutions that avoid the heavy costs of foreclosure.
Fannie's new standards come with some noteworthy fine print, however. To qualify for a new loan in the minimum two years, most borrowers will need to come up with down payments of at least 20 percent. If they can only scrape together 10 percent, the mandatory wait will revert to the four-year minimum. And if their down payments are less than 10 percent, the wait could be even longer.
On the other hand, if borrowers can demonstrate that their mortgage problems were directly attributable to "extenuating circumstances" - such as loss of employment or medical expenses - they may be able to qualify for new loans with a minimum 10 percent down payment in just two years
Certainly. The bank has a lien on the property, and in most cases that lien takes precedent. In some situations, however, say in situations of unpaid taxes, no other creditor takes precedent. The IRS will be paid.
What will they do if you take appliances from a foreclosure?
Appliances ar not typically considered part of the home. It is not uncommon for those who lose a home to foreclosure to take everything that is not attached to the home. In many cases, recent home improvements, such as floors, doors, windows, lighting and plumbing fixtures are taken as well.
What happens after a judgement of foreclosure on a mortgage?
although itis principle of law that amortgage isalways mortgage.but foreclosure is rule due to which the last benificiary receive the money from property after using his right of foreclosure.
Can a cosigner be affected on a home foreclosure?
Yes. It is a common misconception that cosigners are not responsible for the debt of the primary on the account they signed. I'm not sure how that started, or why it persists, but cosigners, comakers, coguarantors, and cobuyers are equally responsible for the debt they sign with the primary. Collections agencies will not waste a lot of time trying to get a primary to pay when there is a cosigner who is easier to locate. And, because both are equally responsible, there is no need to even try to get the primary who is not paying to do what they are already not doing when the contract was written based on the better credit of the cosigner.
For the Past 30 years, John Schepcoff has been mentoring and teaching other Real Estate Agents including Loan Officers and homeowners "how to understand the process of Short Sales, Foreclosure and past Foreclosure". When a person understands the process, the homeowner, Real Estate Agent or loan officer can now help the homeowner understand there is one more option. Instead of losing the home in a short sale or foreclosure, the owner can receive a securitization Audit. What will this prove? It will now prove that the bank does not own the loan but in fact the loan is now a stock. If the loan is a stock the bank can not force s short sale or foreclosure. John Schepcoff goes more into detail how this is done. If the homeowner still wants to sale the home, the agent will still be paid the commission and now the homeowner also will make money on their home. How about that! This becomes a more win/win for the agent as well as the homeowner. Most homes today have gone through securitization. You can learn more from John Schepcoff website. SavingYourHomeToday dot com. John Schepcoff also mentors and teaches how to do Lease Purchase or Rent to Own. If a person can control the property, they can make money.
What is the difference between a forced foreclosure and a foreclosure?
Foreclosure is the legal process by which the lender takes over and sells the home when the homeowner defaults on the mortgage. A forced foreclosure is slightly different from a general foreclosure. In a forced foreclosure, the house is foreclosed because the homeowner defaulted on any of the terms and conditions of the mortgage that would allow him or her to stay in the home. If you are a homeowner, it is important for you to read and understand the terms and conditions of the mortgage. There may be clauses that would allow the lender to foreclose your home besides a default in the monthly payments.
Legal Disclaimer:
The answer above should not be relied upon as legal advice. The information provided above is based on insufficient facts and only speaks to a general opinion based on those insufficient facts. No warranty is provided that the answer is correct. No attorney-client relationship has been formed with me until a signed written contract is complete. For an official opinion, it is advised you seek legal counsel.
Who is responsible for mortgage on an estate foreclosure?
The estate is responsible for the mortgage.
The estate is responsible for the mortgage.
The estate is responsible for the mortgage.
The estate is responsible for the mortgage.
Can lenders foreclose on mobile homes?
Yes, they certainly can. Best way to deal with this is to negotiate a settlement with them. You can often come to terms that stall foreclosure and maybe prevent it.
What is the difference between a foreclosure and short sale?
A foreclosure is the surrender of the property to the lien holder for nonpayment of the debt.
A short sale is the sale of the property before the completion of the foreclosure in an attempt by the home buyer and the lender to avoid foreclosure proceedings.
Can a bank foreclose on a mortgage before the estate is settled?
Yes, if the bank has given notice to the estate representative or the heirs.
Yes, if the bank has given notice to the estate representative or the heirs.
Yes, if the bank has given notice to the estate representative or the heirs.
Yes, if the bank has given notice to the estate representative or the heirs.
How do you write a leave salary request?
Use formal style. Address your letter to the appropriate supervisor (ie., the one that can grant the leave; if you need an intermediate supervisor's endorsement, that is the place to start). State your request in a simple sentence. Be specific about when the leave would start and end. Explain the reason for the leave. If the company will benefit from your activities while you are on leave, be sure to point that out. Explain how your work will be covered. If the company is going to have to hire a new employee, offer to be taken back in any position, not necessarily the one you left. Offer to provide any more information that might be needed to make the decision. Thank the addressee for his/her kind consideration. Close formally.
Is sanctuary of praise going in foreclosure?
Yes, as of last week the door of the Church has been closed. Members were notified by e-mail or phone calls that service would be held at the Rosen Hotel on International Drive, in Orlando, fl..
Can one file lawsuit when a promissory note left in a will is not paid by the borrower?
Yes. If the loan is not paid within the time limit on the promissory note you can sue in court. However, pay close attention to the statute of limitations in your state.
Yes. If the loan is not paid within the time limit on the promissory note you can sue in court. However, pay close attention to the statute of limitations in your state.
Yes. If the loan is not paid within the time limit on the promissory note you can sue in court. However, pay close attention to the statute of limitations in your state.
Yes. If the loan is not paid within the time limit on the promissory note you can sue in court. However, pay close attention to the statute of limitations in your state.
Can a buyer prevent damage before closing if home is in short sale status?
Since the seller is desperate to sell the house s/he has very little incentive to damage their property while trying to sell it. Short sales are incredibly difficult to do successfully so if it falls through then the owner can basically ruin the property without recourse. Many banks do a cash-for-keys program where they pay the owner to leave the house in a clean condition.
How much tax to be paid on property sold?
It's treated as capital gains; you only pay tax on the profit (the amount you sold it for, minus the amount you paid for it plus any improvements you made). "How much" varies, if you can't figure it out, you should probably consult a tax professional.
You should consult with an attorney before you sign anything. The bank needs your signature to complete the foreclosure but you should have the mortgage reviewed before you sign.
You should consult with an attorney before you sign anything. The bank needs your signature to complete the foreclosure but you should have the mortgage reviewed before you sign.
You should consult with an attorney before you sign anything. The bank needs your signature to complete the foreclosure but you should have the mortgage reviewed before you sign.
You should consult with an attorney before you sign anything. The bank needs your signature to complete the foreclosure but you should have the mortgage reviewed before you sign.
What happens if you are a cosigner on a house that is being foreclosed on?
The foreclosure will affect your credit record. You are fully responsible for paying the loan.
