Foreclosure

A mortgage company can only foreclose on a property if there is a default of a loan note and deed of trust that grants them the right to foreclose on the home. There are multiple ways to default on a loan (such as not paying taxes or carrying proper insurance), but the most prevalent is the failure to make payments as agreed. If the loan is being paid as part of a repayment plan for delinquent amounts owed, then technically the loan is in default because payments have not been made as originally agreed.

Once a homeowner falls behind on payments, the lender may offer ways to return the account to satisfactory status and "cure the default". Many people mistakenly assume this means that once they start a special payment plan they are no longer in default. You are in default until one of two things happens:

1) No delinquent amounts or fees are owed and all terms of the loan are being honored as originally agreed.

2) Both the lender and borrower sign an agreement that superceeds the original agreement.

Many homeowners enter into special repayment programs with no written agreement and no material change to their original loan terms. Mortgage loan documents usually grant the lender the option of "delay of enforcement" which means they have the right not to take action against you without losing the right to take action in the future. They may verbally agree not to take action against you (foreclose) during the special repayment period but they do NOT lose the legal right to foreclose on you during that time assuming all other legal requirements have been met.

There have been examples in the media of homeowners losing their homes to foreclosure during a period when they believed they were working on a loan modification or repayment plan. These examples may have been due to miscommunication, a lack of borrower dilligence, or lender error. No matter the cause, if one of the two items number above was not in play, the foreclosures are generally legal.

The best way to stop a foreclosure is to honor the terms of the loan agreement. How you get to that point depends on many factors.

A modification is a new loan agreement that superceeds and changes the original agreement and is designed for individuals with a long term material change in their financial situation that prohibits them from making scheduled loan payments. If an adjustable-rate mortgage adjusts to a point where the payments are not affordable, or a borrower suffers long term income reduction or loss, a modification of the interest rate or repayment term of the loan may save the home from foreclosure. It is an important tool and is one of the best ways to stop foreclosure. The key is that the modification must be beneficial to both the lender and the borrower.

However, when some people use the term "stop foreclosure" they really mean "stall foreclosure". If a person finances a home that is beyond their reasonable means and they find themselves unable to make payment without unreasonable changes to the loan terms (such as principle balance reductions or 60 year repayment terms) then a foreclosure is often ultimately unavoidable. An unaffordable home is still an unaffordable home even if an interest rate is lowered or borrowers are given a chance to catch up on payments. While it is possible to get a balance reduction, it is very rare, and very long loan repayment terms are usually not allowed by law or regulation. In these cases, a modification request may extend the time it takes to foreclose (even lasting years), but the end result is still foreclosure. Bankruptcy filings also halt foreclosure proceedings and are used by many borrowers as a last resort to foreclosure.

If your home is foreclosed through a forced sale, it is auctioned at a public sale usually held on the steps of the county courthouse. One of two things will occur at this auction; either a bidder will win the auction and become the new owner, or there will be no bids and the ownership of the home will revert to the lender.

The next step in the process is the same regardless of who now owns the home, but if it reverted to a lender it may take longer. The next step is to negotiate with the tenant to leave the home. This can be anything from voluntary vacating, to a cash-for-keys deal where a cash payment is exchanged for leaving the home in good condition by a certain date, or it can be an eviction.

Eviction is a time and resource consuming process and can get quite messy for both sides. It begins with a Notice to Quit the premises and can lead to an Unlawful Detainer lawsuit with the tenant becoming liable for costs and rents.

A cash-for-keys arrangement is usually the most amicable and mutually beneficial route. The amount of the cash is negotiable, but many homeowners end up with $1,500-$4,000 depending on the property and the cost of rent in the area.

Of course who can stop you from purchasing another home, but you have to secure the financing and of course report to the IRS aforementioned transactions. That might be a bit hard though as your credit and fiscal history are most likely shot. Please advise a CPA and a real estate broker to get professional advice.

QWR,Written Request ,original documents,note,sell,assignment, abd blue ink signatures.

The county clerk recorder for your county will have record of the home being auctioned/sold or reverting to the lender and ownership transferring. Call or visit your county recorder to find out who the legal owner is. Notices of default and sale are public record, so getting copies of those may also help you understand the dates set.

Some areas also require publication of foreclosures in a local newspaper.

Yes.

One key benefit of an HO-6 -- condominium owners' insurance policy -- is the option to insure against loss of habitation, which can include paying your assessments during a period when your unit is not available for habitation.

Without this kind of insurance coverage, you must still pay your assessments in addition to whatever extraordinary living expenses you are incurring while the repairs are being accomplished.

You can ask your board members or your management company to help you find these provisions in your governing documents.

The damage to your credit score and how fast it recovers depends greatly on the rest of your credit history. Someone who has no other issues will rebound faster than someone who had other late payments or a lower score to begin with. If the foreclosure is the only issue, the score should begin to rise within a few months and may slowly recover to pre-foreclosure leves over the next couple years.

The score is separate from the actual foreclosure reporting as a derogatory item as far as obtaining new credit. It is possible to have an acceptable or good FICO score with a dated foreclosure on your credit and still not be able to get credit because of the derogatory item. The foreclosure itself will report for 7 years but it's impact on your score will less as time goes by.

Yes. There are generally 3 ways to halt or postpone the sale:

1) File bankruptcy

2) Negotiate with the lender for a postponement. This is usually done to allow time to work on a loan modification.

3) Take legal action against the lender. If you have legal basis, you may file suit or complaint against the lender for fraud, breach of contract or procedural errors that would cause the sale to be postponed.

Remember that unless you will ultimately be able to afford the home, these are merely going to postpone the inevitable. If you are trying to buy time in the home these methods may work, but may further damage your credit (additional late payments reporting). There have been cases where borrowers negotiated with their lender for postponements repeatedly and successfully for over a year, sometimes 2 or more.

The home does not legally belong to the bank until the actual trustee's sale auction or foreclosure takes place and a deed is recorded taking possession of the house. At that point you either leave voluntarily or the new owner (or the bank if no one bought it at auction) must evict you. Eviction laws and tenants rights vary greatly from state to state and even city to city in some cases. Generally the "landlord" must allow a certain period of time for the "tenant" to vacate the property. This can be anywhere from a few days to a month, or in some cases a great deal longer. If there is a renter in the home (not the homeowner themselves but someone paying the former homeowner rent) some states require that the new owner honor the remainder of the lease agreement.

Technically:

If you do not leave the home in the allotted timeframe the owner may file an "Unlawful Detainer" suit in court and you could be liable for rent, fees and other costs the owner incurs in evicting you. Ultimately law enforcement may physically remove you from the property, and you could find yourself in serious legal and financial trouble.

In reality:

Evictions are difficult and most states have enough protections in place for tenants to make an eviction expensive and very time consuming, especially if the tenant is well versed in their rights. The new owner is probably going to want to avoid this at all costs. This is where the concept of "cash for keys" becomes beneficial to both parties.

Cash for Keys:

In a "cash for keys" deal the new owner negotiates with the former homeowner to vacate the property by a certain date in exchange for cash. The "tenant" generally agrees to care for the property until that date and leave the property without damaging it or removing fixtures. Owner's frequently request that the property be inspected before the money is paid to the prior homeowner. The amount of the "cash" will be determined by your negotiating skills but should have some basis in actual cost to you or benefit to the new owner. For example, someone in an area known for inexpensive rent (since they will likely be renting) leaving a $75,000 home should not reasonably expect $8,000 in cash. A good starting point might be first and last month's rent in the area plus moving costs. There have been examples of people negotiating more money in exchange for leaving certain things behind that benefit the new owner, such as window treatments or home theater components. Remember that the owner is NOT required to pay you to leave, but evictions are time consuming and costly. They have good motivation to buy you out of the property to a certain point. Be reasonable in your request; this is a business transaction and it comes down to cost/benefit for both parties.

The are several legal steps a bank must follow before your house can be sold, assuming you are actually the owner but the bank holds a mortgage on the house.

0. The bank must notify you that you have missed a payment

1. The bank must issue a demand for payment in writing to you.

2. The bank must deliver to you or have delivered to you by the sheriff a legal notice of intent to foreclose. The notice must be published.

3. The bank must go to court and get a court order to foreclose.

4. legal notice of actual foreclosure must be published.

5. House is sold at auction to the highest bidder.

If you have any questions talk to the bank and/or consult a lawyer.

If you bought it yourself after you moved in, and before the house was siezed and sold.

I'm not entirely sure what you mean, so I'm taking a stab in the dark here.

It's possible for a lender to begin to foreclose on a property, decide for whatever reason (such as the debtor bringing the loan current, or reaching an agreement with the debtor to halt the process) not to complete the foreclosure, and then later go ahead and start the foreclosure again if the debtor misses additional payments or fails to comply with the terms of the agreement.

Yes, until the foreclosure has been completed and the lender has taken possession of the property.

Yes, until the foreclosure has been completed and the lender has taken possession of the property.

Yes, until the foreclosure has been completed and the lender has taken possession of the property.

Yes, until the foreclosure has been completed and the lender has taken possession of the property.

Yes, a BK does not negate foreclosure action it simply delays it. For the homeowner to avoid such action they must reach a solution such as reaffirmation of the lending contract with the mortgage holder.

the answer is subprime mortgage crisis. (A+)

Not directly. However, if there is a balance owed on the mortgage once the property has been sold, it is possible in some states for a judgment creditor to seize monies from the account. Please keep in mind that 401K is better protected from creditor judgment by ERISA than an IRA which makes it unlikely that seizure action would occur.

Yes. There may be liens.That is the reason any buyer must have the title to the property examined by a professional so that any and all liens and other interests will be exposed. Many buyers at foreclosure sales lose their deposit when they discover later that there are liens on the property that make the purchase a very bad investment.

Yes. There may be liens.That is the reason any buyer must have the title to the property examined by a professional so that any and all liens and other interests will be exposed. Many buyers at foreclosure sales lose their deposit when they discover later that there are liens on the property that make the purchase a very bad investment.

Yes. There may be liens.That is the reason any buyer must have the title to the property examined by a professional so that any and all liens and other interests will be exposed. Many buyers at foreclosure sales lose their deposit when they discover later that there are liens on the property that make the purchase a very bad investment.

Yes. There may be liens.That is the reason any buyer must have the title to the property examined by a professional so that any and all liens and other interests will be exposed. Many buyers at foreclosure sales lose their deposit when they discover later that there are liens on the property that make the purchase a very bad investment.

The sale is concluded at the closing generally when the deed is delivered to the buyer and the consideration is paid over to the seller. Then, everyone smiles, shakes hands and the property has a new owner. The deed must be recorded in the land records immediately.

The sale is concluded at the closing generally when the deed is delivered to the buyer and the consideration is paid over to the seller. Then, everyone smiles, shakes hands and the property has a new owner. The deed must be recorded in the land records immediately.

The sale is concluded at the closing generally when the deed is delivered to the buyer and the consideration is paid over to the seller. Then, everyone smiles, shakes hands and the property has a new owner. The deed must be recorded in the land records immediately.

The sale is concluded at the closing generally when the deed is delivered to the buyer and the consideration is paid over to the seller. Then, everyone smiles, shakes hands and the property has a new owner. The deed must be recorded in the land records immediately.

Omg omg idk but i lov ct i waz born there!

Find a CT real estate agent and talk to them - they should be able to direct you to the inexpensive real estate listings.

bank owned homes are homes that have been foreclosed by a bank.

Delegation can lead to issues such as a lack of clarity in roles and responsibilities, which may result in confusion and inefficiency. Additionally, if the delegated tasks are not matched with the appropriate skills of the team members, it can lead to frustration and subpar results. Furthermore, inadequate communication and oversight can hinder progress and accountability, ultimately affecting team morale and productivity.

the Internet, so-called "infomercials," and television shopping networks boosted sales of fitness equipment.

sales of sporting goods equipment increased just 1.7 percent throughout 1997 to total $17.5 billion.