Foreclosure

If there is a sale pending on a property you could make a back-up offer subject to the cancellation of the previous offer.

No. A sale pending implies that the property is under a binding contract.

Yes, no matter what happens to the owner of your mortgage, you should always make your payments on time. A loan sale or servicing transfer does not mean you can skip a payment.

It is, as long as it is cleared by all parties involved, including the mortgage lender.

Absolutely not! They may feel it is in their best business interests to do so, in order to get quick possession of the property. But, no legal obligation exists whatsoever, in any state. In fact, it's a bit ludicrous to think the bank would actually owe YOU money as your default most likely caused them to suffer a financial loss on the mortgage loan. In most states, you would owe them money after a foreclosure sale, assuming they retain a deficiency. They rarely collect on those deficiencies.

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That will be decided by the judge or your attorneys.

If the property is currently under contract the seller may also take back up offers in many states. If the current accepted offer fails to close for whatever reason the back up offer would then move into place.

All businesses need a business license for foreclosure cleanups. Generally you do not need to be bonded, but you will need the general liability insurance. Go down to your local city or county offices and apply for a business license, they are usually under $100 to get one. The banks also require this and general liability insurance to perform foreclosure cleanup services for them. There is a Foreclosure Cleanup Business Start up training guide that provides step by step foreclosure cleanup startup information, we got it when we started our Foreclosure Cleanup Business from the website above and was very helpful, it includes the hud guidelines, you will definitely need these to know how to price your foreclosure cleanup jobs accurately and a complete bank contact list of banks and reo asset management companies hiring foreclosure cleanup vendors so you can sign up directly with the banks to start getting foreclosure cleanup jobs. I would also recommend joining the Foreclosure Cleanup Network, there is alot of free information on there for the Foreclosure Cleanup Business and you can get work from the Reo agents on this site. And it's all free. Good luck.

Check with a lawyer and the local authorities.

This depends on the state and the nature of the second mortgage (purchase, refinance etc.). Once a senior lien (1st mortgage) has foreclosed on the property, the second mortgage holder on a refinance (non-purchase) loan may pursue the borrower for the balance owed. They may take the borrower to court and obtain a judgment against the borrower. While the action the court approves may vary, one of the more common outcomes (if they are successful) is wage garnishment. With the prevalence of bankruptcy filings, monetary recovery is becoming more difficult for lenders to obtain.

Yes, if you hurry you will be the first buyer. GO!

Sun Trust will no allow you to refinance your mortgage at a lower rate, even if the sinkhole was fixed. From what I have read, you have to pay off the original mortgage, first, in full, then start all over again - which means title search, survey, and all the fees you have already gone through before. Then, who is to say you would even get a better rate, because of your sinkhole history, repaired or not.

Yes. The second is subordinate to the first mortgage and therefore is at greater risk. If equity exists, the 2nd mortgage holder may receive payment for the debt when a senior lender forecloses. If there is not, then their lien on the property is wiped out and they must pursue the borrower in another fashion (such as a lawsuit). If the 2nd mortgage lender does not want the 1st lender to foreclose, they may choose to pay the 1st mortgage current before the foreclosure proceeds and attempt to collect or foreclose themselves.

Yes. If you do not pay the 2nd mortgage, you can lose your home in a foreclosure sale. The difference between the first and 2nd mortgage holder in that case varies according to the unit of government. The law in the United States is according to state law. At one time in this state, the first mortgage holder had certain rights concerning whether or not to foreclose. There was a time period when the first mortgage holder had the chance to try to sell the first mortgage or something like that. I have not kept up with all the changes in the law involving second mortgages.

Still, when there is a foreclosure, the first mortgage holder gets paid off first. If there is anything left, the second mortgage holder gets paid. Some commercial property has as much as a fifth mortgage.

A bank can not foreclose on a deceased person. A bank forecloses on a piece of property when the mortgage has not been paid. There is a difference.

If the deceased person had the money in the bank to pay the mortgage and the will is in probate, someone should tell the probate judge about the situation. In this state the probate judge has the authority to pay the mortgage. He also has the authority to make the car payment.

The probate judge will not do anything unless someone tells him!

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BNY Mellon Loss Mitigation - Residential

That would depend on the interest rate at which the loan was given.

it means giving date by court to lender property is going to sell or date is given by when property is going to bet

They will wait until they have you out of their property, then it is just a "for sale" sign. I guess this rule don't vary from state to state and they put the sign when you vacate the property.

You go to the bank and ask for a loan.

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Most likely the hit on your credit report will tell creditors/lenders that you are not a good loan risk and they may not give you a loan.

But, it is not impossible to rebound from a dent in your credit of that size.

It's a pretty big hit but it is strictly up to the lender's discretion as to whether you are creditworthy.

Another consideration is if the home actually went into full foreclosure. If it was foreclosed, you will have to wait at least two to three years, if you have FHA, VA, Conventional. If the loan was Government insured, you will have to look at conventional options if your lender took a loss.

Yes and no. Yes in that you do no longer have your home and the back takes your home but you are still obligated to pay the debt you agreed to when you got your mortgage unless you file for bankruptcy. This will essentially cripple your credit for the next 7 years and keep you from having pretty much any type of loan. Foreclosure is a serious matter and I would consult with a bankruptcy lawyer prior to making any move.

if you have our executors you will never get your money

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