Foreclosure

You might see some movement but according to how the rest of your file looks will determine that

You must remove your personal property prior to the foreclosure sale. Once the property has been transferred you have no right to enter. Your property will be removed by a team of professionals and dumped.

No one can guarantee that your home loan modification will be a success. It ultimately depends on your Lender as to whether or not they choose to modify your loan. However, if you provide your Lender with all of the documentation that they require, in the manner that they need it, then your chances of a successful loan modification will be greatly enhanced.

In most cases it is preferable to foreclosure.

I disagree. A short Sale has less impact on your credit score than a foreclosure.

Yes. A foreclosure can be reported by the entity that foreclosed, by the servicing agent for the entity that owned the mortgage when it was foreclosed or by a mortgage company if it held the mortgage when it was foreclosed.

A lawyer we consulted said yes we could.

Our situation: We sold and carried a 3 year note, we had to foreclose on the note after

the 3 years, during which the buyer did not pay the county property taxes. Amount we're suing for in a Civil Case for unpaid property taxes is approx. $23K, This is under the $25,000 limit in this Civil Case. The lawyer also stated that we did not need an attorney to handle it. We have the forms which are fairly straightforward, there is a $370 filing fee in our county.

The balance due to the creditors.

Buying non-peforming notes directly from banks can be a very tricky proposition. Your first hurdle is to make contact with the decision maker(s) who have the authority to sell the notes (asset managers). The larger institutions will most likely only deal with large buyers such as hedge funds or other institutions to buy bulk portfolios. Smaller local banks & regionals may be easier to gain access to decision makers.

Once you have the right connection at the bank, I recommend that you have a strict criteria in mind of what you are looking for. Do you buy bulk, singles, mini loan bundles, loan level buyer, Residential, Commercial, loans in BK or other litigation etc?

What is available to you for due diligence? Title, collateral package, credit reports etc.

Once you are given a tape or loan, you want to determine if there are any reps & warranties in their Purchase & Sale agreement. This will influence your bid if there is any added or reduced risk given the terms of sale.

Once you do your due diligence & place your bid. If your bid is accepted, you will then wire the funds to complete the purchase.

There are many variations on how deals are done, because every financial institution may have their own unique procedures & requirements.

yes

Whatever they can sell to reclaim their losses. You may need to proceed with bankruptcy to protect other assets. Consult an attorney for specifics.

Purchasing a house does give you the rights and benefits of home ownership and can be a worthwhile investment and also usually recommended once you are sure that your relocation will be a long-term one and so long as you can obtain an affordable mortgage.

Renting a home is often an ideal way to decide whether a new location is right for you, and it is the best option for temporary housing should the home you wish to purchase not be ready or while you save for a deposit that will enable you to get mortgage terms that are comfortable for you.

A short sale is where the lender agrees to allow the mortgagor to sell the property for less than what they owe on the loan (because the value of the property is less than the loan amount and therefore that's all it can be sold for).

Generally the term foreclosure is used at the start of the process. The foreclosure occurs when a person who does not make payments is kicked out of the house. Then the property is fore closed. In some places the bank can sell foreclosed properties. In other places, it goes on the block for a sheriff's sale.

No. It is owned by Beal Financial Corp.

The courts don't report public records, there is a third party entity that obtains public records from the courts and sells the info to the credit reporting agencies. So usually about 30 to 60 days, they update every 30 days, so if they miss you on the first go round they'll get you on the the second or third try.

Depending on where you live and the type of loan you have, the lender may be able to go to court and get a deficiency judgment against you for the difference (in most cases they can do that)

deed of trust

As long as there are no side deals between the friends and the offer is at or near fair market value, the seller can sell their short sale to a friend.

For more info on short sales, visit the related link below.

Sorry, our crystal ball is in the shoppe for repairs and we are not able to predict the future for you in this situation.

These are the states that do not have redemption period:

The five states they list as having no redemption period are:

Texas, Georgia, Virginia, DC, and New Hampshire

The rest do have different time lines for redemption.

You still own the house if you have a reverse mortgage, yes.

MY HOUSE WAS JUST FORECLOSED BUT I MOVED OUT 2 YEARS AGO BECAUSE I ME AND MY HUSBAND SEPARATED BUT HE STAYED. DUE TO ME MOVING I NEVER RECEIVED ANY NOTIFICATION THAT THE HOUSE WAS FORECLOSING AND MY HUSBAND SAID EVERYTHING WAS FINE. DO YOU THINK I CAN GET FORCLOSURE OFF CREDIT REPORT. I MOVED 2 TIMES AND JUST RECEIVED A LETTER 2 WEEKS AGO, BUT WHEN i CALLED BANK THEY SAID IT WAS TOO LATE. WHAT DO YOU THINK WILL HAPPEN IN THIS SITUATION.

Foreclosure is a specific legal process in which a lender attempts to recover the balance of a loan from a borrower who has stopped making payments to the lender by forcing the sale of the asset used as the collateral for the loan. The foreclosure process as applied to residential mortgage loans is a bank or other secured creditor selling or repossessing a parcel of real property

A foreclosure will be expunged from a person's credit report after seven years have expired from the time the foreclosure was reported. Valid information on a credit report cannot be removed until the required time limit for reportage has expired.

Commercial banks, savings and loan associations, savings banks, credit unions, finance companies, and consumer finance companies.