Foreclosure

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This means that the judge dismissed the foreclosure proceedings, but the bank can present the case again. You should get advice from a lawyer about your next steps.

The legal answer is ANY TIME THERE IS A DEFAULT OF THE TERMS IN THE LOAN NOTE OR DEED OF TRUST. Techically a foreclosure can happen the second any of the following happens: Late payment Late taxes No insurance Transfer of names on title Damage to the home Liens against the home placed by others Fraud The nuance of your question comes from the fact that no lender wants to take a house, and courts and regulators frown on taking it under many of these circumstances. This is why most lenders only foreclose for late payments in excess of 90 days. They will usually try very hard not to foreclose.

No. The bank has a prior lien. The mechanic's lien takes second place.

Is this property in pre-foreclosure or just foreclosure May I please get all the details on this property

Typically the commission is paid by the seller, which the buyer's agent & seller's agent split in half. If you are paying the agent a commission, he or she is getting paid twice. If I were you, I would look for another agent that will accept the commission that is being paid by the seller.

yes

Yes. A HELOC, or home equity line of credit, is also called a second mortgage (it can be a third or fourth or more though). The HELOC is a line of credit that is backed by your home. If you default on your HELOC payment, you are defaulting on a mortgage and you lose your house when you default on it. The difference between the first mortgage and the HELOC will really only matter to the banker who takes your home. The HELOC gets paid after the first mortgage is paid, so HELOCs are therefore riskier loans and generally come with higher interest rates. Example: your home cost $100 and you put $20 down. You now have $20 worth of equity in your home. You borrow $20 against that $20 in equity, so you now owe the full $100 again ($80 for the first mortgage, $20 for second/HELOC). If you default on either loan, the bank takes your home and will sell it to cover the loans. The first mortgage gets paid from the sale and anything left over goes to the second/HELOC.

one year

A hardship letter will do nothing to "clear up" debt you may have. All it will do is explain your inability to pay. If you must write a hardship letter, state the situation as simply as possible. Keep in mind that details as to why you cannot pay will be important.

In some cases the loan customers would have some type of insurance that would protect the deceased persons family in case of his unexpected demise. If so the insurance proceeds would be used to pay off the mortgage and the family members would retain the house. If that is not the case then, the bank can ask the survivors of the deceased to pay off the loan. Which if they fail, the bank can take posession of the home, sell it and recover its loan amount.

simple answer is no. The home can be considered as a second home if it is at least 50 miles from the primary residence. Otherwise it has to be treated as a investment.

You can give partial ownership over several deeds over as many years as it takes to transfer the entire value using your annual gift tax exclusion ($15,000 in 2012). So, for instance, a $60,000 house could be given 1/4 at a time.

Yes. You will need to have at least a 620 credit score, and it has to be at least 3 years after the forclosure. Yes. You will need to have at least a 620 credit score, and it has to be at least 3 years after the forclosure.

It means that the parties are agreeing (stipulating) to who's liens are in first, second, third position.

Basically, who is first entitled to satisfy their interests in the property.

The Home Affordable Modification Program (HAMP) was a federal initiative established in 2009 to help homeowners facing financial difficulties avoid foreclosure by modifying their mortgage loans. The program aimed to reduce monthly mortgage payments to 31% of a borrower's gross monthly income through interest rate reductions, term extensions, or principal forbearance. HAMP was designed to provide sustainable loan modifications for eligible borrowers, promoting stability in the housing market during the economic crisis. Although it ended in 2016, its principles continue to influence loan modification practices today.

Yes you do. Anyone can get their loan modified because of a hardship. You have to contact your lender and fill out a hardship package, which usually contains:

Hardship Letter (detailed information about why you are going through rough financial times)

Expense Sheet (list of every expense you have each month cars, gas, heat, electric, food, toiltries, cell phones etc.) they want to know every item.

1 Month of current paystubs

They will review all of this and then contact you in about 4-14 weeks and let you know what kind of modification they will give you. Results vary from lender to lender. But with the current bill that Obama passed they have to modify everyones rate by law now.

But with this said the lenders still don't care and are constantly telling people that they do not fit into guidelines or they are just not a candidate. These are all untrue and you probably just received a rep that doesnt know how to do there job. Also you may just get ignored and fill out paper work and never hear anything because most of the lenders are so backed up.

The best thing to do is contact an attorney or loan modifiation company to assist you in the process because alot of the lenders do ignore or they are just looking out for their interests and not yours. They may get back to you but the banks isn't going to give you the deal that is going to be best for you. They are going to give you the deal that is going to make them loose the least amount of money. This is why having and attorney or loan mod company is in your interest. Because you have someone else to negotioate the terms of your loan. They have experience and know how to speak to the banks to get you a good deal. Not to mention they are the ones that are spending the countless hours on the phone with the lenders while you can relax.

I know this from experience as I have been trying to get a loan mod done for 2 years and my lender was unwilling to help or care or even call back. I have contact department after department and supervisor after supervisor. You usually cant even get a person from the company that can say your name let alone get your modification done.

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Another View by Gail Simmons:

With the banks/servicers being overwhelmed with loan mod applications, the homeowners that are going to the "front of the line" will not only have to demonstrate a true hardship but will also need to be in default at least 30-60 days. And if your loan is already fixed at 6% or below, your file won't be a priority to the bank.

If you decide to submit a loan modification request, you should know that you can do it yourself with the right tools and save yourself a lot of money and time.

Hi well start by understanding that the bank wants top get rid of this property. Reasonable offers are almost always accepted because they dont want to hold onto it. They may challenge you a little bit but dont give in. this just happened to partner of mine. The bank was trying to get too too much for a foreclosure but he just stayed and they give in.

You can get some very good deals investing in foreclosures. If you are new check out the books by Robert Kiyosaki, Robert G Allen and Dolf De Roos. These guys are the best.

Good luck

Yes. The second mortagee can foreclose and take possession of the property subject to the first mortgage.

no, not if its also in someone elses name

(NYS)

You must get written permission from the landlord in order to sublease.

You don't need permission to have a roomate.

change mortgage from tic to jtwrs

Car loan modification is one such option to avoid repossession of your car. So what happens here.... the service provider(loan modifier) studies your loan history and they directly deal with the lender and they modify your car loan .... meaning they help you in Reducing payments and keep your car, boat, SUV or truck.