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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
Do you have to be notified prior to getting a call saying your in foreclosure?
They are required to make an effort to notify you. Normal people know when they haven't paid their mortgage for three months.
Can an insurance check be withheld if you are delinquent with your mortgage?
probably depends on the state - but I believe they can do that yes - consult an attorney
How do you buy a bank owned house?
Yes, you can definitely buy a bank owned house. In most cases, these homes are listed as foreclosed upon. If the bank lists it for sale, you can certainly attempt to buy it.
Buying a bank owned house can be difficult. These homes are usually a great bargain because the bank wants to recoup its lost loan amount but, because of this, competition is usually high. You need to have your financing in place before you even begin to consider going after a bank owned house, especially since most are put up for auction.
What is a modification on a home mortgage?
A home mortgage modification mean, "a change in already approved home loan either in interest rate or in its duration etc".
Recently Obama administration has modified some 500,000 home mortgage loan.
What are some opinions on Best Interest Rate Mortgage Company?
http://clarkhoward.com/liveweb/shownotes/2009/01/29/15020/
Check out this website it'll give you more answers, but yes it's a scam.
The redemption period is the legal time period you have to redeem something that has been taken from you by operation of some law. For example, if your property is taken by your municipality for nonpayment of property taxes there is a period during which you can redeem the land by paying all your back taxes, interest and costs. In some cases there is a redemption period during which a property taken by foreclosure can be redeemed by paying all sums due including the costs of the foreclosure. Redemption periods may vary by jurisdiction. You need to check in your jurisdiction for the particular type of taking and its redemption period according to the laws in your jurisdiction.
See related link for state by state information regarding foreclosure redemption periods.
Will you be notified when to move after sheriffs sale?
If you cannot pay the creditor and have not made any arrangements with the creditor to remain on the property then you should be prepared to vacate the premises immediately. As soon as the sale takes place there is a new owner and the property is no longer yours. There can be problems with liability and insurance coverage from that moment on and it is not in the buyer's interest that you remain on their property, uninsured.
What did rich's accept in lieu of paper money during the Great Depression?
Farmers produce. Farmers Produce Farmers Produce
Can an automatic stay stop the sale of an already foreclosed homestead property in Florida?
Almost never...once foreclosed and sold. Automatic Stay, like most things in life, really only effects the future. The time to act for the protection it provides is before. Of course its confusing because you say it was homesteaded and one would think the foreclosure was very complex and involved.
no,because that persons name is not on the deed .. unless the second person gives money to the person paying the mortgage
How long after a house goes up for auction do you have before you have to leave?
depending on your state. In Minnesota, you have a 6 month redemption period and if your not out by than or have not reclaimed your property, the mortgage company will have to evict you and that is another process which can take 30 or more days.
Is it lawful to place a HOA lien on a home that is in foreclosure?
The key in your question may be 'successful' instead of 'lawful'.
If an association waits until a home is in foreclosure to collect long, past-due assessments, the association may not be successful in collecting what is owed.
Best practices dictate that the association work with association counsel to collect past-due assessments.
AnswerYes. It is lawful to record an HOA lien on a home that is in foreclosure. In fact, in some states HOA liens are given a special status, much like property tax liens, regardless of their recording order. See related link.
The auction block has been used for slavery it is when they (slave sellers) would take a few slaves at a time and let the men auction on these africans.
Let a friend stay 2 days now won't leave my house?
I have the same problem. My daughter has had a friend who now is her boyfriend. He does not leave. He is friends with my son too. He will be outside my door at 3AM waking people up. He is a minor and I have spoken to his parents and they do not care. He will call 50x if someone does not answer the phone. He demands things from my daughter and will not even make her stay home to eat. There is nothing I can do. He does not appear to be a stalker, but always inserts himself with everyone where my kids may be.
For your problem, go to the police and get a restraining order.
What happens if no one bought your home at the sheriff sale?
the bank usually buys it back and than you have to reclaim it and if you don't, they will start eviction process.
Disrepair: poor condition of a building or structure due to neglect
What are IRS tax implications on repossessed property?
That would depend on many factors. My answer will assume that the property is a personal residence. If it was repossessed, it is logical to assume that the debt you owed on the property exceeded the value of the home on today's market. The only potential tax consequence would be based on the amount of debt forgiven. This amount wold be the amount you owed less the amount the bank nets from the sale of the property. Generally, people who lose property in the manner are insolvent, that is, their total indebtedness exceeds the total fair market value of everything they own. The tax code specifies that if a taxpayer is insolvent both before and after a certain amount of his debt is forgiven, the forgiveness of debt does not create taxable income. If the taxpayer is solvent before and after the event that triggered the foregiveness of debt, the amount of debt forgiven would be ordinary income to the taxpayer in the year of repossession. If the amount of debt forgiveness creates solvency, the amount that is included in taxable income is the lesser of the debt forgiveness or the amount of the solvency. For example. If before the repossession, your debts exceeds your assets by $100,000, and after repossession and related debt foregiveness your assets exceed your debts by $50,000, your taxable income for that year would increase by the lesser of the amount of debt foregiveness or $50,000. Note: this post may or may not consider recent tax legislation and tax court decisions. Please consult a local CPA.
You owe money to a bankrupt company do you still have to pay the debt?
Absolutely.
Their bankruptcy only means they may get relief from paying their debts. It doesn't change your obligations at all. (If anything, it means it's harder for you to avoid them, because now, others - includinf the Court) are interested in making sure they get what you owe).
In fact, all that companys assets, (and your account receivable is one), will be used to pay what they owe...and the court will make sure all of those assets that can be collected are, and are used for that purpose.
These types of Bonds are generally written by insurance Cos and available through insurance agents...contact yours and others to see if they will consider providing one and what their individual requirements are.
Is Mike Wendorf an associate with Stan Schultz?
Mike Wendorf is a predatory perpetrator of mortgage refincing fraud. The only association is having attended a seminar or having sent away for a kit from Schultz to use in a scheme to defraud those facing foreclosure. He claims to have inside communications with mortgage companies and sets up a bogus escrow account that is intended to be used towards the settlement he supposedly is to work out with the mortgage holder. He may make some payments from the escrow account, but then disappears with the rest. Beware of Mike/Michael Wendorf formerly from Rockford IL, now hiding in Wisconsin. Hope he's watching over his shoulder...
