Foreclosure

Check this post, it talks about liens and foreclosure.

http://www.foreclosedpropertiesdata.com/blog/foreclosure-help/how-liens-can-lead-to-foreclosure/

Yes. The best thing would be to either get the house in the divorce, or get everything, including the mortgage, signed over to your soon to be ex.

No only the house is the item that is being foreclosed on unless it is a federal tax lien or certain other foreclosures.

Anti-deficiency laws generally apply to the primary residence.

After foreclosure you yahe 72 hours to get out of the house. If you think that you are going to foreclose soon, start packing ahead of time. The police will be called out to evict you as you are now on private property of (bank/lendor firm)

TIP::::::::: Make small payments toward the Mortgage (enough to shut the bank up, usually 25% of total payment would be good enough) which will prolong the foreclosure as "you are making the effort to pay" By doing this, foreclosure may take up to a year to occur

TIP::::::::: If you are in foreclosure mode try to get as much credit as possible ONLY IN YOUR NAME NOT WITH SPOUSE. Cash this credit as much as you can and keep it as cash. Then separate from spouse (you will not really do this) and after of few moths of creditor calls (declare bankruptcy this way you are broke as hell with CASH and your spouse still has good credit. You were loosing the house anyway so you will not buy a home for a while so it doesn't matter of your credit will be bad for 7 years usually 2-3 years really) as for other major purchases like cars one person can get loans for cars you don't need two........By dong this i was able to walk away form my house (foreclose) with 23,000$ cash, which was a nice bonus for a fresh start... my bad credit lasted almost 3 years as i was approved for a 20,000$ car loan no problem

Good luck....

Yes, he can ask you to do all kinds of things, its up to you to refuse to do so.

Banks and Lending Institutions hold auctions of foreclosed homes. Check for auctions in your area. There are several ways to do this. Check the Legal Advertisements section of local newspapers to find out which properties are in foreclosure or about to be auctioned off after foreclosure. If foreclosure has not gone through, you might be able to buy the property right from the owner. Sometimes an owner gives the lender a deed in lieu of foreclosure so that the lender takes title without foreclosure. You can then buy from the lender itself. Many foreclosures are auctioned off by the local sheriff or similar public official. You can find out about those auctions either through newspapers, the lenders or the offices of the government official that will conduct the auction. There will be rules governing such auctions, so check with that official's office.

There are agencies who can help you to stop foreclosure. I have saved my house from foreclosure and if you have a foreclosure property then those agencies will buy it at a great price. For foreclosure guide you can visit

myprgenie.com you will get stop foreclosure guide by 2brothers real estate

Assuming we are talking about the US the auction process will vary by state. It can also vary based on the type of process (judicial or trust deed). The key is to look for the Notice Of Default that will be filed in the public records. It can be called other things in some states. The concept is the lender puts the borrower and all others who might have a legal interest in the property with formal notice that the lender is taking action against the borrower for back payments or other defaults of the contract. The parties will have X days to get it sorted or the property will be auctions. Some RE investors will go to the courthouse or recorders office every day to get a list of the new NODs filed. Others will get the info from a title company. The auction date will be listed but there are lots of reasons why the date might change. You need to track the info or otherwise stay on top of when the property might be auctioned. Note that other investors will be trying to work a bargain with the present owner so about 1/3 of the properties that are facing a foreclosure never get to auction. The problem is settled in some fashion before an auction can be held.

When you finance or lease a vehicle, your creditor holds important rights on the vehicle until you've made the last loan payment or fully paid off your lease obligation. These rights are established by the signed contract and by state law. If your payments are late or you default on your contract in any way, your creditor may have the right to repossess your car. Talking with Your Creditor

It is easier to try to prevent a vehicle repossession from taking place than to dispute it afterward. Contact your creditor when you realize you'll be late with a payment. Many creditors will work with you if they believe you'll be able to pay soon, even if slightly late. Sometimes you may be able to negotiate a delay in your payment or a revised schedule of payments. If you reach an agreement to modify your original contract, get it in writing to avoid questions later. Still, your creditor may refuse to accept late payments or make other changes in your contract and may demand that you return the car. By voluntarily agreeing to a repossession, you may reduce your creditor's expenses, which you would be responsible for paying. Remember that even if you return the car voluntarily, you're responsible for paying any deficiency on your credit or lease contract, and your creditor still may report the late payments and/or repossession on your credit report. Seizing the Car

In many states, your creditor has legal authority to seize your vehicle as soon as you default on your loan or lease. Because state laws differ, read your contract to find out what constitutes a "default." In most states, failing to make a payment on time or to meet your other contractual responsibilities are considered defaults. In some states, creditors are allowed on your property to seize your car without letting you know in advance. But creditors aren't usually allowed to "breach the peace" in connection with repossession. In some states, removing your car from a closed garage without your permission may constitute a breach of the peace. Creditors who breach the peace in seizing your car may have to pay you if they harm you or your property. A creditor usually can't keep or sell any personal property found inside. State laws also may require your creditor to use reasonable care to prevent others from removing your property from the repossessed car. If you find that your creditor can't account for articles left in your car, talk to an attorney about whether your state offers a right to compensation. Selling the Car

Once your creditor has repossessed your car, they may decide to sell it in either a public or private sale. In some states, your creditor must let you know what will happen to the car. For example, if a creditor chooses to sell the car at public auction, state law may require that the creditor tells you the date of the sale so that you can attend and participate in the bidding. If the vehicle is to be sold privately, you may have a right to know the date it will be sold. In either of these circumstances, you may be entitled to buy back the vehicle by paying the full amount you owe, plus any expenses connected with its repossession (such as storage and preparation for sale). In some states, the law allows you to reinstate your contract by paying the amount you owe, as well as repossession and related expenses (such as attorney fees). If you reclaim your car, you must make your payments on time and meet the terms of your reinstated or renegotiated contract to avoid another repossession. The creditor must sell a repossessed car in a "commercially reasonable manner" - according to standard custom in a particular business or an established market. The sale price might not be the highest possible price - or even what you may consider a good price. But a sale price far below fair market value may indicate that the sale was not commercially reasonable. Paying the Deficiency

A deficiency is any amount you still owe on your contract after your creditor sells the vehicle and applies the amount received to your unpaid obligation. For example, if you owe $2,500 on the car and your creditor sells the car for $1,500, the deficiency is $1,000 plus any other fees you owe under the contract, such as those related to the repossession and early termination of your lease or early payoff of your financing. In most states, a creditor who has followed the proper procedures for repossession and sale is allowed to sue you for a deficiency judgment to collect the remaining amount owed on your credit or lease contract. Depending on your state's law and other factors, if you are sued for a deficiency judgment, you should be notified of the date of the court hearing. This may be your only opportunity to present any legal defense. If your creditor breached the peace when seizing the vehicle or failed to sell the car in a commercially reasonable manner, you may have a legal defense against a deficiency judgment. An attorney will be able to tell you whether you have grounds to contest a deficiency judgment.

To have something forgiven it implies an agreement between the borrower and the lender. If there is money owed even after the property has been sold the borrower can use bankruptcy to clear personal debt. Consult with an attorney to understand the implications of any such action or to have an agreement to forgive the debt reviewed.

There are two reasons, one direct and other indirect, that a deed in lieu of foreclosure are better on homeowners' credit reports than having a full foreclosure. The deed in lieu is only one step better than the foreclosure, so it won't do much to improve the credit score. All it will do is prevent the worst of the damage that foreclosure can cause.

The direct reason that deed in lieu can have a positive effect on homeowner' credit is that it shows the owners did something to save the home before the lawsuit had proceeded to the end and the property was sold at a public auction. The bank accepts the deed in lieu as payment in full of the defaulted mortgage, but they can only do this if the homeowners offer the deed in the first place. So even offering to give the property back to the bank shows that the owners took a proactive step in solving the problem.

This shows other lenders that, although the homeowners fell into a hardship and defaulted on their mortgage, they recognized they could not keep the house and offered to give the collateral back to the bank without a fight or going through a lengthy legal process. Obviously, this is only convenient to the mortgage company, but it indicates to other creditors that the owners are more likely to take responsibility when they fall behind on a loan.

The second reason that the deed in lieu is better for the credit report is that it can end the foreclosure process several months before it would be completed otherwise. When the bank accepts the house back, the mortgage is satisfied in full and the owners no longer have legal title to the house. This means that they are no longer responsible for paying the mortgage.

How this helps the homeowners is that they will end the foreclosure process before experiencing a few more late mortgage payments. The fewer late payments they show on their credit report, the better it will look. Numerous missed payments leading up to a full foreclosure is obviously the worst possible scenario. The deed in lieu ends this trend by giving the house back to the bank before it is auctioned off, and so ends the string of late mortgage payments.

The deed in lieu is not the best option to save a house from foreclosure, and doesn't do a whole lot to improve the homeowners' credit. It's main benefit is that it is a last-ditch effort when no other options are available, and it can help prevent some of the worst damage of the foreclosure appearing on the credit report. If selling or a short sale can be done, they can often present much better results for the long-term financial health of the homeowners than a deed in lieu of foreclosure.

Filing Chapter 13 bankruptcy will stop a foreclosure as soon as the papers are filed with the bankruptcy court. The automatic stay goes into effect immediately upon filing, and will stay in effect as long as the issue is in the legal system. There is no one perfect time for filing Chapter 13 bankruptcy, and the longer homeowners wait to file, the more it will cost them to get out of bankruptcy and the more likely they will be to fail the repayment plan and have the case dismissed.

Most homeowners wait to try several different methods to stop foreclosure before relying on bankruptcy. Refinancing or working with the lender for a mortgage modification or forbearance agreement may be easier and result in less damage to the homeowners' credit histories. In fact, bankruptcy is often recommended and used as a last option to stop a sheriff sale or put the process on hold due to the imminent loss of the house.

However, with the new bankruptcy rules that went into effect in 2005, homeowners should prepare for the possibility of having to file as an emergency, even if they never actually need to file. The new rules now require bankruptcy counseling as a prerequisite for beginning the court process at all, so homeowners will not simply be able to file bankruptcy as a last ditch effort a few hours before their home is auctioned -- they need to file proof of completing the counseling with their bankruptcy petition.

As soon as homeowners become aware of a financial hardship that will cause them to miss a mortgage payment, they should begin preparing for how to avoid foreclosure. This might include working with the lender right away, consulting with a Realtor to list the house for sale, and taking the bankruptcy counseling sessions just in case they run out of time. It is better to be prepared for any possibility, since the foreclosure process can often be unpredictable, with various state and local rule variations, as well as the bank's own ability to move forward with the process quickly.

You are not responsible for the loan. You simply have a right to any equity that might be in the home. The bank will foreclose, sell the house, and if there is any money left, you would be entitled to it.

SInce the first is in a superior position, nothing happens to the first. Any purchaser at the foreclosure sale would then have to pay off the first deed of trust.

Foreclosure sales in SC are subject to taxes, assessments, existing easements/restrictions of record, and any senior encumbrances. Basically, the mortgage being foreclosed on "goes away" and you are provided with a title to the property that is not warrantied to be free and clear.

A condo is a privately owned unit similar to an apartment housed in a larger building comlpex with other condos ( a building of condos). A villa is a privately owned unit that is unattached or semi-attached. Villas are usually country homes or luxury vacation type homes.

Only after the sale of the propery comes up short of what youowed. They can sue for recovery of your debt minus the amount the property sold for and win a judgment that will allow them to look for your assets. And possibly - then drain your bank account, take your car and condos in Florida.

There is a program that can help you and the others. I think the company is Freedom USA Investing and they help people with underwater mortgages. They are able to put equity back in the property. The website is "refinanceunderwatermortgagehelp" {dot} com.

The program is able help 99.9% of the people who are underwater and can put the equity back into their property. Nothing like the government programs. Which they have you jump through a bunch of hoops only to tell you, you dont qualify.

http://refinanceunderwatermortgagehelp.com

Check it out. you got nothing to lose. It might be able to help you and others.

Foreclosures can be removed from your credit report like any other negative item. You must dispute it to the credit bureaus. The credit bureaus will have 30 days to verify the foreclosure or it must be removed from your credit report. With the higher amount of foreclosures lately you have a better chance of it being removed.

UPDATE: Actually, you can force Equifax, Experian and TransUnion to remove a Foreclosure from your credit report and you can do it legally using a federal law that is in place. Credit Bureaus MUST have "verifiable proof" of the "foreclosure account" in their files if they are going to report the negative item on your report. The dirty little secret the credit bureaus don't want you to know is that they do not have any "verifiable proof" in their files for any of the negative items on your credit report. The bank that held your mortgage may have this information on file but the credit bureaus don't. If you request the credit bureau to provide you with the "verifiable proof" that they have in their files they will remove the negative from your file.

It depends on how soon you stopped it. If a foreclosure is stopped after three missed payments, then It may only show up as a 90 day late. This can be recovered from fairly quickly, as long as the rest of your payments were on time. If the home is actually foreclosed on, it will show as a foreclosure on the trade line and in the public record section.

The best way to see how it effects your credit is to get a copy of your report. You can probably get a free copy from one (or all) of the three credit bureaus.

Experian

Equifax

Trans Union

If the deficiency is forgiven by the lender, is it still subject to federal and state tax? The mortgage preforeclosure short sale closing date was in 2005.

The answer to your question depends on which state you live in. Some states allow unpaid homeowners' association (HOA) liens to be foreclosed as deeds of trust. That means that the HOA can file a document at the courthouse, run a notice of sale in the newspaper, and sell your home on the courthouse steps without a legal judgment. Other states require that the HOA have a legal judgment against you in order to foreclose on your home.

In your situation, I highly recommend talking with a property law attorney immediately! An attorney can explain in detail your state's laws as they apply to your specific situation. If you cannot afford an attorney, look for pro bono legal agencies in your county or state. Property law attorneys and pro bono agencies can be found in your local phone book.