Foreclosure

A creditor can petition for a stay motion. If it is granted, then you would not be able to proceed.

I thought 145 days was 5 months.... 30 days per month x 5 months = 150 days... so 145 days should be right around 5 months.

Leasing is a form of renting. With leasing, you lock in the rental amount per month for the term of the lease. You get no tax benefits. The tax benefits are applied when you purchase a house.

Generally, the judgment holder will give back a document of some sort that gets recorded in the same office as the judgment was recorded. In NJ the document is called a Warrant of Satisfaction. It acknowledges that the judgment has been paid in full and been satisfied and that the judgment may now be removed as a lien. In other states the name of the document may be different, but the process is generally the same.

Although I'm not clear on the meaning of the acronym "REO," here are some corporate contacts at two different offices in CitiMortgage: Bill Beckmann, Pres. & CEO: 636 261-2464 Workable Solutions Dept. (cute name for Loan Mitigation or "Work-out" Dept): 310 696-5069 310 696-4267 FAX: 310 696-4473

1. The foreclosure will be visible on your credit history. Lenders will take it into consideration that you didn't pay a debt before loaning you additional money. You will either not get the new loan or will pay a much higher interest rate.

2. The timeshare lender will report the foreclosure to the IRS. They will show the amount of money that was still owed at the time of the foreclosure as well as the value of the property at the time it was sold.

Let's say you paid $10,000 for the timeshare, had a remaining balance of $8000 and the timeshare is now wroth $4000. For tax purposes you have a $4000 non-deductible loss (timeshares are personal use property) and a $4000 cancellation of debt income. If you are not insolvent or bankrupt, the $4000 will be added to your income in the year of the foreclosure as "other income." (The loan is considered separately from the property so the $4000 loss doesn't reduce the COD income at all.)

Yes, it will leave mark on your credit history making it harder for you to avail of future loans. In other words, lenders will have a lower trust on you.

A foreclosure in Florida begins when a lender files court action and records a notice of a pending lawsuit (Lis Pendens)against the borrower. The lender notifies the borrower and any other affected parties in person or in some cases by mail or publication. If the borrower does not respond to the court action within a specified amount of time, the county clerk can find the borrower in default and the lender can ask the court to make a final ruling. If the court rules against the borrower, the ruling will include the total amount owed to the lender and the foreclosure sale date. The lender is not required by state law to notify the borrower before initiating the foreclosure process, but individual mortgages or deeds of trust might call for this. The borrower can stop the foreclosure up until the date of the sale by paying the total amount owed to the lender. There are actually companies that will work with you for free to buy your mortgage away from your mortgage company and avoid your foreclosure. I would advise looking into this first.

If you are referring to a mobile home loan default, and there is a deficit balance left after the home is sold, then yes...you can be garnished. Talk to an attorney and see if you can work out the problem, before you give up this home. There is more to this problem than you think! Good Luck.

No, Florida foreclosure law states that the homeowner has the right to redeem the property anytime BEFORE the day of the sale. After the Certificate of Sale has been issued, there is no right of redemption.

"You will be forced to leave the country immediately and ur debts will be traced to wherever u are."

Actually, that's a pretty bad answer. This person is already leaving the country, so stop being hostile and take the time to spell words.

According to the US Census about 70 percent of homes have a mortgage and 30 percent do not.

Not usually, but it is up to the lender. Most lenders will make you take the home off the market for awhile before they will close the loan

Foreclosure and FICO The total impact of a foreclosure on ones credit report is estimated to be between 200-300 points. The foreclosure itself accounts for 125 -175 points and the late payments that led up to the foreclosure account for the remaining point deductions. Ironically, the higher your score was to start with the more points will generally be deducted. After several years (2-3) your credit score will have rebounded substantially as long as other payments are maintained. You can expect anywhere from a 50-100 points penalty remaining on the report at this point.

Yes. As the debt holder you are required to pay for both the first and second mortgage. Both debt instruments are secured by the home, however they are considered independent where the first mortgage was held by a mortgage finance company and the second was held by a bank.

If the first mortgage is paid by means of the sale of the home to another entity via auction or some other means, unless the balance of the second mortgage is covered in the process, this leads to a situation where the first mortgage loan holder walks away happy with the debt paid, leaving you with the balance of the second mortgage to pay yourself.

Usually, a deal can be worked out with the second mortgage creditor where you can pay less on the mortgage balance than the full balance if you make a lump sum payment to close the debt. This is usually in their best interests as the debt is no longer secured by the home. When you do this, be warned, that the discount that they give you will come to hit your around tax time as this discount is considered a taxable credit.

If you find yourself in this situation, make yourself a part of the solution in the eyes of your creditor and get to know your creditor on a first name basis. Do not stop making payments, and if you have... start, and let them know that you are trying to work with them to do the right thing. This will help you keep the debt that is owed out of collections and save the situation from impacting your credit score.

You lose your home and any equity you had invested in it. If the eventual sale of the home does not cover your debt to the Lender, they may come after you for the difference. This could result in a judgment against you. Your credit score is adversely affected by the foreclosure, and possible judgment.

If you're in the US and assuming it's the 1st that foreclosures… The 2nd lien hold is notified of the foreclosure and has the option of bidding on the property at the foreclosure sale (normally they don't). After the property is sold (which can take a while if they have to market it and the market is bad), the 1st lien holder gets paid first. Then if there are excess funds (which is not common), those funds go to the 2nd lien holder to apply toward their balance. The mortgagor is still responsible to the 2nd lien holder for any balance left due to them.

No. The Lender probably doesn't even know you have a safe deposit box.

The short answer is you should have received a notice in the mail about how much time you have. The long answer is if you have not, then I am assuming your home is in default, or is soon to be in default, but a foreclosure action by the bank has not begun yet. Banks do not want to own your home or pay attorneys or go through a sale. Banks would just prefer if someone would pay them. I cannot remember if Kentucky allows the owner to purchase back their home, even after the sale--statutory right of redemption. You should have a notice or will soon be getting a notice as to when you home will be up for sale. Then, when it goes up for sale, and if and when it is purchased by someone else, or no one else, in which case, the bank now owns it, then you would definitely get a notice about how long you have to vacate (leave). My best guess it that you have 10, 15, or 30 days after the actual sale to vacate. Then again, I cannot remember if Kentucky gives a statutory right to repurchase the home within so many days after the sale. If KY does allow this, then you would probably have some additional time because you are being allowed to repurchase your home back. Don't call the bank's attorney because he does not have to talk to you--he/she works for the bank. If you don't have an attorney or know an attorney, then your best source would be to call the bank and ask and/or the sheriff's dept. If the sheriff cannot answer you, then ask them who you should call. There also are legal aid offices for people who cannot afford attorneys in Lexington, KY. Maybe there is one in your town. You should be looking for another place to live in the meantime and/or coming up with some financing.

At least 30 days before starting the foreclosure process, the lender mails a letter to the borrower warning of the impending foreclosure. During this pre-foreclosure period, the borrower can prevent the foreclosure by paying off the amount in default. The lender initiates the foreclosure through the courts and records a lis pendens (notice of pending lawsuit) with the county clerk. The lender can sue for either the default payments or the entire unpaid principal balance on the loan. The borrower is notified of the foreclosure action in person or by publication if necessary. After being notified, the borrower has at least 35 days to respond or the court will make a ruling. If the court rules against the borrower, a sale date will be scheduled. There are actually companies that will work with you for free to buy your mortgage away from your mortgage company and avoid your foreclosure. I would advise looking into this first.

In finance, subprime lending (also referred to as near-prime, non-prime, and second-chance lending) means making loans to people who may have difficulty maintaining the repayment schedule, sometimes reflecting setbacks such as unemployment, divorce, medical emergencies, etc. Historically, subprime borrowers were defined as having a FICO score below 640, although "this has varied over time and circumstances."

Call your lease company and ask them for your payoff (or buyout).

The creditors. Sometimes directly if they are the one causing the action (like a mortgage company foreclosing), and sometimes through a court or committee of creditors, to be disbursed according to some formula and priority of claim. Any excess of the claims and costs is returned to the owner.