Foreclosure

Yes, this is a common way to reserve your rights to be paid. You must then obtain a court judgment which orders the payment (as damages for broken contract), and then another court order that allows the sheriff to seize the property and sell it at auction.

If it is a serious amount of money, you should certainly consult with an attorney regarding other steps you might take to be sure you get paid.

Each auction puts out a list of cars they sold and the price they sold for.

I believe this question deals with Mortgage Insurance, not homeowners insurance. After foreclosure the lender will file a claim with the mortgage insurer. The claim is paid and since the mortgage is no longer in force the policy is void and no further claims can be made. Since the policy is no longer in force there are no premiums to be paid. The insurance company will not come after you unless they discover that you obtained the mortgage (thus the insurance also) by fraudulent means. If that is the case they will come after you. Also, any losses that the lender incurred beyond what the insurance paid are still collectible. It will be reported to the credit agencies and they will continue to try to collect from you. Homeowners insurance is one of the peripheral issues that families facing foreclosure must deal with. While it is possible that the county can take the home through a different type of foreclosure for unpaid property taxes, and the mortgage company will be pursuing a lawsuit for the defaulted mortgage contract, there is little the homeowners insurance company will do upon nonpayment. However, this does not mean that property owners have nothing to worry about.

There are two most likely scenarios when homeowners begin missing their mortgage payments, and what happens with the insurance will relate to how the premiums are paid. The issue may be handled differently depending on if the owners pay the insurance on their own or if it is paid monthly through the escrow on the mortgage. Most homeowners, though, escrow their property taxes and insurance through their monthly mortgage payment.

Typically, when payments are missed on an insurance policy, the coverage will continue for a period of months. If something happens to the house, the owners will be covered by their policy, although the amount they have fallen behind will be deducted from total awarded to them for the accident. However, if numerous payments are missed for longer than just a few months, the policy will lapse and the owners will no longer have any coverage.

What may happen at this point is the mortgage company will buy its own homeowners insurance for the house, and they will add the monthly premiums to the amount owed on the loan. If the homeowners want to get back on track with the mortgage, they will have to pay back this extra amount for the forced insurance. Lenders will also not shop around for the best rates, so the monthly cost for the policy may be quite a bit more expensive than the owners were used to.

Of course, this should not be an issue at all if the homeowners pay the insurance through their monthly payment to the lender. The bank will keep paying the taxes and insurance to make sure the policy does not lapse, while adding the amount of these missed payments to the total needed to reinstate the loan. Any insurance payments the lender makes will be included in the payoff and foreclosure judgment.

I'd talk to your agent or policy services, if the child is given use of the vehicle on a regular basis, then I would think they would need to be rated on that vehicle, to ensure there is coverage in the unfortunate event of an accident.

A foreclosure does not disappear from the public records section of a credit report. It is much like a judgment that is not satisfied. It stays on the report forever.

Many other countries have provinces, which are a similar idea to US states. France has departements, which are like US counties. In most other countries the provinces do not have the same degree of autonomy that US states enjoy, let alone the right to levy taxes as most US states do.

India has states. For example, Kerala.

Australia consists of 6 states and several territories.

garnish their bank account or their wages

They won't refinance unless it is off the market. and even if you did get it refied. it would be at a sub prime rate which stinks.. that's been my issue been trying to sell my house and wasted time with lazy realtors had to do a couple refi's and the rates just kept getting worse.

From what im told it is not quite as bad as a full forclosure. It will take about 2 years to recover from. I do not no this for sure but if you find a better answer please let me know I am in the same boat with some properties that I own.

Yes. Foreclosure includes a forced sale, usually at auction, which runs up the legal expenses and other costs in a hurry (survey, appraisal, publication, auctioneer's fees, etc). A surrender is much less complicated.

You need to find out the following first 1) is your loan recourse or non-recourse? 2) look up your state laws on forclosure. Does your state alow lender to sue for deficiency? Well if you are in foreclosure you should let your bank know that you are selling your home for less than you owe on the mortgage and see if they will except "A Short Pay or Short Sale" whereby they will except the lesser amount and forgive the remainder of the debt. However if they do not agree to except, there will be a Deficiency in the amount owed and you will be liable for. Check your Mortgage and or Note depending on what state your in for the "Deficiency Clause" and it will explain in further detail. Hope that helped Andy Brignoni

President First American Mortgage Services, Inc. abrig.com

GMAC or General Motors Acceptance Corporation is a diversified, global financial services company that operates in approximately 40 countries in automotive finance, real estate finance, insurance and commercial finance businesses.

Founded in 1919 as a wholly owned subsidiary of General Motors Corp., GMAC was established to provide GM dealers with the financing necessary to acquire and maintain vehicle inventories and to provide customers a means by which to finance vehicle purchases. The company's products and services have since been expanded and now include three primary lines of business: automotive financing, real estate financing and insurance. On Nov. 30, 2006, GM sold a 51 percent controlling interest in GMAC to a consortium of investors led by Cerberus Capital Management, L.P., a private investment firm, and included Citigroup Inc., Aozora Bank Ltd. and a subsidiary of The PNC Financial Services Group, Inc.

I have found that when this is granted, the other party may file objection to, request to readdress, or appeal the judgement.

Yes, although technically it would not be "refinanced" but rather "financed" because the foreclosure ended the earlier financing.

If you default on your mortgage and go into foreclosure, the bank can seize your house. The consequences are that this is a horrible thing to have on your credit record; it will make it very hard for you to get credit for years to come, and any credit you do get will cost you far more because you'll be offered terrible interest rates. You'll be better off if you can sell your house than if you let the bank take it.

A short sale letter is used in two situations. * You have a buyer for your house but the amount offer isn't enough to cover the mortgage loan, or * You have some money, but not enough to cover the amount owed the lender. This typically happens with a family member loan. If those situations don't apply to you, then you need a "Deed in Lieu of Foreclosure" letter. A "Deed in Lieu" letter is used to essentially give the bank the keys to your house instead (in lieu) of foreclosure. A short sale letter is addressed to the lender. Tell the lender you have an offer on your house but it is not sufficent to pay off the loan. State the reasons for your inability to pay (typically, divorce or medical problems.) Be sure to state facts in support of your request. You may want to submit documentation regarding your specific problem. You definitely will need to give the lender financial statements (they will supply the form.) Provide the lender with the name of your real estate broker and escrow officer so that they can verify the details of the purchase offer. Mail the letter to the loss mitigation department of your lender.

Gross sales is a figure which represents the total income earned through the sales process. Net sales is this total minus all overhead (salaries, marketing, warehousing etc.). Net sales figures are those which show the total profit earned by the organization.

To stop a foreclosure you will required lots of paper work and time to follow the case. Since it dealing with complicated paper work, it is best to reach out to a Foreclosure Attorney for full legal advise.

This depends on state law. Some states allow the lender to sue the homeowners after the foreclosure auction, if the proceeds of the sale are not sufficient enough to pay off the total owed on the loan.

In reality, though, homeowners are rarely sued by the bank after the sheriff sale. The lender does not want to continue spending money and resources to pursue another lawsuit that they will not be able to collect on.

Yes, until the bank is the owner. The fact you're in foreclosure doesn't change the fact utilities need to be paid as well as your staff. It's not only the bank that can put you into foreclosure; even your HOA/condo association can force the sale of your home due to delinquency.

"Foreclosure can be simply explained as follows: Suppose that you, as a loan borrower, failed to make a couple of your payments in time, so you fall behind the payment schedule. In this case, depending on the terms and conditions of your mortgage loan agreement, the lender has the right to start a legal process called "foreclosure" which may result in the termination of your rights to own the mortgaged property."

yes.

In Chicago, IL if your car is repossed by the dealer do you still have to pay back the money for the car?

7 yrs