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Property Foreclosure Mortgage Knowledge Base
Purchaser of foreclosure property responsible for 2nd mortgage forgiven in bankruptcy? 2nd mortgage relieved in bankruptcy & home is now in foreclosure with 1st mortgage bank. If someone buys the property, will they have to pay the 2nd mortgage or is it gone because it was part of the bankruptcy? BTW, the property is in Michigan.
Can I get a Hard Money loan & then Refinance Mortgage on a foreclosure property? And How do i go about it? I took a brief real estate class and i remember the general discussion of hard money lenders and how they give you a large sum for a short time for things of this nature. I'm thinking about getting my first home but have limited funds and thought of this as an alternative.
I live in the state of Nevada, if my 1st mortgage put my property in foreclosure, what about my 2nd & 3rd mort? what happen on my 2nd and 3rd mortgages? They can harrass me to pay them eventhough the value of property is underwater and not even enough to pay the 1st mortgage?How can I settle this?Does my 2nd and 3rd mortgages can sue me?
A mortgage foreclosure civil action suit has been filed on a property that my deceased father owned.? A mortgage foreclosure civil action suit has been filed on a property that my deceased father owned. my siblings and I are being sued for his mortgage debt. I have to file a written response. Is it a matter of me writing a letter saying that I lay no claim to the property?
Can current mortgage company come after my new property after foreclosure? Are about to close on new house but condo we were renting is now without a renters. Can mortgage company come after the new mortgage if we let the condo go into foreclosure? This is in Illinois.
If you purchase property through a county foreclosure sale. Who is responsible for the mortgage owed ? If property is lost by previous owners due to failure to pay property taxes who if any body is responsible for the previous mortgage owed on property?
I'm being sued due to foreclosure of property and unable to pay remaining mortgage, do I file for bankruptcy? The bank is currently in the process of foreclosing my property. I am not disputing this, as I truely am unable to pay the mortgage or monthly dues. I think that even if they sell the property, I still wont be able to pay the remaining balance. Should I file for bankruptcy? Or do I wait until they sell the property to see how much I owe?
Does a mortgage foreclosure erase an existing foreclosed lien? Our condominium association filed and foreclosed a lien for unpaid dues. Redemption period passed. Several months later (now) mortgagor (bank) is beginning foreclosure process for unpaid mortgage. Property is "under water". If mortgage is foreclosed and redemption period passes, what happens to our existing lien?? Thanks.
My investment property mortgage is going adjustable. If I walk away and let it go into foreclosure can they co If i walk away and let it go into foreclosure and it sells for less than the mortgage can they bank come after other assets like my car, principal residence etc.
If your home is in foreclosure and you have a second mortgage on property, can you lose savings? I do banking where I also have my equity account. On top of this, my home has been sold at auction, and I am worried that the bank will attach my savings as it in same bank. Legally can they do this? I really need to know so I can withdraw all savings out of this bank.
how does a pre-foreclosure property work? If i want to buy it, do I have to pay at least their mortgage? property was bought at 200,000 and has a mortgage of 168000. I want to buy it cash for 100000 but it is in pre foreclosure. how does that work? please elaborate
i want to buy a foreclosure property forclosed on by a 2nd mortgage lender.If I become the highest bider what? is gonna happen to me? Did I buy the property along with the debt owned to the first lender?
Is it fraud if my parents paid off my mortgage & transfered the property to their name to avoid foreclosure? My parents put down the money in my condo years ago when we bought it. They wanted to put it under my name to establish a good credit. I lost my job over a year ago and had a hard time paying my mortgage & other debts. My credit went downhill. My parents found out it was in the foreclosure process, they decided to pay off the balance so I can still have a place to live. But they transfered it under their name.
Extinguishing of lien due to mortgage foreclosure? The following is the wording within my home owners association bylaws. Let me know if I am not comprehending this correctly. Sale or transfer of any property shall not release the assessment lien. However, the sale or transfer of any property following mortgage foreclosure or any proceeding in lieu thereof, shall extinguish the lien of such assessments(s) as to payments which became due prior to such sale or transfer. No sale or transfer pursuant (following) to foreclosure or proceeding in lieu thereof shall relieve such property from liability from any assessments thereafter becoming due of from the lien thereof. If I am understanding this correctly I believe it means that any HOA fee's that became due before foreclosure or after foreclosure but before the sale of the house shall be extinguished, both the lien and the assessments owed. The HOA management company believes that it means that the lien is extinguished but I am still responsible for repaying the money that was due on the lien. Let me know what everyone thinks, should I be responsible to pay the fee's that were due from the previous owner/bank based on the bylaws above. Thanks
how to prepare a deed in lieu of foreclosure letter to give property back to mortgage company or bank? I want to file a deed in lieu fo foreclosure letter myself the attorney I consulted charges 2,000 and I can not afford him. what other alternatives are available to return the property and be clear of all debt related to this property
Can a mortgage company evict a tenant of a property that has gone into foreclosure without a 30 day notice? I have been renting the home I am in for 2 years. I have learned from my property manager that the landlord has filed for BK and there lender is going to foreclose soon. If the lender takes over the property, can the lender demand that we vacate the property or do we have 30 days? Also I have been told that if the lender serves an eviction notice to us, they can attach this information to our credit report. Is this true?
I am going into foreclosure. A private lender has a 2nd mortgage on my property. What will happen to that? Multi unit property has a recorded 2nd mortgage of 22k on it from a private individual. If the property gets foreclosed on, will I still be required to satisfy it? What is the lender accepts a short sale? WIll I be required to pay the 2nd mortgage then?
Can I take a mortgage out on a tax foreclosure property? (Please Read)? I want to buy a home but with my salary I think I will only qualify for about 50,000, give or take. I have about 25k saved right now for a deposit, giving me a budget of 75k max. A friend of mine suggested that I look into investing the 25k in a tax foreclosure property. My concern is that if I do that and the house needs a ton of repairs, I cant afford it. So, I was wondering if, once I purchase a home from a tax foreclosure sale, could I then use the home as collateral for a loan to fix it up. Like maybe instead of a 50k home loan, I'll borrow 35k at the most, hopefully. Is that a possible way of purchasing a home with a mortgage? The ideal would be that the home is already move in ready and needs no repairs but I am being realistic. Nobody is going to let a good home go for pennies if there isnt something wrong with it. Thanks but thats not what I asked.
Does a mortgage entitle the bank to property/assets outside of the property mortgaged? Say that a person lets the property go into foreclosure ... and the bank eventually sells the property at a loss of $10,000.00 can the bank seize the persons other assets like retirement accounts, savinings accounts, and real-estate they live in?
The property I rent is in foreclosure. The landlord has not paid mortgage in 7 months. Do I need to pay rent? Am I obligated to pay rent?
What happens to a real property trust if a property goes into foreclosure? A house is in danger of going into foreclosure and the real property trust does not have the cash flow to continue paying the mortgage on this property. What happens if the property goes into foreclosure?
can my landlord still charge me rent even if their property is in foreclosure? My neighbor said that our landlord has not been paying the mortgage and that the property is in foreclosure. My neighbor is my landlords brother and co-signed for the mortgage and he said he received a letter saying that the mortgage has not been paid and foreclosure is going start. Do I still have to pay them rent? Shouldn't they say something to me about it?
I sold property in Florida, hold 2nd Mortgage for buyer, 1st mortgage filed foreclosure! My credit is ruined? I sold property in Florida and hold the 2nd mortgage for deadbeat buyers that going into this was not told they had bad credit. Now 1st mortgage holder who is a private party (not a bank) has filed foreclosure against buyer. His attorney and the attorney I used in closing the loan told me that it would go on my credit as foreclosure and I have perfect credit. How could this be? I am not the buyer, I am the seller and I never agreed to pay the 1st mortgage The attorney told us before closing they had good credit. That is something we harped about the entire time is to have the credit report and their name and ss #. We never received any of it and was assured their credit was good. I did not want to sell to a dead beat. Now when we filed our taxes we were told we need their ss # and we were suppose to have those too and the lawyer refused us the credit report and their ss #'s. Small town and every lawyer you talk to there is good friends with all the rest. I am going outside the area to hunt a real attorney
If the mortgage company foreclosing fails to have recorded their interest, therefore voiding the foreclosure? WHO IS THIS OWNER OF THE PROPERTY. The mortgage company foreclosing did not record their interest in the property. It was not the original mortgage/note holder, thus voiding the foreclosure. Who now is the owner of the property. The original company is out of business or merged/purchased with another bank.
After foreclosure can the 2nd mortgage holder come after me for the balance in Colorado? I had a property go to foreclosure in Colorado with 1st and 2nd mortgages. The 2nd is now trying to settle and has been calling and mailing me for the past 8 months. Can they collect? Should I settle or should I just pay an attorney to make them go away. They are out almost $80k and I didn't file bankruptcy.
Help determining how much mortgage company paid to buy a loan in pre-foreclosure? Question for your real estate investors out there. I am aware of a property that is in pre-foreclosure. I happen to know that the mortgage on this property has been sold a number of times (I realize that this is very common in the mortgage industry). However, the company that holds the loan now is one of those last stop mortgage companies. They buy mortgages that other companies have written off as bad debt. Is there a way to find out how much this company paid when they bought the loan in question?
What happens to a tax lien if the property goes on foreclosure? Lets say the owner cannot pay the mortgage and house goes on foreclosure and there is a tax lien on the property. The property is worth less than what is owed, no equity. What happens to the tax lien? You mean the person that purchases the home is the one paying for the pending lien?
Am I responsible to pay my mortgage balance if the property is foreclosed? I lost my job last year and could not afford to pay my mortgage. The property was foreclosed on by the bank in July of 2008. Just today I received a letter in the mail from the USDA Rural Development Centralized Servicing Center saying that I am responsible to pay them over $65,000, which was the balance on the property at the time of the foreclosure. Who should I contact to resolve this besides the USDA?
How to find out how much is still owed on a property in foreclosure? Is this at all "public information"? There's a house for sale that we are interested in & it's a foreclosure. The deed holder is the FEDERAL NATIONAL MORTGAGE ASSOCIATION. (Fannie Mae) The realtor does not know how much is left to pay on the property. Would like to know if I have any right to find out myself BEFORE making an offer......thanks!
I want to learn about real estate. foreclosure properties, bank mortgage,related matters.help me pls.? Im dreaming and planning to invest something, with a little capital. I want to learn about real estate,how to deal with the banks, etc. please share your knowledge with me.
Can a bank legally charge more than the foreclosed price on a mortgage foreclosure deed? I am dealing with a bank in Alabama about some property. The mortgage foreclosure deed stated $30,000. The bank has completed the foreclosure and they do not want to disclose a selling price, they want street value with their own appraiser. If the street value is more can they get that legally? I was told that they could not sell for more than the foreclosure price on the foreclosure deed and any fees incurred for the foreclosure. Could someone please advise what some laws are and how to get this property for the foreclosed amount. Thanks very much for your responses.
Bank takes the property in lieu of foreclosure, and I still owe them the mortgage? I gave up on my home because of being underwater with the mortgage. The bank agreed to to take the property in lieu of foreclosure. However, on the agreement, they want me to sign that I still owe them the full mortgage plus interest, penalties, and expenses. The only benefit I get is that they promise not to sue me. How is it possible that I give them the property and get nothing in exchange? It does not make any sense. Am I supposed to give them the property and still owe them the money? Is this how all deed-in-lieu-of foreclosure agreements are done? I did not willingly walk away from the mortgage. I lost my job and could not pay even if I wanted to.
Real Estate Tax Lien - if I buy foreclosure for back taxes..what about 1st mortgage? what happens if there was a first mortgage attached to the property. Does that mortgage simply follow the original owners of property -- or does it stay attached to the actual property -- whereas the bank still has control of the property I end up buying? I found a great tax foreclosure property for $1000 but the last thing I want is to fix it up then find the nak can foreclose on it. Anyone have any links or information that answers this question. thanks in advance
Mortgage foreclosure...I'm renting this place and I think its foreclosed property!? We have been living in this house for 8 months and found it a little funny that they never complained when we were behind on rent. When we "wanted" to leave they begged us to stay! The landlords live in Utah and have this guy collect the rent for them. There has been a "for sale" sign outside the house the entire time. I looked up the landlord on circuit court and it states that there was a mortgage foreclosure in 2006 for over 55,000.00 and back in 1994 for 188,000.00! It says that my land lord is the plantiff for the big one and the other it says that the landlord is the plantiff also and the people who lived here before us are the ones suing them! WHATS GOING ON!!!! How can I find out if this place is foreclosed or not and if they are not supposed to be renting it!
What states can a mortgage company stop a tax foreclosure form happening? I think there are 2 states that CANT force a foreclosure on someone because of owed property taxes if they have a mortgage. I cant find which states these are.....can anyone help?
How can I take out a mortgage on a property to start flipping foreclosures? I have never had a job. I am self-employed with ample cashflow to make mortgage payments, but no bank I have asked will let me take out a mortgage without two years of tax returns. Correct - I don't read / watch the news. I wouldn't be so daft as to speculate. I'm joining forces with someone who has been in the industry for years - one who has successfully (and consistently) flipped houses in today's market. Let's stay on topic.
I am on the deed to a property but not the loan. Can the lender sue me. Property is in foreclosure.? I am going through a divorce and my ex is a deadbeat. He is not paying any mortgages and refused to give me the mortgage information so that I could pay the mortgages. The properties are all going in to foreclosure and I got a notice to appear in court. I am not financially responsible because I am not on the note so why do I have to go to court?
Where can I find national mortgage and foreclosure data? I am looking for information on total mortgages held vs total current foreclosures...what percentage of current foreclosures are investment properties......Etc....Can anyone tell where I can find this information??? Thanks.
Can the bank foreclose on a property if the mortgage is current? It doesn't sound right to me, but a relative of mine fell three months behind on her mortgage, the bank threatened foreclosure and she was able to bring it current yet the bank still says they are moving ahead with the foreclosure. Can they do that?
Mortgage Foreclosure: Notice to Vacate? I got a letter saying that my home was sold at a foreclosure sale in accordance with MCL 600.3201 et. seq. under a power of sale contained in mortgage securing said Property, and title under the sale has been duly perfected. The new owner seeks to recover possession of the Property in good faith to market and sell the Property. Within seven (7) days after service of this notice, you are herby required to vacate and deliver possession of the Property now held and occupied by you to the undersigned unless you are a tenant or subtenant who rented the Property before the foreclosure sale. It wasn't served... It just came in the mail... I'm just wondering why didn't I go to court? Can I file an injunction?
I am going into foreclosure in my property in waukegan illinois, can they take my home in wisconsin? What is my recourse to save the property in Wisconsin, that is in my name. If I cant quit claim it can I sell it to my sister, if I go into foreclosure with my home in Illinois.? I can still pay the mortgage a few more months until sale goes thru.
How does probate work w/ a property beginning foreclosure? A property was left to a daughter 2 yrs. ago (fathers death) it never went through probate. The mortgage is delinquent - bank letters are arriving - daughter doesn't want to deal with it and is letting it go. I have some access to her but not directly. She is being difficult due to input from outsiders. I am having an O&E run on it, what steps or questions should I be asking to aquire this "possiblity". There's a 1st and 2nd on the property, I know the bank names for the mortgages and the owners name. The property is quite the mess (gotta love it) and could have some great potential. Anyone with input that has delt with probate would be greatly appreciated. ~Thanx~
How can I find out how much remains on the mortgage of a forclosed property? I'm looking at a property that I know to be a foreclosure and I'd like to find out how much is still owed on the mortgage. Location is southeastern PA
LANDLORD NOT PAYING MORTGAGE ON PROPERTY WANT OPTION TO BUY IT IT IS IN FORECLOSURE STATUS!!!? I would like to have the option to purchase the home i live in it is in foreclosure status right now...my landlords are pretending like it's not or think i'm to stupid to know that it is in other words they want to keep collecting rent( as of this month i am not paying them i am holding it in escrow) so of course they are not helping so I'm in this alone what are the steps i need to take to find out how much is left on the mortgage is their any liens...things like that
How quickly do attorney fees accrue on a property that has gone into foreclosure? I am working on a property that is in foreclosure in WA state. It is 2 months into the process, $11,500 in back payments and taxes and a few thousand in attorney fees for the mortgage holder's attorneys. Is there a ballpark estimate of how much attorney fees will be once the 135 days is up and it goes to sale, and is there any formula for calculating the rate of their charges?
Investment property foreclosure and financed car? If i foreclose on my second mortgage on an investment property can the bank come after my financed car and wages if the auction does not produce enough money to satisfy both creditors?
Deed-in-lieu of foreclosure with a primary mortgage and a HELOC? Is it possible to do a deed-in-lieu of foreclosure on a property that also has a HELOC? Both my primary mortgage and my HELOC are with Chase; I am not behind but I'm considering a deed-in-lieu. Will that cover both the primary mortgage and the HELOC? Please help!
the name of the mortgage company for the property at 307 n. lockwood ave. chicago, il. 60644? The property went into foreclosure and the mortgage company has it again. I would like to know the mortgage company. Can you help me please?
if i purchase a tax foreclosure property in a county auction what happens ifit still has a mortage? tax deliquent propertys are suppose to be free and clear... what happen if i purchase a house in a county auction thats owes 10 thousand in taxes but it still has a mortgage left on it ? wouldn't the original lender (bank) of the house intervened first before the county?
Questions about carrying costs for a bank-owned foreclosure property? I can’t find any internet sources on this so hopefully someone here can help. I am more than willing to do the calculations myself if someone has a formula for this. If a bank foreclosed on a mortgage that was somewhere between $150-160,000, what would it cost that bank per month in carrying costs? If you can’t give me a number, can you at least define "carrying costs?" I understand that it’s the cost of owning the home until it sells, but what items/expenses make up the actual cost? Is it just the foregone mortgage payments? Thanks so much in advance!
Does having your name on the deed to the property, not the mortgage entail any responsibility in a foreclosure? Been divorce for almost 5 yrs, my ex refinanced in his name only but I neglected to take my name off of the deed to the property until last year. He is now being foreclosed, do I have any legal responsibility? Nothing apperas on my credit report and as I said my name has been off of the actaul loan since before the divorce was even final so well before any of these proceedings began. I am asking b/c I am receiving notification from the court and the attorney for the bank about the foreclosure and yes he did refinance w/ aloan in his name only. I guess it just takes time for the city records to catch up. i filed the quit claim last September or October and still get the notices.
How often does a property go into foreclosure then auction just on property taxes? I'd like to know about properties that have been fully paid for and owned by the owner free and clear, so no mortgages. And then become delinquent only because the owner is not paying their property taxes. 1. How prevalent is this compared to all other types of properties that are foreclosed and auctioned? 2. What types of reasons does this occur that the owner is not or cannot pay their property taxes when they already were able to pay off their mortgage? 3. Does the delinquent homeowner's debt mostly include the property taxes?
Should I let my rental property go into foreclosure? I purchased my house a few years ago as a fixer-upper and it is in my name solely. I then met my husband a year later and I moved into his larger/nicer home. My husband who is skilled as an auto-industry machinist was laid off 5 months ago and is still unemployed and looking for work. I currently rent my home out (but I still have to shell out $300 a month to cover the mortgage). I was notified that my renter will be vacating my rental property once his lease runs. I know I will not be able to find a renter willing to pay the same rental amount and I cannot afford to lower the rental rate because I cannot not afford to make up the difference. I currently pay the mortgage and 2nd mortgage on the home we’re currently living in (and credit card and medical bills) and my husband’s unemployment covers our utilities and other necessities. Since I purchased my home the comps in my area have decreased drastically and similar homes are selling for $25,000 LESS than what I owe on my rental property mortgage. So I’m very upside down on my loan. In addition, there are 10 foreclosed properties in my neighborhood that are selling for between $50,000-$60,000 less than what I owe on my mortgage. I know I will be unable to sell the home for the price I owe on the mortgage. In actuality I would only be able to sell it for half of what I owe on the mortgage, even if I did find a buyer as it is still a fixer upper and needs a lot of work. I don’t want to file bankruptcy so I am considering letting the rental property go into foreclosure. How long does a foreclosure stay on your credit report and how long does it usually take for the bank to actually take possession of the home once the loan is defaulted on? Any info would be appreciated. Thanks.
How do you get out of a mortgage by doing a short sale without being in foreclosure ? Because of decreasing property values and lots of homes in foreclosure in my area, we would like to get out of our current mortgage. We have no late payments and are not in danger of defaulting on our current loan, but it is interest only and houses are on the market (exactly like ours) for half of what we currently owe. Does anyone know how to do or have you done it ?
How can I find out which mortgage company has the lien on a property? There is a house/property that we are interested in buying, it's in foreclosure. We'd like to find out who has the mortgage, but don't know where to start. We already know it's not a local bank, we know the address and the name of the previous owners and tenants, but cannot contact the previous owner. Any ideas? Indiana, Greene County
Can I quit claim property back to lender who refuses to finish the foreclosure procedure? without going into the sordid details how i acquired a over priced slum house, I want to know if there is any problems quit claming the property back to the lender. The lender started foreclosure procedure and promptly stopped. Actually they got the judge to rescind the decree. I called the attorneys representing the lender why and they couldnt answer. I told them I would be happy to deed the property back to the lender but they told me they talked to the lender and they do not want to go forward and finish the foreclosure. It's been almost 2 years since i paid any mortgage payments! The attorney believes the lender doesnt want this crap property on their hands with the maintenance and the headaches that comes with it. I dont want it. the city keeps sending me hate mail to mow the lawn and clean it up from the crackheads. I have done this already and don't want to do this forever. No one wants the property I can even give it away. So can I quit claim it back to the lender.
What are my chances of a lawsuit if I default on my primary mortgage (foreclosure)? The small condo we live in can longer support my growing family, and I would need to dump half of my savings to sell it (upside down to tune of $40K with realtor/transfer costs) assuming I can even sell it. In this economy, I cant justify it so I am investigating this alternative. Here are some of the specifics: - the property and mortgage note are both in my wife’s (maiden) name - she purchased it before we were married - located in Michigan. - loan documents appear to be non-recourse (there is a power of sale clause – need attorney review of documents). - Judicial foreclosure vs. foreclosure by advertisement – what is more likely? To but things in perspective the loan balance is $114K. - Deed in lieu and/or short sale are unlikely since I have funds to pay, but would substantially drain my funds and when my job is not very secure. - My wife pays private mortgage insurance every month since loan inception – does this cover the lender for default? If so, would that reduce the probability of being sued? - As stated, property/note are both in my wife’s name. Can they sue me as well? Even if they just sue my wife, how can you differentiate between what is hers/mine (she doesnt have any separate accounts). I have done alot of research, and I realize no one can give me a definite answer. I understand the hit to credit, etc, etc. I am working off of probability right now. Thanks in advance for any help!
does a mortgage merge into a fee when the lender acquires a property? I don't mean in a foreclosure, but if a borrower were to sell the property that has the lender's mortgage on it to the lender would the mortgage disappear automatically or does a deed of reconveyance technically still have to be filed?
Can you take out a mortgage on a foreclosure / sheriff sale? Me and my fiance are looking at homes, and there are some affordable foreclosures / sheriff sales available in my area, and I was wondering if they offer mortgage loans for these type of properties?
Mortgage company illegally took my property! How can I reverse it? They sent documents that I "never" signed, mortgage company took payments while in foreclosure and the mortgage company would not communicate at all with me at all. Right now, we are homeless due to this happening to us. Please anyone with any help it would be greatly appreciated. Thank you, May you be blessed!
Questions about foreclosure-I live free on someone else's property? A few years ago, a friend allowed me to move into a trailer on her property, make small payments to own the trailer (done), and I've lived on her property without paying lot rent since. They've had hard times, missed some mortgage payments, and now are hearing noises about foreclosure. I'm not sure what steps they are taking or are able to take; they're in bankruptcy also (trustee keeps taking such large sums out of their only paycheck that they don't have enough left to pay mortgage & living expenses). If they are foreclosed on, will my trailer become part of it? Will they lose their computer or other saleable items in their household? How long will they (& I) have after a formal notice to find a new place to live? I would not pay to move the trailer; it's very old and run down. If I gave them back the trailer, could they get it taken away? If the trailer is on their property when the foreclosure goes through, will I lose the trailer? Do I have any other rights? I'm not interested in purchasing their land. The trailer is already in my name.
If a person has two mortgages, for different properties,and one forecloses,will it affect the other mortgage? A friend of mine is in a situation where she has two mortgages on two different properties, one is her primary residence, and the other is an investment property. She is about to lose the investment property to foreclosure. She is scared that this might affect her mortgage/ownership of her primary property. Can it be legally taken away from her if she defaults on one of her mortgages? I don't think this could happen, but then again, I've never heard of anybody in this situation before.
How do I get a mortgage if I want to buy a foreclosure? I would like to buy a foreclosed property from auction. I would need a mortgage to pay for the property. If I go through the bank how do I do this? I also do not have the 10% down that the county requires on auction day.
Can I deed my property to my mortgage company? I am behind in my mortgage payments and will not be able to catch up. they have sent me a letter saying if they don't get the past due amount in full they will start the foreclosure process. I'm having a lot of maintenance problems and honestly don't want to try to keep my home.
If you have property and file bankruptcy, does it show on your credit foreclosure and bankruptcy? Doe it show foreclosure and bankruptcy or just a discharge of your mortgage debt??? If so then what's the use of filing bankruptcy. why not just walk a way from you properties.
Foreclosure on a rental property with tenants? I have a rental property and the rent is not enough to cover the mortgage. Can the renters stay while its on a short sale?
If I am on the deed, but not the mortgage agreement, am I liable for the foreclosure? The whiole story: We were seperated 2 years ago. I signed a quit claim deed and gave him the property shortly after. He re-financed the house without me on the loan, I no longer lived there and we are now divorced. They ran the title BEFORE the quit claim deed was filed since my ex sat on it for some time. Earlier this year I received paperwork re: the foreclosure of his house. I was named as one of the defendants. In that summons was a copy of the new mortgage agreement with him as the sole borrower. I filed a response with copies of the quit claim deed and proof I was NOT a signer on the current mortgage. I WAS on the title but am not any longer and again, I was not involved in the re-financing of the house. A judgement has been made and I am still (according to the court) responsible along with his current renter. How is that possible and am I truly responsible?
I have income property that's going into foreclosure because my tennant will not pay her rent.? MY property has been rented out by a reality company-the tennant has not paid her rent in two months, I can not afford to pay my current mortgage in the property that I live in and the mortgage on the rental property is there any recourse besides foreclosure ?
I'm upside down on my property and in foreclosure. How do I keep my property but lower my payments? Need help with current mortgage crisis!
What are the advantages and disadvantages of buying a property that is in / under foreclosure? Is it worth chasing up? Basically i want to purchase a second property in Florida and rent it as a holiday let to assist with the mortgage. What should i be looking for? and where should i be looking?
I was thinking of buying a foreclosure or sheriff sale property. Does anyone have any advice? I am currently in the state of Pennsylvania and am looking for an investment property either here or in New Jersey. I understand that I would have to put work into most of these properties but I wanted to know if I bid on a property at a sheriff's sale do I have to have all of the money at the time of the sale or can I pay a percentage down and pay a mortgage on the rest? Any advice or tips would be greatly appreciated!
After a foreclosure, Can the 2nd mortgage go after my personal assets or business? the property is in CA. The original loan was 80/20 100% financing purchase money loan. The creditor is calling that I need to pay them, but I dont have the property anymore. Please help.
If I sue the Mortgage co for fraud & file lis pendons Pendency will this keep the Me from foreclosure? I am tight financial straights and having a hard time making my mortgage payments. I have been told by a real estate friend that she believes my Mortgage company committed a fraud. If I file a suit for fraud , get a court date,and file a notice of pendency( Lis pendons) with the title company. Will this stall foreclosure, do I have to make the mortgage payments? The property is in riverside county, CA. Thanks
I want to find out which bank owns a property that is in foreclosure.? The property is not livable so the Realtor's mortgage broker cannot get me a loan, and thus he realtor will not give me any information. I want to deal with the bank directly.
In Texas, if I buy mineral rights from a homeowner who has an existing mortgage then he defaults do I lose? In Texas, if I buy mineral rights from a homeowner who has an existing mortgage then he defaults on his mortgage and loses his property in foreclosure, do I also lose my mineral rights? Can I redeem my mineral rights? What are my options in this kind of situation?
Rental Property Foreclosure, Short Sale or Loan Freeze? The mortgage payment on our rental property will go up this October and we are now thinking about forclosure, short sale or loan freeze. We've been paying on time, but cannot afford after the increase. The loan company is agreeing about Loan Freeze but we don't even have money to pay property taxes any more if we keep the house. We also heard that we must pay taxes if we chose foreclosure or short sale. What is the best option for us to take?? FYI, We have credit card debts also (all house related...!). And....we have a few more rental properties that are currently okay but eventually face the same problem. We are totally lost....please help.
Can the 2nd mortgage company sue me for deficiency upon foreclosure? I am in the process of foreclosing my house along with 2 rental homes in AZ. I understand that the anti deficiency law protects my assets. However, can and will the 2nd mortgage company sue me or put a lien on my other property/asset for the deficiency? Is there anyway to protect myself?
is it best to do a deed in leiu of foreclosure with the lenders on a preforeclosure mortgage ? I have a commercial property that is now in default and faceing foreclosure. I made a payment arrangement with the lenders, made the initial downpayment of $9,000, but can't seem to come up with the monthly prepayment arrangement of $4,000 for six months. is it a good Idea to offer the property to the lender with a deed in leiu of foreclosure ?? and will this be better on my credit rateing ?? overwhelmed with stress.
Is it best to file a chapter13 for foreclosure or do a short sale on the property? The owners are 3 mos on first mortgage and 4 on second and time is running out. The property is in AZ.
Foreclosure I have 1 one that has been foreclosed, i had been collecting rent from this property for 1 year ? I did not pay the mortgage on this property, and part of the rent money came from section 8 social services ,I do have another house worth 250,000 which I live in and I am current on this. What will happen to my house that is in good standings will I be responsible for the house that was foreclosed that house had a loan of 250,000.
What is the procedure for buying a foreclosure property? Are there any restrictions or formalities? Is it an easy thing to do or do i have to be a registered realtor or something. Is it possible to get a mortgage on a foreclosure property?
2nd mortgage and foreclosure? IF MY 1ST MORTGAGE IS IN FORECLOSURE AND ON MY CREDIT REPORT MY 2ND MORTGAGE STATES IT IS CHARGED OFF ON MY CREDIT REPORT. WHAT HAPPENS AND WHAT IF I REDEEM MY PROPERTY?
Will a foreclosure show on my credit if I am not listed on mortgage? A former real estate partner and I are on the deed, the mortgage is in his name only. I received notice the lender is foreclosing the property. Will it affect my credit?
What happens after a foreclosure if money is still owed to a 2ND mortgage? How do they get paid if property sold for less than what is owed?
Going through foreclosure here in California. Have a first mortgage and equity line second.? What are my tax implications going through this foreclosure? Also am I going to have to pay back the bank for the loss they will incur when they sell the property?
should i consider foreclosure on a rental property? This is my situation. My wife and I were kinda forced into buying a home in Arizona. We had planned on moving out there, but things changed and the builder would not let us back out. We explained this to the broker, but they still qualified us and the builder got his money. Fortunately, we were able to get renter into the home, us still having to foot about $800 bucks out of pocket to complete the monthly mortgage. We were able to buy a house in Ca this year. I had to use my 401k from my last employer, and now we have to ante up the penalties and taxes due on that. So, now we are looking at complimenting the rental property's mortgage ($1000 a month, because the lease is up in July and the renter's want to pay $200 bucks less), $500 bucks to the IRS (payment plan for the penalties on the 401k), $100 bucks to the State (payment plan for taxes owed also), our Mortgage of $3,500.00 on our current home. my question is, should i dump my rental property and lose it to foreclosure?
What is the difference between Tax-Delinquency and Mortgage-Delinquency Sales? What is the difference between Tax-Delinquency " Constable" Sales and and Mortgage-Delinquency "Trustee" sales? Related to foreclosure property. T
Are there any type of loans that you may get to stop foreclosure on your property? Last year my house was on foreclosure list but i talked to the mortgage company and they put me on a six month forebearance agreement and told me I had 6 months to pay them there $3,000.00 so is there any loan i may get and my house is worth $80,000.00 even through I still have this foreclosure on my credit
We had a foreclosure about 4 years ago. How long before we can attempt to get another mortgage? We have a property now that we own free and clear and would invest all the money from the sale of that place into a new place. It would be about $70,000-80,000. We can afford up to $1000/month mortgage payment.
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