Upcoming Foreclosures

Can someone explain the mortgage foreclosure process? Florida. Also, can a mortgagee put a lien on other assets if not used as security in that mortgage?

How long is the foreclosure process if I have already modified my mortgage once? I modified my mortgage a few months ago and still struggling. I owe $315 and it's worth about $200. So, after thinking about it I am considering just letting it go into foreclosure. Since I have already been thru this process with them and re-negotiated my mortgage, is the foreclosure process quicker? Will they start the forclosure process after I have missed only one payment? How long do I have to try and save money and find somewhere to live? Has anyone been thru this?

Does Bank of America in Makati is hiring data encoders, I have a experienced in foreclosure process/mortgage? or similar position in data entry, if there is, what are the qualifications for the position?

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.

Who is responsible for the mortgage payments during the foreclosure transfer process? It usually takes approximately 90-100 days to effectuate an uncontested foreclosure. During that time, who is responsible for the payments, if anyone?

How far behind in mortgage payments before a bank starts the foreclosure process? ? Is there a set time it takes before you are actually out of your home?

If foreclosure is a process at which step in the process is the mortgage company able to report a foreclosure? At what point is a mortgage company, legally justified in reporting a foreclosure?

My home is in process for a foreclosure, at the moment I haven't payed my mortgage for a while.? If I go back to making payments on my mortgage would this stop the process for foreclosure which my home is not in foreclosure yet.

Will the garnish my paycheck or take my tax returns in Oklahoma for an FHA mortgage foreclosure debt? My FHA mortgage is in the process of foreclosure. Can they garnish my paycheck or take my state or federal tax return for the foreclosure debt? Does the mortgage insurance I paid help at all, since it was an FHA loan. Please help!!

In foreclosure process, second assumed by lender's mortgage insurance. Now what? We are currently in the foreclosure process. We have a second mortgage with USAA that was just assumed by their insurance company. What will happen with that, will they hand it over to a collection agency? It was for $121,000. I've been told that it's easier to negotiate with the collection agency to lower the payoff amount.

How many mortgage payments are people usually behind before the bank starts the foreclosure process? In Texas if that helps

How many mortgage payments can you be late on a va loan before the foreclosure process begins? I am just now getting the $$$ together for my 10/01/2009 payment....

I won't be able to pay my mortgage this month. What is the foreclosure process? I can't pay my mortgage this month. I don't see how I could possibly catch back up either. I am behind on everything. I want to know how much time I have in my house before it forecloses. I can't see any other outcome, the way things are going.

How long does it take to stop the foreclosure process in Texas,once a deal has been reached w/the mortgage co? We received notice back in February that our landlord was going into foreclosure on the house that we rent. It was posted for auction on the county website, etc...When we were finally able to get a hold of the landlord, she said that it was being taken care of and they had the money to pay it. She said they made a deal with Citimortgage to do 2 payments and that it just had to get final approval. After weeks of waiting, we get the call that the house wasn't being foreclosed on...it was approved. GREAT!....However, the next month we started getting letters again. Checked public records and the house was listed again for auction the following month. Landlord said it was just part of the process; the Mortgage company had to refile it?? This has happened every month and she just keeps saying that Citimortgage is so swamped, that they haven't been able to talk to anyone. I searched public records today and found Citi assigned a substitute trustee and the house is on the auction list for July 7th. I'm just wondering if she is being truthfull about this process or if she's full of s%*#.. Sorry this is so long, but any help with this would be greatly appreciated!

I am in pre-foreclosure process and need advice!!!Refinance, Buy, sell, mortgage, real estate expert needed!? Me and my boyfriend recently moved in together, but this forclosure crisis has caught up. We were wondering whether we should sell, refinance or file for bankruptcy? I AM IN PRE-FORECLOSURE PROCESS AND NEED ADVICE!!!-REFINANCE, BUY, SELL, MORTGAGE.

I'm being transferred to a new lender for my mortgage. Will this prolong the foreclosure process? It would be? nice if I could stick around for another year. Its already been 18 months. Trying to get a load modification but they are transferring me. What now?

after foreclosure, can your mortgage company make you pay what they lose in a foreclosure sale? I have a first and second mortgage (to avoid PMI) and I am wondering if, after foreclosure, if we are going to be liable finacially for the banks loss, or the difference between our loan balance and what they get in the foreclosure sale? I know that our credit score will be affected, but I am wondering if that is the only repercussion? I also know the laws are different in states I am in Nevada anyone that knows the nevada foreclosure law specifically would be great. I am also wondering once we move out, assuming we do so before notice to evict what role will we, as the homeowners, need to play in the foreclosure process? I have heard that you must fill out a 1099 form for taxes? saying the difference between the amount owed and what the bank gets is roughly 30,000 what would that mean we pay at tax time?

If a person can't pay their mortgage, how long does the process take from start to finish on foreclosure? How long would a person have before they are actually thrown out of their house? How many payments would you have to miss? Can you buy yourself some time if you paid every other month? Or would paying every other month keep you in your house, but just ruin your credit?

In foreclosure process are the homeowners responsible for paying mortgage company money after foreclos procedu Does mortgage company sell home outright or is it always auctioned off?

How does a home foreclosure process work? If someone with an A paper loan goes into foreclosure because their home is worth less than half the value of the mortgage therefore bank does not approve short sale, and they lost their job, how does the process work? This would be for CA. And how long does it stay on the credit report and would existing credit card rates go up?

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.

How long does the foreclosure process typically take? My pool service man has come upon hard times. He told me that he hasn't paid his mortgage payment in about 8 months. He's been through 2 revisions to his original mortgage agreement but still can no longer afford to pay the bills. He went bankrupt 2 years ago and reaffirmed on the mortgage. The house is in Florida. Chase mortgage is in a holding pattern on foreclosures presently but temporarily. Once the mortgage company decides to foreclose how long can he expect to remain in the house?

how long after you stop paying mortgage do they put your house in foreclosure? how long does the foreclosure process normally takes?

Is it illegal for a landlord to collect rent money during a foreclosure process? I live in Florida and am currently a tenant in an apartment complex. I've been renting there for 3 years. In January 2010, I was served with foreclosure papers which stated that the property is in foreclosure and that my landlord had 20 days to respond. He hasn't paid the mortgage since June of 2009. Now, he is asking for this month's rent. Is this illegal? Do I have to pay him rent while the property is being foreclosed on? Why should I pay him if HE isn't paying?

How many months for average foreclosure process, from 1st missed payment? After you make your last mortgage payment how long until they take the property?

During the foreclosure process, can a bank come after you for anything or is the house the only collateral? Against all advice my friend is foreclosing. Can the bank sue or take legal action against you for anything for other belongings (cars, boats, garnished wages, etc). The house is not worth as much as he owes on the mortgage anymore.

In the foreclosure process, how long does a person have between possession and the actual sale of the house? I am currently staying at/cleaning out a foreclosed home that was owned by my mother.I got court papers for possession of my mom's house to take place and wanted to know the average time it takes between the mortgage company taking possession to the sale of the house? If I go to court, can I ask the judge for more time before the sale of the house happens or is it out of my hands?

Why has my foreclosure process gone for over 2 years? The first two times I went to court I was sent home by the judge because the bank failed to sent in the mortgage information, or any other papers, on my court date. Then when I got a third court date it was canceled by the bank who instead decided to do a "mediation" with me but nothing came of it. That was a year ago and I have not heard from anyone since then. WHAT'S GOING ON?

How can I tell if the house that I'm in is in preforeclosure ? or going through the foreclosure process? I'm renting a house right now and I know that the owner is not paying his mortgage. What can I do / or which website can I go to in order to find out that the house that I'm in is in preforeclosure?

Can Someone Explain The Foreclosure Process? OK let me use a "scenario" to see if I follow the answer. Let's say I bought a house for $150,000 and owned it for about 5 years. Then loose my job and still owe $100,000 on the mortgage when it goes into foreclosure. The bank sells the house for $125,000 (assume all fees included) Would I get the $25,000 equity or would the bank keep it?

mortgage and foreclosure question for the experts? Hello, i have a serious question. Times have been very hard and i have not paid my mortgage in about 5-6 months now. I'm pretty sure they will foreclose the house some time in the near future. But i have a daughter who is still in high school and needs to remain in her school until she graduates. People have told me that the banks will reduce the mortgage payments if i contact them. I have not been answering the mortgage phone calls because I just have a lot of stressful things going on in my life. MY QUESTION IS... is it too late if i contact them after they put it in foreclosure process ? Or is the only way to reduce my mortgage is to call them before foreclosure happens. I am asking this because I want to wait as long as possible because I am still struggling. Thank you

Will a foreclosure hurt my Air Force background security check? I've been hired into the US Air Force Reserves. I'm default on my home mortgage payment, but the foreclosure process has not started. Will a foreclosure on my record hurt my chances of getting into the US Air Force Reserve? I am hired as a pilot; therefore, will be going into the USAFR as an officer.

At what point in the foreclosure process is "cash for keys" offered? We are in foreclosure on our home, and our auction date is set for the first of November. At what point is this offered? Can you receive it months in advance if you agree to keep the property maintained until you leave, or is it ONLY right before they want you out of the residence? Also, our mortgage company was Wells Fargo, anyone had experience with CFK with them, and if so, how much did you receive? Actually, no...that is not the answer to my question...

Do Banks Keep Equity In Foreclosure Process? This might be "far fetched" since a seller with any equity would be better selling short. But assume someone has a significant amount of equity in their home and just can't sell it to anyone. They can't make the payments anymore and so the bank does what they do. If they are lucky enough to make a profit after all legal and other fees are covered, does the mortgage holder get the difference?

why isn't oregon on the list of 23 states gmac mortgage suspended foreclosures? just curious. we are in foreclosure process, and if oregon could be part of it, it would help tremendously. But despite not having to go through a judge, it still shows the trustees didn't stamp the foreclosure papers in good faith, so 100% of the states should be affected for that reason alone I believe.

The foreclosure process, what do I need to do? After several rate adjustments and no help from our mortgage company we have prepared ourselves mentally to let our home go. I'm still young(24), I'm aware my credit would be shot. I can't refinance since the loan(145k) is over the value (136k), so this isn't an option I have. My question is, in Oregon can the mortgage company sue me for whats left over of the loan after the sale? Or will this debt be forgiven. Thanks!

Foreclosure question: Can mortgage company put a lien on our checking account? My husband and I will be facing foreclosure on our home next month. We are up to date on all of our other bills we just can't afford our mortgage payment after we both lost our jobs. My friend has a lot of CC debt. She just had a CC company freeze her checking account and put a lien against it. After hearing this I am afraid the mortgage company will do the same after they sell our home at the auction. (Because of the housing market our home is not worth what the mortgage is for). Can our mortgage company take us to court and put a lien on our checking? Another note my husband has been stationed in Korea so we will both be overseas when the foreclosure process starts.

Is it true that you can pay partial mortgage payments while ur house is up for sale to prevent foreclosure? I had someone tell me that I should be able to make partial mortgage payments and send my mortgage company a "hardship" letter to keep them from foreclosing on my house while I have it on the market trying to sell. Does anyone know much about this process? BTW, my mortgage company is the horrendous EMC Mortgage Co. - it doesn't get much worse than them.

how many payments can be missed before the bank begins foreclosure process? also if a person had one 30 day late payment would it be impossible to get a mortgage again in the future eventhough the person has a good career and good income in another state where the houses are much cheaper? What about a car loan? what i am asking is will it be difficult to get a car loan if a mortgage loan was late once and the person has great income and great career..

What is the foreclosure document review process and exactly what documents should they review? If you can answer these questions and work for a mortgage company, bank or loan office I would love to ask you more questions by email if you have the time.

In the state of Califorina, how long from the time you receive letter of default does the foreclosure process? take? I have not been able to pay my mortgage for two months now ( Nov/Dec)..how long do I have, before the bank takes back the house and I have to leave

Question about process of bank foreclosure on home? In the state of California, why am I always hearing about how people can live in their home rent free for up to a year, and sometimes even longer after failing to pay the mortgage? If people have assets, such as owning other property paid for in cash, why can they get away with this? I have actually heard people brag about it. What is wrong with values? Are they responsible for anything at all? I am confused. Maybe I am not hearing things correctly. And how long does it take for a house to go from pre foreclosure to auction?

Will they garnish my paycheck or take my federal or state tax return for foreclosure debt on an FHA mortgage? I have an FHA mortgage loan that is in the foreclosure process. They filed on January 23. Will they garnish my paycheck or take my state or federal tax return for the foreclosure debt? Will the fact that it is FHA and I paid mortgage insurance help at all, or will that be worse? I am hesitant to call them until I know more about my options. I no longer live there, and have moved out of state. Is it too late to try to get them to agree to a deed in lieu of foreclosure, or am I not even able to try that? I tried to sell it, but the buyer backed out. It will be very difficult to deal with this from such a far distance. I am tempted to just ignore it and hope they won't come after me, but I need some sort of answers or suggestions. Any help will be appreciated. Thank You.

what happens after a foreclosure proceeding? the lender begins the foreclosure process on an investment property of mine and we go through the process. what happens to the mortgage? just replaced by the property or is there a deficiency judgement that i am liable for?

what is a third party appraisal in the underwriting process of a mortgage? Hello, Our loan is now in the last steps of underwriting, we have had two appraials done on the house already for the bank, and now the bank (wellsfargo) wants a third party appraisal, what does that mean. The home is being appraised for 300K more than what we are buying it for, it is a foreclosure. We have been in the mortgage process for 3 months. Our broker and Lawyer said we are in the last steps right before aduit, so does anyone know why the bank is asking for a third party appraisal??? thanks

I found out that the mortgage company was in the process of foreclosing on my home. They had a default judgmen I found out that the mortgage company was in the process of foreclosing on my home. They had a default judgment entered by the clerk of court after no response from me. (I never was served, but thats another story for another time). I go to search online and low and behold I notice something that peaked my attention. The second mortgage company had just received an assignment of mortgage from my previous lender. (Dated 1 day before the default/foreclosure hearing before a judge and 53 days later after submitting foreclosure papers to the clerk of courts office.) WTF???? 1) How in the h*ll did they have the right to start foreclosure proceedings against me when they never had the loan properly assigned to them? 2) How do you obtain a default judgment against a borrower whom you yourself do not own the loan? 3) Am I to take from this that the first & second lenders dropped the ball and never proceeded thru the proper channels, which in turn allows me to have any default judment dismissed, seeing that the lender never had AUTHORITY to process any foreclosing proceedings? Would their oversight give me the chance to start over? *IF THE FIRST LENDER SOLD THE LOAN WITHOUT THE SECOND LENDER BUYING THE LOAN, BUT ALLOWING THE SECOND LENDER TO MAKE DECISIONS, TAKE PAYMENTS W/O THE PROPER STEPS, THEN WHAT ARE MY REAL RIGHTS? I tried so hard to work with the second lender since they were indicating that they were over my loan. They refused to budge. If I had know all along they really never owned my loan, I could have maybe with the lender who actually still owned my loan. Thanks for any replies.

mortgage foreclosure.. financial statement question? myself and my brother are in the process of going through a foreclosure on a duplex we purchased together (we have no intention on trying to keep the property due to various reasons).. (i have already been served with paper work from the clerk of court) today i got a letter from the lawyer representing the mortgage holder asking me to provide a financial statment (which they included) asking if i lost my job, etc. (which yes i did and i also have zero assets other then a car) my question is should i fill out the info and send it back?? it states its voluntary but the info. i provide could be used against me but that they might also be able to help me with a hardship (which like i said we dont want to keep the home,, it worth about 50k and we owe 200k plus plumbing, termites, roof, etc. are all really bad) and most importantly cant afford it any longer.. should i just not respond to the letter?? will responding to the letter buy me more time in the home?? any info. will be helpful thanks. email him cause i dought he'll check back lol the letter IS from the law firm that is reprecenting the bank.

how many months can you be behind on your mortgage? I bank with Bank of America and was wondering how many months i could fall behind on my mortgage before they could start the foreclosure process and stop accepting additional payments from me? I have not gotten behind yet but was thinking of doing so to cushion my own account in these tough times.

Can my mortgage loan be reinstated if I bring the payment up to date within a reasonable time?? I've been late on my mortgage for many times and am 2 months being. Can my mortgage loan be reinstated during the foreclosure process if I bring my payments current within 2 months???

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?

Do I have to pay rent if the property I'm leasing is listed as a short sale & is in the foreclosure process? I live in Florida. I've been paying rent for over two years and I have an unstructured lease agreement. The lease basically states that I have been offered the property from x month and year to x month and year for x amount of money. I discovered that my landlord stopped paying rent when an inspector and locksmith came to change my locks. They said the bank sent them. I work from home so I stopped them from doing so. My condo is now listed as a short sale with a realtor and it is in the foreclosure process. The landlord stopped paying his mortgage back in January 09. Do I have to continue paying my rent as agreed?

How much of a difference is there between foreclosure and Voluntary Surrender? My life has changed dramatically since I bought a double-wide 8 years ago in Virginia, and it will be foreclosed soon. I've tried selling, but I owe more than it's worth in this economy. The mortgage company is sending out a "voluntary surrender" form they have asked me to sign, saying it will speed up the foreclosure process. I don't think that's the only difference. What else could be different?

how does the process of a deed in lieu of foreclosure work ? I am several months behind in mortgage payments on a rental property, I have heard about a deed in lieu of foreclosure . does anyone know how this works ? and does it still count against your credit rating ? can this be done by calling the original mortgage holder and returning the property to them without a foreclosure penalty ?

Losing condo to foreclosure, it got vandalized and flooded, do I have to mitigate the amount of damages or? I just tried to do a short sale but my 2nd mortgage lender wouldn't accept the offer. It is going to foreclose. It is vacant and was vandalized with flooding some time in the past few days and is terribly damaged. If the bank is taking it away, could I be held negligent for not mitigating the damages from the obvious water damage caused by the vandalism? Could I be liable for damage to the neighbors property from the water seaping into their walls? Do you know the foreclosure process? What might expect after the foreclosure if the second lender has to take a huge loss? No insurance, not investment property, the property has been secured. The flooding was due to the vandalism, someone went into the property, plugged up all sinks and turned on the water. It was apparently on for days. I just found out since I live somewhere else now. A police report was filed but it was by the HOA, I have to order a copy in the mail. I know the water has been turned off but the place has been soaked for days. The upstairs soaked the floors so much that caused damage to the downstairs ceiling. It is just awful, so I hear. I think finding a real estate attorney is a good idea, I will likely oblige. I have a bankruptcy attorney in the family that has been trying to help me (a little) but I should probably find someone that specializes in real estate. The 2nd mortgage is for $85k, and I have $0. No choice but to foreclose if they refused to take the short sale offer.

We filed a chapter 7 bk and was discharged but kept paying the mortgage. We have stopped. ? Do we have to go through the foreclosure process to get the house out of our name and do we have to do a short-sale with the mortgage company. Do we gain anything?

why is my name on the mortgage but not on the loan? I've talked to the bank, they said only my husband's name is on the mortgage loan. Then I talked to their attorney, they said my name is on the mortgage only, I signed mortgage. I checked my credit report, there is no bad report, but my husband had because our house's foreclosure process has started. Does this mean my name is not on the mortgage or mortgage and mortgage loan are two different things??? I am totally confused. ok, they said im on the mortgage only but not on the deed, what does that mean?

We are thinking of "walking away" from our home. What is the process for Foreclosure in the State of Florida? My wife and I own our home here in Tampa, Fl. but times are tough. We originally bought our home 2 years ago and have a 30 year fixed rate mortgage. The lender we used at the time knew we didn't really have the income to be able to pay the mortgage, but approved us anyway. We love our home, but the payment is way too much for us and other bills are piling up. We have heard different opinions from family and friends Some say to just "walk away" from the house and let the Mortgage company foreclose on us. We would rather pay all of our credit card debt down and have extra money every month, than worry about paying a huge mortgage payment. What should we do? What is the foreclosure process in Florida? How long can we stay in our home before we're kicked out? How bad will our credit be damaged?

Will my mortgage company come after me if i foreclose on an installment loan (2nd mortgage)? I have 2 mortgages and I am in the foreclosure process. I live in MN and wondering if the bank of the smaller loan (installment loan) can place a deficiency judgement on me?

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?

Foreclosure process? I stop paying my mortgage in June, and I have to intention of keeping my house, I was wondering if I am going to receive a letter from the attorney to evacuate my house? I live in florida and can't find anything online that shows the foreclosure process, I would like to know if I am going to get notify or if someone going to come to my house for eviction from one day to another?? please help :-)

Mortgage Refinancing Process? I have 2 missed payments and now I am receiving phone calls and letters from banker saying they will foreclose if not paid in full within days. I have not received a certified letter yet, so I am not in foreclosure. I started talking to a broker to refinance my mortgage. Can my current mortgage lender foreclose if I am at the early stages of a refi? So when exactly during the refinance process can my current mortgage lender no longer foreclose on me? During escrow? Once I signed the application? During underwriting? Another question, who notifies my current lender that I am in the process of refinancing so that they dont foreclose my house? Should I called them?

How late in the foreclosure process can a quitclaim deed be submitted? A friend mine made an investment with her mother on a piece of real estate a year ago, hoping to turn the property into a child care facility. Zoning issues came up, short story is that it couldn't happen and now (yesterday) the bank has issued a subpoena and begun the foreclosure process. My friend does not have her name on the mortgage, she simply shares the deed with her mother. I have been told that having done this, her credit will be be affected. To be safe though, she would like to submit a quitclaim deed and remove herself from the situation to safeguard her credit and hopefully be able to buy a place of her own. Is it too late to do this? Thanks in advance. All I know is that she didn't get on the mortgage (not sure of the timing). She didn't submit her social security number to any bank and no one ran her credit for anything in the process.

Florida foreclosure process question? Florida foreclosure process question? Help me out please. It starts with your behind on your mortgage (you are unemployed and can’t pay), 3 mos. later your served a complaint from the bank, you respond and try and work with them and tell them your situation and they don’t budge so you file your response with the court stating this in addition to filing bankruptcy, the bank than sends a Motion for Summary Judgment which includes a request for a final judgement. What comes next? Do the property owners get a chance to speak at a hearing? Landlord: ....for a top contributor you should know what I meant unless you got that title for all of your half a** answers. Yes, speak to what we put in our response. There summary judgment and request for final judgment makes no reference to our response or the bank trying to work with us. I already rec'd a worth answer anyway, that can't schedule a hearing without including us. I don't care. You know it is what it is. I am one of MANY Americans suffering. Ya my credit is screwed, but I can't help what's happened; we can't pay plain and simple. So the relief package that Bush passed really means "squat" to me. I would think the banks would rush to work with people but I guess not. I cut my losses and rent; there's plenty of nice vacant homes on the market to rent half the cost of my mortgage...life goes on

During what stage of foreclosure is one's credit affected? My friend will be going into foreclosure in a month or two, but the proceedings have not begun (he paid the mortgage recently, but won't be paying it next month.) Thus, he still has good credit. How long does the foreclosure process take? When, in that process, is one's credit affected? Should one buy another home BEFORE their credit is affected? Thanks. btw, all mortgage payments have been made on time, so far.

Deed in Lieu? Husband going into Military, can't pay mortgage!? I am looking for information regarding a Deed in Lieu. My husband is going full time into the military in a week, and I will be following him to his base in 6 months. We aren't going to be able to afford the mortgage payments much longer, and the house will eventually go into foreclosure. (Given the current market, it is not selling quickly either). How would I go about a Deed in Lieu to avoid the foreclosure process? Does the mortgage holder (Chase Bank) have an obligation in any way to cooperate? Thanks!

I co-signed on my mom's mortgage to help her get a loan, and the house went into foreclosure (see details)...? I co-signed on my mom's mortgage to help her get a loan. I was naive going into this -- completely new to the process, and believed it when I was told by the broker that I could be taken off the loan at any time (I'm filing a complaint with the Attorney General for that). Well... mom couldn't afford to pay back the loan, the foreclosure process has begun, and now she's talking about filing for Chapter 7 bankruptcy. By her filing for chapter 7, I would be the only person left standing to pay for a house that I don't even live in. I've already spoken with two attorneys -- one said they'd try to get my name off the loan and I never heard back. The other said I should sue her to force a short sale, and said the bank probably won't go after me for the difference. I'm really getting the shaft on a deal that was supposed to help my credit. What can I do to come out of this as squeaky clean as possible, without regard to mom? NOTE: I apologize to those of you who like to be the one to provide the moral or lesson to each story, but I'm ok in that department. I already know the moral of the story. BTW: I live in Illinois.

In the Foreclosure Process? state : Florida Loan 80/20 Primary residence :: 4 months behind I am in the foreclosure process now. I haven't made a payment in 4 months and I am upsidedown on my mortgage ($100000). I have spoke with a lawyer and he said that I should file chapter 7 bk to avoid a def. Judgement or tax implications. I would like to do that as a last resort because I am a photographer and I have a lot of assets. My question is, is there any other options here in the sunshine state? I was thinking about the 1099-c. If I got them from both loans could and would I qualify for the morgage relief forgivness act? I have looked at the IRS and I'm not sure if both my loans would qualify? (mainly the heloc 20%) it is my primary residence and I bought the house with the same two loans and I didn't refinace? Also is there anway to make sure I get a 1099 on both if this is a way out (to avoid bk?) and what type of lawyer would you suggest I contact? Thanks so much!

What is the typical amount of time it would take for the bank to begin the foreclosure process begins? Hypothetically speaking, if I stopped making my mortgage payments today, how long would it take the bank to begin the foreclosure process? Here's the situation: I am a renter who lives in a house that is being foreclosed on. I suspect the owner rented the house to me knowing that he would soon go into foreclosure and hoped to make a profit off my living here. I moved in back in October. I got a notice on my door in February that stated the house was going to auction in one month. It seems like he's been stringing me along ever since. Given the aforementioned time line, when would he had to have stopped paying his mortgage for the notice to show up on the door? He already admitted that he was not using my rent money to pay his mortgage and supposedly his "lawyer" (which he later said he found out wasn't actually a lawyer) said to hold the money. He even admitted to having spent "some" (aka "all") of it. On top of it all, he has the nerve to ask me for rent this month when we both know the bank does (or very soon will) own the house. Can he actually ask for this? I'm busy trying to find a new place and save a deposit since he refuses to return mine. Anyway, inside knowledge of the process would be great, IE, someone who works for one of these banks, lenders or agents thereof. Or, if you've been through this? Any help would be great, thanks! PS: Excuse the redundant language in the question - it's been a LONG day.

My brother is ignoring his foreclosure, based on this notice how far is he in the foreclosure process? Looking for some expert input on this issue below as I need to confront my brother and try to encourage him to do something as opposed to doing nothing, which is apparently what he has done so far. With the below notice filed, can you give me a sense of how far along in the foreclosure process he is? I have information on options depending on where he is in the process, but would be grateful if you could offer any ideas based on the filing of this notice. Thanks! COMMONWEALTH OF MASSACHUSETTS LAND COURT DEPARTMENT OF THE TRIAL COURT Case no. XXXXXXXXXX To: XXXXXXXXXXXX and to all persons entitled to the benefit of the services members’ civil relief act JPMorgan Chase Bank, National Association successor in interest to Washington Mutual Bank f/k/a Washington Mutual Bank, FA claiming to be the holder of a Mortgage covering real property in Nantucket, numbered XXXXXXXXXXXX given by XXXXXXXXXXXX to Washington Mutual Bank, FA, dated April 20, 2007, and recorded with the Nantucket County Registry of Deeds at Book 1077, Page 106 has filed with said court a complaint for authority to foreclose said mortgage in the manner following: by entry and possession and exercise of power of sale. If you are entitled to the benefits of the Servicemembers Civil Relief Act as amended and you object to such foreclosure you or your attorney should file a written appearance and answer in said court at Boston on or before AUG 10 2009 or you may be forever barred from claiming that such foreclosure is invalid under said act. Witness, KARYN F. SCHEIER, Chief Justice of said Court on JUN 26 2009.

Assignment of mortgage in foreclosure? We lost our home. We signed a deed in lieu, however, they (the bank) have gone ahead and performed a foreclosure. I have followed this process via a court website. On April 14, the judge put forth an order wanting proof of "assignment of mortgage" within 10 days from the bank. There has been zero recorded activity since then, and it is now July. We no longer live in the house, however, I feel as though I can't move on from this awful experience until the house is sold, and this is all done. I want to put it all behind me. So, what does this "assignment of mortgage" thing mean? Why is it holding up the sale of the house, and why haven't they responded within the 10 day time period set forth by the court? I just want closure, and this thing is dragging on! Anybody know why this is happening?

Is it possible to help speed up the foreclosure process on neighbor's home? My mom and dad have horrible neighbors. They're loud, obnoxious, inconsiderate, rude, sell drugs, etc. Parents have had many sleepless nights because of these bastards. Calling the cops doesn't help much either. It had gotten so bad, that my dad considered buying their house just to get rid of them! Talk about desperation! Luckily, the real estate agent my dad was working with, advised him not to buy. She told him that the neighbors were at least 9 months behind on their mortgage payment. I guess that's good news, but we're wondering how long before they get evicted? They live in California. Someone suggested that I call or write the mortgage lender (Citibank) and inform them on the condition of the house. It's totally trashed on the outside, and one of the teenagers who hangs out there, mentioned that the inside was just as bad. Would the bank even take this into consideration and speed up the foreclosure process? They're definitely loud but according to one cop, there is no law against it. Even at 2:30 am! Isnt that called disturbing the peace? My dad doesnt understand how not even one of those thugs has been arrested for possession of drugs, since they're always getting high and drugged up on their porch in clear view of everyone passing by. Cops said there has been no probable cause to search them. :-( I don't know much about real estate, so I never thought twice about the fact that the agent looked into their payment history. When I mentioned that my father thought about buying their home, he went so far as to talk to the neighbor about it. She was all for it! She gave my dad permission (not sure if it was only verbally or written) to do whatever he had to do to start the process . The neighbor never metioned being behind on payments. When you think about it, my father was actually going to do her a favor (which I tried to talk him out of) and get the house off of her hands. Geez, this is getting way too complicated! :-S

Can the bank take my primary home if my second home is in foreclosure? I have a reverse mortgage on my primary home in Los Angeles, CA and a vacation home in Big Bear city, CA. I have been delinquent on payments for my second home in Big Bear for several months now and the foreclosure process has now begun on my home. Can I loose my Primary home because of this?

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.

How come mortgage lenders don't want foreclosure? I am refering to if the loan thats due is worth significantly less than the value of the property. So in that case, why would a lender not want to sell this property and gain all of the profits from the sale? Like in Texas, if the borrower misses 3 months of payments. Property is worth $300,000. Missed payments, plus the entire loan is $250,000. So why would a lender not want to either sell this property at a tax deed auction or sell it afterwards if their were no bidders? Since they would gain all the profits from the property either way. If they would not want to go through this foreclosure process given my example given, then would it be possible for me to buy their loan from the lender and have the property go into foreclosure so I can reap the profits? Tell me what I am not understanding please.

Filing Chapter 7 in Ohio. House foreclosure question about timing of filing? Filing in Franklin County. Told by our attorney that the foreclosure process will take at least 7 months. We do not want to keep the house. I thought that if we file the chapter 7 that the debts would be discharged and the property would go back to the creditor in the next 2-3 months, meaning the house would go back to mortgage company. Attorney says that by filing now we will still have the same amount of time for the foreclosure to proceed and may stay in the house. In other words by filing and having the process start now we will NOT accellerate our need to move out of the house. I was planning on holding off the filing although it is stressful but see no reason too if we can still stay in house till the long drawn out foreclosure process completes. Anyone out there who knows if the Attorney is right or not? Thanks

Foreclosure process question!? My wife and I can't afford our house payments and the bank won't modify or refinance our mortgage because of value loss. We are planning on walking away. What kind of things do we need to do in terms of communication with our lender? We have already talked to our accountant and I am assuming we just stop making payments and the process begins itself without much communication with our lender. We live in California. Any thoughts? By the way...in California, purchase money loans for homes are considered "non-recourse", therefore the lender can only take the house and not file any sort of deficiency judgement on me. Most other states are "recourse" and can file judgement. According to the Mortgage Taxe Debt Relief Act I will also not be responsible for taxation on a federal level for "debt cancellation income" related to the foreclosure and lender loss.

My wife is on the deed,not the mortgage, We are being foreclosed on. Can they come after her? We reside in florida and own the home with no equity. The home in NJ has 2 mortgages. one for 412000 and heloc for 75000. I am on the mortgage only. She is on the deed. I am concerned that they can come after my wifes assets. Or do they just remove her interest in the home during the foreclosure process?

What do mortgage lenders look for when reviewing loan modifications? I recently applied for homeowners' assistance with my mortgagor, and am currently in the foreclosure process. I'm not sure if I'm going to get the loan mod or not. What do banks look for when a homeowner applies for loan modification? I realize that lender practices vary; I'm just looking for general guidelines, because I don't want to lose my home.

I heard this foreclosure rumor is it true? i heard if your in the process of a foreclosure the mortgage company can take your money from your checking account is it true?

Real Estate Question - are people much more motivated to sell their house pre-foreclosure..? meaning with delinquent mortgage, compared to having the bank sell it as part of the foreclosure process itself? I'm referring to the period of time the bank gives the owner to sell their house prior to foreclosrue/public auction? what is the owner's main motivation here to sell it pre-foreclosure? is it their Credit Report not showing foreclosure and that's it? or is there another reason for the property owner to sell it pre-foreclosure compared to it being sold on foreclosure or, lastly, do you think in reality those property owners are not that more motivated to sell it pre-foreclosure compared to foreclosure once they have issues with the bank??? THANKS

Mortgage foreclosure and statue of limitations.? My husband had a repossession on a home 4 years ago, sold at auction which I know he is responsible with his ex wife for the deficiency balance due. The statue of limitations show 3 years in our state. Has collection agency trying to collect on the debt. If the statue of limitations is 3 years, is it legal to continue to call and get the payment? Can they keep re-selling the debt and start all over with the collections process. Mississippi statue of limitations show this on their website... Open Accounts: 3 years from the date at which time the items on the account became due and payable,(MCA 15-1-29 & MCA 15-1-31). Can they still contact him to collect it?? thank you for your responses...I wasn't sure on the SOL and the collections process...he'll have to file bk to discharge the debts that his ex wife stuck him with....thanks all

US Bank (Bancorp) foreclosure process? I am wanting to know; after how many months can a person default on a mortgage loan with US bank before US Bank starts their foreclosing process? If you reply, can you please reply with how you know this source of information? Thanks!

if my name is on the house deed but not the mortgage and if they foreclose will it hurt my credit? my mother passed away a few months ago and she and i were put on the deed of the house and her name was only on the mortgage. well the mortgage company will not work with me to take over the payments so now they will forclose will that hurt me even though my name is not on the mortgage. i already have a attorney but he hasnt been much help. anyone else gone through this? i cant even get a loan cuz i own the house and since its going into forclosure they think that will hurt my credit and i have very low credit at the moment and i cant do a first time home buyer. what are the steps to a foreclosure process. the mortgage company wont even talk to me or let me know if and when they are foreclosing. anyones help would be nice..thanks

What can i do against foul mortgage practices? the company we are dealing with has denied us a lower payment. They have held up the short sale process several times (allowing potential buyers to back out of contracts) and they are holding up the deed-in-lieu of foreclosure process (I believe in hopes that time would run out and we would have to go into foreclosure).

What is the Foreclosure Process in VA? I can no longer afford my house so I have moved out. There is no equity in the property. The market value for the home is $75 - $100k less than what I owe. I have tried selling & renting it; no interest whatsoever. I am financial broke with no assets, no job and no income. I do not care about having bad credit. I have stopped making payments on the house. The mortgage companies are calling but I am not answering. I have nothing of value that they can come after. I want the property to go into foreclosure. Do I have to do anything else? Call a lawyer? File paperwork?

How does a foreclosure process work in Calif.? My condo was appraised at 160K but my mortgage balance is just over 380K. I can't afford the payments anymore and am unable to sell it obviously. How long does a foreclosure take and what can I expect to happen? Also if it makes any difference the mortg is held with Citi without mortg insurance (not sure what that would be beneficial for but just fyi to those who may better understand my dire situation). I already thought of renting it out but that would still give me a loss of $1650/month plus I'd still have to rent something for myself to live in so i'd just break even to my current situation which I cannot afford. what kind of biz from my condo? I go to work every day, and my HOA rules say i'm not allowed to work out of my home, not that i'd know what to do. I don't think I could come up with a couple grand/month to help out. my pay cut has been steep and there are no jobs out here. My mortgage co. offered to refi but with my low income and high debt I didn't qualify. There's nothing else they can do. Kemperk why do you post misinformation to people trying to get info on YA, lowering the standard? I am shocked you are top answerer, when you are telling someone foreclosure takes only 1 week, esp in CA where it takes min 3 months. I will block you on my list so I don't get your clutter misinformation.

Can Someone Explain The Foreclosure Process? I am confused about how a foreclosure works. Even though a persons credit is trashed, those that are desperate to sell their home seem to have an up side in a way, since the owner no longer obligated to sell it and at least is free to find a job elsewhere and move if they lost their job, etc. Here is what I don't understand... Say I bought a house 10 years ago for $200K with a 20 year mortgage. For simplicity, assume I still owe $100K with 10 years to go and I loose my job and I can't sell it. How long before the bank "kicks me out" and who gets the $100K of equity in the home once it is liquidated by the bank?

Can a lender agreeing to short sale keep you out of foreclosure? My coworker is in short sale with his lender. I am familiar with the Mortgage Debt Relief Act of 2007, but I don't know if he is in short sale trying to sell the property, if the bank can foreclosure in the process. He is about 2 months behind on the notes. He has about 20 more days before he'll be 3 months. Does the fact that he is in short sale agreement with the lender keep him from foreclosing? I told him it is better if he can get the short sale to occur rather than foreclosing.

How does foreclosure homes work? Take-over someone else's mortgage? I'm currently looking for a new, cheap place to rent and I went to Craigslist and found some ads such as the one in the link here:http://losangeles.craigslist.org/sgv/apa/637894372.html In the ad, it says that the current tenant is 60 days late for payment and any new tenants can "take-over" the house and payoff their current mortgage. After paying off the mortgage does the house become yours? Because that is a very very good deal! Is this type of process called foreclosure homes? And how do I know if this is legit and not some kind of scam? Has anyone done this before and can give me some opinions/advise? Thanks a lot! Thanks for the answers so far.. but I also read that foreclosure homes are typically owned by banks since the tenants can not make their mortgages. Therefore, the banks will try to sell the house through a "public auction" which sounds legit to me. Any opinions on that? Also, I read that many real estate people will buy foreclosure homes at lower prices and try to sell back to the market at regurlar price. So if they can do it, doesn't it sound legit as well? Thanks

I have already went though the foreclosure process, and I filed bankruptcy..? Ok so this is what happened. Back in July of last year my home was to be foreclosed, however I decided to file Chapter 13 bankruptcy and kept my home. I got behind on my mortgage payments again due to medical reasons, and now my home is scheduled for auction on Feb. 10 of this year. I called my attorney today and he stated that we can do a loan modification to keep the home. He stated that I would have to come and fill out the paperwork for the modification. My question is what is a loan modification? How does the process work? Will my payments remain or lower? I know this is a lot of information however I am really confused as to how all this works. Will I be able to keep my home?

going through a foreclosure please help...? I'm going through a foreclosure and i want to know if i still have to pay the mortgage anything after or during the foreclosure process? how will having a foreclosure on my record really affect me? can i still rent and get employed after?

what is quitclaim deed process for a pre foreclosure? the mortgage was reinstated and is now 1 month late after three months current

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?

I it possible to purchase a califonia foreclosure home for less than 50,000? My sister an I have been thinking about purchasing a foreclosure home, unfortunately we were only approved for a 45,000 mortgage loan( and we have 2,000 saved up). We have been searching online and we saw many homes with a remaining loan balance under 10,000. Under our understanding, a hopeful foreclosure buyer pays what the previous owner owed and other taxes and fees. Would this add up to more than 100,000? Or how does this process work?

How can I negotiate how my mortgage lender reports a deed-in-leiu of foreclosure to the credit bureaus? Home in Florida had been on the market 18 months with no offers and little interest when divorce and job requirements required move out-of-state. Mortgage company was contacted with request for deed-in-leiu of foreclosure on 3/14/08. Calls to mortgage company from then until 4/30/08 resulted in their saying request was "in process". When I requested a supervisor 4/30/08, they admitted they had not processed the request because they were "confused" about a previous short sale request which did not go through. (Of course, they made no contact to me to clarify their "confusion"). Finally, negotiater assigned 5/7/08, and requrest approved 7/21/08. I'd like now to try to negotiate how the lender reports the deed-in-leiu on my credit report. Any suggestions on how to go about this?

I purchased a foreclosure from auction and I need to get a loan without an appraisal.? This is my dilemna.....I purchase a home at a foreclosure auction. The home is still occupied by the previous owner. My mortgage company (Merrill Lynch) will only give me a loan on the property if they can get a full appraisal of the property. Of course, the previous owner wont let me inside the property to appraise it because they just lost their house through foreclosure. It will be my responsibility to evict the person once I pay for the house but I can't even start the eviction process until I actually own the house. I need to know is there a loan company out there that will give me a loan for $215k without having a full appraisal. My credit scores are in the high 700s so credit isnt a problem. I can only afford to put 10% down on the property maybe a little more.

How Can I Force My Ex-Wife To Sell The House Since She Defaulted So Much That Bank Started Foreclosure Process Ex wife constantly late on her mortgage payments. She was awarded the house in divorce but no copy of judgment filed at the register of deeds office. I never signed a quit claim deed. my name is still on the note. Me and my new wife got served with foreclosure papers. Now ex is saying she made last chance program arrangement with loan company. I called and she hasn't paid yet this month. I feel like a sitting duck. I can't afford to make her mortgage payment (I'm paying off 2nd mortgage as ordered in decree and always on time) She won't refinance (wasn't ordered to in divorce decree but language does say "hold harmless") She could ask her parents to cosign but she won't. My new wife says we should petition the court to have her held in contempt and also force her to sell the house. We haven't heard anything more on the foreclosure but are afraid the bomb could drop any day if she misses more payments. Do we need a real estate attorney or can family court force her to sell

When should we get a place?, ready to stop mortgage payment, will try short sale/ deed in leiu of foreclosure? Upside down, can hardly make mortgage payment so we want to get out of this house. We'll try to sell it as short sale or deed in leiu of foreclosure with a Realtor. My question is should we stop making payment starting now and try to stay here for a few months while bank is processing short sale/ deed in leiu or should we get a place now before credit hit and move out in a few weeks? We don't even have 1st, last deposit for the rent so we would like to save some money as much as we can but if we wait until later to get a place, our credit will be ruined, right? When do our credit report show our non payment ? A month or later after the non payment? Thanks.

Foreclosure ???? whats the process? Me and my family has been paying rent but the owner has not met the mortgage payments, not sure if he will. It is in default ready to go into foreclosure, does anyone no the process or the time frame we will have to find new place to live ??

How many months can I stay in my home after I stop paying my monthly mortgage payments? I live in California.? including the whole foreclosure process... I'm not trying to be dishonest, We just can't keep up with the mortgage.... We made a bad investment on this house... so far we have barely gotten the interest paid off... Some people have told us we can stay living in our home w/o paying for the mortgage for up to 2 years in California. we have already missed 3 payments...

what is the latest status of freezing ARM mortgage rates? I had heard a few weeks ago that the government was trying to implement a program to temporarily freeze adjusting mortgage rates to help home owners from potential foreclosures. Any news on that, and what is the process to apply for this freeze if applicable

How should we go about buying a foreclosure? My boyrfriend and I just got approved for a mortgage, and we would like to purchase a foreclosure. (a home in our price range is not large enough for all of our stuff). What is the process for buying a foreclosure, can we still have a showing? What's the difference in process??

Yesterday, 12/06/07, Pres. Bush announced a program whereby the tax payers will come to the aid of the? Sub-prime, mortgage foreclosure, situation. That proposal EXCLUDES those homes / mortgages that are CURRENTLY in the foreclosure process and those which have previously been foreclosed on, approx 2.8 MILLION ! My question : How soon before Hillary comes up with a plan for tax payers to 'pay', / 'bailout' those whom Pres. Bush's program does not cover / include ?

how do i find out what bank holds the mortgage on a house about to go into foreclosure i want to buy this house that is currently a short sale and may be about to be forclosed on, I would like to contact the lender directly to speed up the process,,is there a way to find out who the lender is

Will both our credit scores be affected in a foreclosure? My husband and I bought a house before we were married and according to the lender I am the only one on the mortgage. His initials are on some of the closing documents, though, that have the original mortgage company's name on them. We have moved out of the state and left the house vacant. We are having trouble selling/renting and are trying to buy a house in our new state and move on, but it will mean letting the first house go. We are fine with that if my credit is the only one messed up. We have already been approved for a new mortgage based solely on his credit score. Does anyone know if his credit will also be affected in the foreclosure process if he is not on the mortgage but is on the title of the house? Believe me we have been trying all we can to keep foreclosure from happening, but we are paying about $1400/month on a vacant house and paying rent and utilities on a house in the our new state of residence plus other bills and survival of a family of 4. It isn't like we want this to happen but it has come to a point that we can't keep up on everything and this is the first thing to go before it bankrupts us.

Foreclosure / Deed in Lieu laws in Missouri What will the process be like??? My husband & I have to sell our first house (we already own our new home) . We have been trying to sell this house since the first of the year, we have tried a short sale, rent to own, even just rent, to get out from under two mortgage payments. However, after two years of trying my husband & I just found out we are expecting! Now, we have to let this other house go back to the bank, as there is no other options. All the realestate agents in my area are telling me that sales are down 32 percent from this time last year. I have contacted my lender & told them of my situation, theyre sending me a short sale package, as well as a deed in lieu package. My question is, is there any reason the bank wouldn't accept a deed in lieu? I have no other liens on the property & it is very comparable to the neighborhood. If not, will they have to abide by MO foreclosure laws since that is where the house is lcoated? MO laws - no defficiency judgements are prohibbited (I won't owe the difference)

In the divorce process, house going into foreclosure. Should I...? I am in the divorce process and the mortgage is late two months. The wife doesn't want to stay in the home and decided to stop paying her half the mortgage two months back. Should I try to save the home, my credit and our child's first home? If I call in favors and cash a short term CD, I can bring the mortgage up to date. Then I'll have to rely on the wife to pay a third of currrent mortgage for as long as we keep the house. In the market we are in, the house has dropped in value by $200,000.00. This leaves us short on our mortgage. We are trying to short sell now, but no real interest for the past month. Neighbors house has been on the market for 6 months in a similar situation.

Foreclosure and/or Bankruptcy? Family member has revealed to me that he cannot make mortgage payments. He owes a significant amount of money (100K+) on the mortgage and now is recently unemployed. In addition, he owes a $16,000 loan and has $3000 in credit card debt. It's possible he will not be able to return to work as he's now in his mid 60s and has chronic illness (rheumatoid arthritis). I've read all the questions and answers about foreclosure but I'm not sure where whether he will have to foreclose and/or declare personal bankruptcy. The house is currently for sale but no bidders yet and time is running out as he will most likely miss his August mortgage payment. What are his options? When would he have to begin the foreclosure process (before 90 days)? Can he salvage any of the equity in the house (sale price is $235)? The house is already priced below market value at $235,000 (market value is $280,000). If mortgage payments cannot be made for August/September - what should be the next step, considering the other debt that he has outstanding (i.e. loan and credit cards)?

Mortgage Lender going bankrupt? I'm on the verge of purchasing land. I'm getting a good deal on price because the seller is 14 months delinquent on his payments and the property is about to go into the foreclosure process. The seller wants to avoid foreclosure and sell me the land instead. Yesterday I learned that his mortgage lender has gone bankrupt (not sure what the consequences are of this). So now I have to deal with a situation where the property is on the verge of foreclosure and the lender has gone bankrupt. Is it a good idea for me to proceed with this purchase? What are the risks?

Besides totally screwing my credit what will happen if I get my house foreclosed.? This is a rental property that isnt covering its self and Im now 2 monthes behind in mortgage they start foreclosure process nov 6 I have it for sale but no luck yet

We have an Indymac Mortgage that is in Foreclosure, hoping for a short sale...what now? My husband and I have a mortgage with Indymac that is currently in Foreclosure status. (we have been told that we still have a right of redemtion period for up to a year). We have had the house on the market forever and have ended up having to lower the asking price below the mortgage balance (short sale). We currently have buyers' offers that were submitted for approval to Indymac that are pending. It has taken them months to process all of this. Just a few days before the FDIC came in and took over our agent received a counter offer from Indymac regarding the short sale. We really want to get this short sale done, so that it does not go into full foreclosure (for credit reasons), but no one knows what to do. Our agent can't get a hold of anyone. We don't know who to call or what to do. We want to move out and move on with our lives. We cannot move out of the house yet because it's considered abandonment. Has anyone else gone through anything like this?

Is my home my principal residence if I moved out in April 07 and it was foreclosed on in April 08? I lived in the home 2.5 years prior to moving out. I was trying to work with the bank and was scared they were going to evict me, but it actually took a full year for the whole foreclosure process to happen. I am trying to figure out if I will qualify for the Mortgage Forgiveness Act tax relief.

On a foreclosed home, who negotiates the price on behalf of the mortgage owner(s)? Let's say, a home goes through foreclosure. Its related mortgage was pooled and securitized among thousands of others. Now, the home is for sale. The real estate broker incentive is to set a low price to turnover the property quickly. That's because for a broker time is money. So, who negotiates the price and protect the fragmented owners interest (MBS investors). Is it the servicer of the mortgage? But, because of his own operating cost he also would have an incentive to sell quickly at a low price. How about the securitization bond trustee. Does the trustee step in and negotiate with the broker what price is deemed acceptable to the MBS investors? You can see it is kind of a gnarly question. If you have a clear understanding of this process, please educate me.

Can you stop foreclosure on a house after the foreclosing date has been set? The bank is foreclosing on my relative's house in 3 weeks. The thing is that he is older and left the state for a long vacation without making arrangements for paying his mortgage. He's back now and has the money to pay everything that is owed. Can he still fork over the payment and avoid foreclosure? Or is foreclosing inevitable once the process starts? What can he do?

What is the foreclosure process for a land contract not a mortgage in Michigan? What is the step by step process for a forclosure process in the state of michigan. How long does the process take, etc... This is NOT a mortgage IT IS a Land Contract.

After foreclosure (North Carolina), can your mortgage co.make you pay what they lose in a foreclosure sale? I was foreclosed in 2004. Through the entire process, I worked with the lender and their attorneys, and even notified them of my forwarding address should they need to send me additional correspondence. The house was sold in May ‘04. My original loan had a 1st & 2nd mortgage (to avoid PMI). I talked to their attorneys who advised me that that the house was sold for enough money to cover what I owed. I assumed that the entire debt(1st & 2nd) was covered. Now, 3 years and 8 months later, I received a letter from a law/collection firm asking for the second mortgage balance, including interest of over $9,000. I have one income, and bought a house in 2006. I’m in no position to pay this. Am I still obligated to pay the balance, considering that I almost four years have elapsed before I was notified of this? I want to do what’s right, but I cannot afford to add an additional loan to what I currrently have now. Any info would be greatly appreciated.

How to address this issue with a potential landlord/lady? My husband and I are in the process of a foreclosure on our mortgage. We are attempting to get a loan modification, but I'm not optimistic. In the event we need to find a rental home, how should we approach the issue with potential landlords/ladies. Will it hurt us to be honest as to why we are looking to move? We are both employed full time and shouldn't have problems paying rent when the rate doesn't change constantly.

Mortgage company repayment plan question?? We have been on a repayment plan since Oct. 2006 with our mortgage company, but this month we are about $400 short on our payment and they will not take a partial payment. I was told that if the payment isnt made in full, it will void the repayment agreement and the foreclosure process will begin. My question is; is there anyway to avoid foreclosure at this point? Please do not say "come up with $400". If we could, we would have by now. We have used all of our savings paying medical bills since I suffered a back injury and there are no other resources. Refinancing is not an option either. Any advice would be appreciated.

Behind on mortgage please help!!? I am behind on my mortgage and I have sent the company half of the money owed and I will have the other half next month. They already started the foreclosure process and won't accept my money. They sent some guy to my home with papers, but I didn't sign for them. Please tell me what can I do to save my home. Also, who is the guy and should I sign for the papers? I am with a mortgage company.

Is there any legal recourse to buy a home that goes into foreclosure after starting escrow.? We made an offer on a house that was a short sale. After two months of waiting, we received verbal acceptance of the offer from the banks involved, and entered escrow. After paying for the home appraisal and going through the home inspection, the primary lienholder released their payoff amount which turned out to be much higher than was discussed due to the owner not paying his mortgage and penalties being assessed. This put it out of reach for the owner to pay off and has prompted the bank to begin the foreclosure process. This property was a shortsale because of a second mortgage on it, the first bank that now wants to foreclose would be able to get all of its money back minus the penalties if they go through with the deal. If it forecloses there is no way that they will get an offer as high as the one we put in, never mind the extra time and resources required for them to process the foreclosure and assume utility bills. Is there any way to get into this home without delay?