for questions that relate to the foreclosuer. Foreclosure is a specific legal process in which a lender attempts to recover the balance of a loan from a borrower who has stopped making payments.

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3
votes
2answers
187 views

Can your bank foreclose your house if you own more than 50% of the house equity?

I'm wondering once you paid your mortgage for long enough so you own more than 50% of your home equity the bank shouldn't be able to foreclose the house anymore since you got more than 50% of the ...
5
votes
3answers
1k views

Will the ex-homeowner still owe money after a foreclosure?

I'd like to know whether a person still own any money to a bank if his house ended up foreclosed? From what I found out it says that yes and the borrower owns the difference that the bank sold the ...
0
votes
0answers
35 views

Property Foreclosure - property tax

After the economic crash in 2008, my father bought a house in Michigan through a third party (we are Canadian). The company that we had set up to pay for the taxes and receive payment for this ...
1
vote
1answer
124 views

Can I remove additions from a forclosed home? [closed]

I would like to buy a porch off a foreclosed home however removing the porch will leave a huge hole in the side of the home is it legal for this guy to sell me the addition he added on? to add the ...
4
votes
4answers
199 views

Buying a foreclosed property

Is it true that foreclosed homes usually sell for a discount? I mean, the bank is in a hurry to recover whatever money it can, so it makes sense they would be willing to take a hit on the sale price ...
0
votes
1answer
195 views

What are the cost differences between a deed In lieu and a judicial foreclosure and the effect of those differences?

Reading this interesting question and great answer: How do banks lose money on foreclosures? I was thinking back to several episodes of the Clark Howard radio program where he states that Deed In ...
4
votes
2answers
2k views

How do banks lose money on foreclosures?

I read that when banks give out a mortgage the bank itself doesn't actually lend any of its money out. It is just accounting that adds the money to the borrowers account and adds the same amount of ...
2
votes
1answer
77 views

Is a trustee sale winning bid all inclusive, or are prorated taxes & fees due?

Is my winning bid at a trustee sale on a foreclosed home all inclusive, or can the trustee make us pay prorated taxes and home owner association fees? If we must pay the fees, when would they be ...
14
votes
2answers
726 views

Seller refuses to accept offer on home until after inspection

I'm currently trying to buy a home (that happens to be a foreclosure), and the bank who owns it is allowing us an inspection period, however they are unwilling to accept our offer until after the ...
9
votes
1answer
155 views

Is it legally safer to purchase a short sale instead of a foreclosure?

I'm considering purchasing a home, and given todays market I've been viewing a lot of foreclosures and short sales. That being said, I have a question on short sale VS foreclosure in terms of legal ...
17
votes
5answers
1k views

Can lose everything even when house is almost paid off?

I have a dumb question I've been wondering about. It doesn't apply to me; it's just theoretical. Suppose there's an older couple who bought a house 27 years ago. They have faithfully made the ...
14
votes
2answers
737 views

If the former owner of my home is still using the address, can it harm me?

My wife bought a condo in foreclosure a couple of years ago. We both live here and most weeks I get a couple of pieces of mail for the previous owners; who apparently ran a business here. Most of the ...
2
votes
1answer
174 views

In a foreclosing Arizona home, can the bank or anyone hired by the bank access the home's interior premises without permission?

I am residing in an Arizona home that is being foreclosed upon, until the sale confirmation. Does the bank have any right to demand or assume rights to access the interior of my home while I am living ...
10
votes
4answers
471 views

Should I cash out my Roth IRA to pay my mother's property tax debt, to avoid foreclosure on her home?

I'm thinking about liquidating my Roth IRA and taking a loan out against my 401k to pay the property taxes my cancer stricken mom owes on her home. She's several years behind, and the county is ...
5
votes
1answer
146 views

HAFA: Missed 14 Day Response Window — Am i SOL now?

I have started the short sale process with Bank of America and I am going through the federal program HAFA. I initiated the process but delayed submitting documentation longer than the mandated 14 ...
22
votes
11answers
1k views

When should I walk away from my mortgage?

I bought my home in California in 2006, at the height of the boom. Now I owe $100K more than the home is worth. California is a "no recourse" state; if I stop payments, the bank can take the house ...
10
votes
2answers
2k views

Can bank take 401(k) money when you foreclose

If you foreclose on a house, can the bank take money from your 401k or any type of retirement? I heard they can take money out of your savings account or any bank account for that matter, but what ...
5
votes
6answers
2k views

Why would a bank take a lower all cash offer versus a higher offer via conventional lending?

There seems to be a a belief that a bank or individual will always take cash over conventional financing from a buyer, even if the buyer who is purchasing through conventional financing offers a ...
7
votes
3answers
139 views

How uniform is the decline in US property prices?

Obviously because of the global financial crisis, I've been hearing a lot about the US property market crash. I have a feeling something similar is waiting to happen in Australia so I would like to do ...
7
votes
3answers
439 views

Walking away from a mortgage & home - financial options

I currently have a home that is 100% Loan to Value. It has lost a significant amount of the value i paid for it -- hence now a 100% LtV guesstimate. I am able to comfortably make my payments as it ...
6
votes
2answers
7k views

If a house is in foreclosure what does the bank own vs what the former owner owns

So we were having a discussion about what we would all do if we were unfortunate enough to have our homes go into foreclosure. I asserted that all the appliances and even window blinds would still be ...
5
votes
1answer
1k views

How would one find foreclosures in Canada, Newfoundland?

I am starting to look for a new home, and am wondering how one would find foreclosure in Newfoundland.
4
votes
1answer
233 views

Possible to remove remaining foreclosed mortgage debt off my credit report?

A little while ago, I asked a question where the consensus was that the bank won't be coming after me for the remainder of the money after the house was foreclosed on. Seeing how they can't come ...
5
votes
2answers
215 views

Foreclosure debt still on the credit report

I went through a pretty nasty divorce in which my ex-wife got to keep the house. Eventually the house was foreclosed on and she eventually got evicted. However, my name (along with hers) was still ...
8
votes
3answers
5k views

Foreclosure process: What happens when a bank forecloses on a home?

I know it is a long complicated process, but what is the high level overview of what a bank does when it forecloses on a house? Beyond credit getting hurt, what else? Where does the bank get it's ...