Questions tagged [foreclosure]
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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Buying back foreclosed property at auction
This is a theoretical situation, one that keeps making the rounds on Facebook (and probably other social media sites) of a "feel good" type of story, but I'm wondering if it has any basis in ...
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How does an auctioned foreclosure property end up selling lower than the holder's opening bid?
I'm noticing when sifting through county records of property foreclosure auctions, sometimes (rarely) a property is sold for lower than the holder's opening bid (remaining balance of the loan). How ...
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What we can do with the appliances that are present when buying a foreclosure?
We are in the process of buying a foreclosure home and I am wondering about what we can do with the appliances that are in there? The realtor said that they belong to the previous owners and can come ...
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Why would you let your mortgage default if you can afford to keep paying it?
I was reading this Wikipedia article about the subprime mortgage crisis, where it says the following (emphasis mine):
By September 2008, average U.S. housing prices had declined by over 20% from ...
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Depreciation Basis on Purchased Commercial Foreclosure
I've hit a roadblock in my research on the use/abuse of TIFs. I've asked some professionals the below question, however, none were willing to answer or gave me conflicting answers.
The question: What ...
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Do I have to pay city "fees and fines" if I buy a foreclosed property?
I am looking at a foreclosed property in NYC that has $320,000 in charges from a 2017 city tax bill. In 2016 there was a house there and then afterwards there wasn't so I guess the city demolished the ...
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What is the definition of "foreclosure rate"?
I've been looking up the number of foreclosures in my area and I keep running into reports of the "foreclosure rate," but with very few articles defining what that means. In fact, the only complete ...
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Will I lose my paid-in-full property?
I paid cash for the land I put a modular home on which I financed. My husband is terminally ill and I am afraid I will soon be foreclosed upon. Will I lose my free and clear land which has been paid ...
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Buying strategies for foreclosure condos
I saw a foreclosure condo which seems upgraded by the bank. I really liked the place, but the price can be cheaper.
Can we negotiate with the bank on such foreclosure houses? What are some ...
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Why would the bidding on a foreclosed property start at the outstanding amount of the loan?
I've read from several reliable-looking sources that if a foreclosed house goes up for auction, the bidding usually starts at the outstanding amount of the loan (plus fees, etc.): Example Money Talks,...
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allocation of payment between principal and interest
Individual made a (second) mortgage loan to another. The loan has been in default for many years. The bank (first mortgage holder) foreclosed on the property. The individual lender received a ...
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Buying portion of house
If I buy a portion of a house (let's say $200k for 50% of the home ownership) from a mortgaged owner, and he stops paying the mortgage and the bank forecloses, what happens to my 50%?
Edit -- more ...
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Buying a Tax Sale property
If I buy an automobile or land in a tax sale (or tax deed sale) and the previous owner had financed or mortgaged the item, who is responsible to the lender for completing the payments/transaction? I ...
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Continued Paying For Home After Bankruptcy Discharged Debt - Can Someone Regain Responsibility?
My mother declared bankruptcy a few years ago, and all of her debts were discharged, including a car that was repossessed, and a house, which she continued making payments on (Was never behind), even ...
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What are the losses when a foreclosure occurs on an investment property in the black?
If the apparent market value of the investment property is above the mortgage balance and a foreclosure occurs, it is clear that the legal expenses and late fees are something that the mortgagee must ...
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If I buy a foreclosure at courthouse auction, am I in any way responsible for debt on the property?
I'm looking into purchasing a foreclosure that is being sold by a trustee at a courthouse auction. I did some research on the property (via RealtyTrac), and it seems like there were quite a few loans ...
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How do I file tax on foreclosure surplus from property loss in same year from a dissolved corporation?
I have been filing 1040ez for the last couple of years, but I recently discovered I owned property through a dissolved corporation (Florida, C Corp) in which I was the sole share holder.
I purchased ...
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Letter in mail about a foreclosed house I owned selling at auction and them trying to get the funds for me
...I'm sure as long as they get a cut.
I received a letter from multiple companies, so there must be some way for me to get this information and get the money that's owed to me, if any, and I'm sure ...
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How much will a short sale on your home hurt your credit?
This answer says:
Short sale or foreclose and kill your credit for a few years.
And that made me curious - how badly does a short sale or foreclosure hurt your credit, and for how long?
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Personal Asset Protection - How to protect asset against a deficiency judgement?
For people that are going through foreclosure and have the assets to pay for any deficiency judgement, how can they protect those assets?
Cash
Investments
Other properties
Businesses
I am not ...
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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 ...
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Will the ex-homeowner still owe money after a foreclosure?
I'd like to know whether a person owes any money to a bank if his house was foreclosed. From what I found, it says yes and the borrower owes the difference that the bank sold the property for. If ...
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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 ...
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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 ...
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Property Records - Foreclosure and Fair Market Purchase, Over and Over
Here is the records I am finding on a particular property I would like to purchase:
It seems like this Smith property owner has bought it out of foreclosure three times, and sold it to a party that ...
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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 ...
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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 ...
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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 ...
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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 ...
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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 ...
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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 ...
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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 ...
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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 ...
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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 ...
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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 ...
anon
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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 ...
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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 ...
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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 ...
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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 ...
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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 ...
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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 ...
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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.
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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 ...
Frank Rizzo
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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 ...
Frank Rizzo
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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 ...
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