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The lender must first look to the property to be paid. The lender can only go after the person who signed to note. If the spouse is not on the note they can not seek recovery against her. If the lender completes a nonjudicial foreclosure (no court involvement) it can not look to the borrower for additional monies owed on the debt. The one action rule requires the lender to elect to seek recovery by foreclosing or suing the borrower.
The only way the lender can go after the borrower and the property is if the lender files a judicial foreclosure action with the court and seeks a deficiency judgment against the borrower.
If the wife did not sign the deed of trust in California or states that have deeds of trust, the non signing spouse can seek to have the deed of trust voided entirely as both spouses must sign the deed of trust to bind community property.
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What happens during a property foreclosure?
During a property foreclosure, the lender sells one's mortgages house and use the sales proceeds to pay off the outstanding balance on the mortgaged loan.
Can you put a house for sale in foreclosure?
You can put a house up for sale in foreclosure, but the foreclosure process could happen before the house sells. It doesn't make any sense, if you would like to sell the house, do so before foreclosure.
If our house goes into foreclosure can the banks still get their money from you ?
foreclosure is a conditon where a lender (the bank) acquires title to and uses the value of the property to offset the outstanding balance of the loan. If your property goes into foreclosure you will LOSE ownership of that property but will also no longer owe the unpaid balance of the loan. This is called 'defaulting' on your loan.
What is the house foreclosure process?
Foreclosure is governed by state law, different states can observe different foreclosure procedures. In foreclosure, the lender, mortgagee, automatically becomes full owner of the property when a borrower, mortgagor, defaults. The borrower can still pay the full amount and get the house back during the redemption period. If the money is not paid back, you will lose the ownership of the house. Then the house will be sold at a public sale or auction to pay for the full loan amount, if the sale is less than the amount owed, you will owe the difference.
If your house was in foreclosure what would be your greatest need?
My house is going through foreclosure. My biggest need is money to move and finding a place to rent.
What steps can I take to stop a foreclosure on my house?
The first step is to contact your bank or mortgage company. Many banks will work with customers to avoid foreclosure.
If your house is in forecloure can your spouse buy another house while you file bankruptcy There was a quick claim done to get spouse name off of the title?
If two people owned property, executed a mortgage, and the mortgage is in default, the foreclosure will be filed in both names. It was both mortgagors who defaulted and both will be parties to the foreclosure. If one executes a quitclaim deed to the other that will not stop their being mentioned in the foreclosure.
Can you sell your house during foreclosure?
Yes. The new owner would take subject to the foreclosure as well as yourself.
Are you liable if you are getting a divorce and your house is facing foreclosure but your name is not on the deed?
Getting a devorce and house is facing forclosure but my name is not on deed. Am I liable.
What personal items will you lose during a foreclosure?
in virginia, do you get to keep personal items after a foreclosure or do you lose everything you own inside the house also
What happens during a property foreclosure?
During a property foreclosure, the lender sells one's mortgages house and use the sales proceeds to pay off the outstanding balance on the mortgaged loan.
How long after foreclosure can you stay in your house in Colorado?
You can usually stay at least 30 days in your house. Some banks or companies may extend much more time to you than this.
Can you put a house for sale in foreclosure?
You can put a house up for sale in foreclosure, but the foreclosure process could happen before the house sells. It doesn't make any sense, if you would like to sell the house, do so before foreclosure.
Can you evict a spouse if the house if is in foreclosure and he moved his girlfriend in the house and while wife is working out of town house is in the spouse name and wife is on the deed?
One can evict a renter or a squatter, but not an owner of the property. However, you should consult with an attorney in your area who can review your situation and explain your rights and options. You do not have to allow a stranger, the girlfriend, to live in your home.
If our house goes into foreclosure can the banks still get their money from you ?
foreclosure is a conditon where a lender (the bank) acquires title to and uses the value of the property to offset the outstanding balance of the loan. If your property goes into foreclosure you will LOSE ownership of that property but will also no longer owe the unpaid balance of the loan. This is called 'defaulting' on your loan.
Which spouse stays in the house during separation?
The spouse that stays in the house will depend on whether the husband and wife agree. If they don't agree, the judge in the case will decide who gets the home.
Do you get the best deal by buying a house at a foreclosure auction?
Yes, you get the best deal by buying a house at a foreclosure auction. You can read more at www.realtytrac.com/foreclosure/Auction/how-to-buy-homes-at-auction.html
