0
Mortgages can be written with a lot of different terms and laws, especially real-estate laws, vary greatly state to state. State law also dictates the actual process of foreclosure.
Foreclosure doesn't happen when you miss x number of payments. Foreclosure is the legal process of the bank or lender trying to take away your legal right to lay claim to any equity you have accumulated in your home. They do this so that, if and when they have to repossess your home, they don't have any problems trying to sell if because you still have a financial claim to the property.
Foreclosure happens when you default and a bank decides they need to foreclose so they can then evict you and resell the house. If you are missing payments on your mortgage, you need to talk to your bank/lender and talk about what's going on. Banks do not like to have to go through all the work to foreclose, evict, and sell a home. But, if you are missing payments, you need to talk to someone to figure out what the options are and which option is best for you.
Add your answer:
Earn +20 pts
How do you proceed with a deed in lieu of foreclosure and what are the advantages?
One advantage is that the foreclosure process will end sooner. Once the bank accepts the deed in lieu of foreclosure, all of the legal procedures come to a end immediately. The bank accepts the deed as payment in full for the loan, and the homeowners are no longer in default of the mortgage. Another benefit is the homeowners will not have as badly damaged credit as if they had gone through the full foreclosure. With the foreclosure process ending sooner, there are fewer missed mortgage payments. The bank typically reports late payments up until the month of the county foreclosure auction, which can result in many missed payments. With a deed in lieu of foreclosure, some of these can be avoided, as the foreclosure process is terminated early. This, in turn, allows homeowners to begin recovering financially more quickly than if they had let the home go through with the entire foreclosure process. They can begin working on credit repair sooner rather than later.
What are the features of Firstline mortgages?
FirstLine Mortgages is no longer in operation. All FIrstLIne mortgages were moved to CIBC for ongoing service. There will be no change to your mortgage until renewal.
What is the meaning of good through date for foreclosure?
It means that the offer is good until the foreclosure date. This means that the offer cannot be redeemed after that date.
Who is responsible for a property still in the foreclosure process once you vacate the premises?
You are responsible for the property during the foreclosure process up until the property is sold or auctioned.
What types of mortgages does Ulster Bank offer?
Ulster Bank offers several types of mortgages, including Fixed Rate until 31 July 2015 LTV
Can your car be repossed before your car payment is due?
No, until you have missed a scheduled payment (at the very least), the lender has no right to the property.
How do you proceed with a deed in lieu of foreclosure and what are the advantages?
One advantage is that the foreclosure process will end sooner. Once the bank accepts the deed in lieu of foreclosure, all of the legal procedures come to a end immediately. The bank accepts the deed as payment in full for the loan, and the homeowners are no longer in default of the mortgage. Another benefit is the homeowners will not have as badly damaged credit as if they had gone through the full foreclosure. With the foreclosure process ending sooner, there are fewer missed mortgage payments. The bank typically reports late payments up until the month of the county foreclosure auction, which can result in many missed payments. With a deed in lieu of foreclosure, some of these can be avoided, as the foreclosure process is terminated early. This, in turn, allows homeowners to begin recovering financially more quickly than if they had let the home go through with the entire foreclosure process. They can begin working on credit repair sooner rather than later.
Is property in foreclosure still considered property of estate?
Yes, until the foreclosure has been completed and the lender has taken possession of the property.Yes, until the foreclosure has been completed and the lender has taken possession of the property.Yes, until the foreclosure has been completed and the lender has taken possession of the property.Yes, until the foreclosure has been completed and the lender has taken possession of the property.
If your renting a home in foreclosure when do you stop paying rent?
Not until there is a foreclosure sale.
How long after default will it take for property to go to a foreclose?
Timeframes are dependent on state laws. Lenders can begin foreclosure proceedings as soon as one month with a missed payment. They often don't send it to legal process until three months have passed. As soon as you get behind on payments contact your lender to see if you can work a modification to the mortgage which is affordable
When can your car be repossed?
The most frequent cause of repossession is lack of payment on a note owed to a financing company or bank. The lender can repossess anytime after a payment is missed, but most won't start such proceeding until you've missed two or three payments. Always try to work with the lender before you get too far behind.
What are the features of Firstline mortgages?
FirstLine Mortgages is no longer in operation. All FIrstLIne mortgages were moved to CIBC for ongoing service. There will be no change to your mortgage until renewal.
When can they repo your car after a missed payment?
It differs by states. Some aloow 10 days ,some until the lender makes a sale on the repo. Check with a local attorney.
How long after is a t mobile phone cut off if a payment is missed?
My phone bill was due on the 12th, and didn't get off until the 1st of the next month, so about 2/3 weeks!
How long after is a t-mobile phone cut off if a payment is missed?
My phone bill was due on the 12th, and didn't get off until the 1st of the next month, so about 2/3 weeks!
What is the meaning of good through date for foreclosure?
It means that the offer is good until the foreclosure date. This means that the offer cannot be redeemed after that date.
What happens when you File chapter 13 bankruptcy in a foreclusure procedure?
If the foreclosure sale has not happened (the auctioneer has not said "sold" or in some cases, the foreclosure deed has not been recorded), the foreclosure stops until the mortgagee (lender) obtains relief from stay from the bankruptcy court. Your plan may provide for the payment of the mortgage arrears as well as any other secured debt arrears, priority debts (taxes, etc.) and unsecured debts your excess income allows you to pay.
