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When a foreclosed house is sold at auction for more than the amount due that money if unclaimed is held by the county or state until claimed How do you find a list of those unclaimed funds?
Drhys
Each state is required to keep those funds and a list of who they are owed to at one of their offices, most are: Comptroller of Public Accounts, Secretary of State, or the Treasurers office (etc.). A search for unclaimed property and your state name (since it is not in the question) should produce the results you are looking for.
NOTE: there are services that charge money for these claims, do not use them, the states provide all this to you without a fee and these services are normally a rip-off.
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∙ 13y ago
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When i buy a foreclosed home what am I paying for?
See, when you talk about foreclosed home, then let me tell you that there are 3 categories in which foreclosed homeprocess generally falls 1.Pre-foreclosure 2.Auction 3.Bank OwnedHence, it certainly depends upon the category in which the foreclosed home process is falling, that how much amount you have to pay.In Auction process, you have to bid for the home and if you place the highest bid then home is yours.In Bank or NBFC owned, the Bank like IDBI, ICICI / NBFC like Bajaj Finserv list the home with a real estate agent in the local MLS and you have to contact that person if you want to buy the home. Here you can negotiate on the price of home.
Will the excess amount in foreclosing real estate mortgage given to th mortgage or not?
I'm not sure this question was complete, but the answer is that any excess equity after a property is foreclosed will go to the prior homeowner. In other words, if a home is foreclosed and the home sells at auction for more than was owed to the bank, the excess will go to the homeowner who was foreclosed upon. Keep in mind many fees and charges may be attached to a foreclosure, so the equity may be limited.
What happens when your home forecloses and the lender sells it for less than what you owe?
You still owe the balance (the amount you owed minus the amount the lender sold the foreclosed home for).
Is it correct for the loan amount of a foreclosed property to appear on a credit report?
what ever the balance was at the time of foreclosure will report on your credit report
What is the difference between a foreclosed property and a bank-owned property?
The two terms are used loosely by many people so they can have an overlap in their meaning. Foreclosure is a process. When someone says a property has been foreclosed upon they are mostly talking in the past tense. A foreclosure that runs its full course will end with an auction. If the foreclosure stops prior it is normally because the default has been settled through some other means. Normally a default that has been cured is from the loan being settled (in full or for an agreed short sale amount). When a foreclosure happens the final step is an auction where the lender enters the opening bid. If there is another bidder that offers more they win the auction and become the owner. In that case the property was foreclosed upon and the owner is the party that won the auction. For most practical purposes there is nothing special in that the property has a new owner and there is nothing odd to be concerned about. When the auction fails to identify a bidder who will pay more than the lender's opening bid the lender becomes the owner. Assuming a bank and not a private lender, the property is classified as Other Real Estate Owned (OREO). Most people shorten the term to REO. Regulated banks in the US are required by law to dispose of property that is OREO. It is surplus to requirements and banks cannot hold RE for investment purposes.
What kind of cleaning needs to be done to a foreclosed home before auction?
Essentially no cleaning is required unless there is some sort of agreement between the lender and the homeowner which the homeowner has agreed to. Beyond that the only requiement is to clear out belongings before the home is auction. The type of cleaning needed to auction foreclosed homes depends on the amount one expects to get at auction. A home can be auctioned “as-is”, but will not get a good price. Unfortunately, in this market simply cleaning a home will not guarantee a better price at auction.
In default 6000 on a home loan can it be foreclosed?
A home can be foreclosed on if the terms of the loan are violated. The amount does not matter.
When i buy a foreclosed home what am I paying for?
See, when you talk about foreclosed home, then let me tell you that there are 3 categories in which foreclosed homeprocess generally falls 1.Pre-foreclosure 2.Auction 3.Bank OwnedHence, it certainly depends upon the category in which the foreclosed home process is falling, that how much amount you have to pay.In Auction process, you have to bid for the home and if you place the highest bid then home is yours.In Bank or NBFC owned, the Bank like IDBI, ICICI / NBFC like Bajaj Finserv list the home with a real estate agent in the local MLS and you have to contact that person if you want to buy the home. Here you can negotiate on the price of home.
Will the excess amount in foreclosing real estate mortgage given to th mortgage or not?
I'm not sure this question was complete, but the answer is that any excess equity after a property is foreclosed will go to the prior homeowner. In other words, if a home is foreclosed and the home sells at auction for more than was owed to the bank, the excess will go to the homeowner who was foreclosed upon. Keep in mind many fees and charges may be attached to a foreclosure, so the equity may be limited.
Are there more homes for rent because of the increased amount of foreclosures in 2009?
Actually there are likely fewer. Once a home is foreclosed it returns to the control of the lender, usually a bank. Banks are not in the rental business and the house usually sits empty until sold at auction.
When a home is foreclosed in Tennessee are wages garnished?
Yes, when a home is foreclosed on in Tennessee and there is a deficiency between the amount collected and amount owed, your wages can be garnished to pay the difference. You may be able to file an exemption or file for bankruptcy to avoid this.
Does a HOA lien get wiped out if condo is foreclosed by mortgage lender in California?
Liens are not 'wiped out': liens are paid. When the foreclosed property is sold, the lien may be paid from the proceeds, depending on its priority and the amount earned from the sale.
How do you find out in the state of Utah if your foreclosed manufactured house has been sold?
In most states, the foreclosure needs to be conducted at a properly noticed public auction and you should receive notice of the sale. If the proceeds exceed the amount owed and any other liens, you should be able to contact the lienholder or the foreclosure trustee for an accounting.
Are there any options for you if your foreclosed home already has an auction date?
Unless it is possible to pay the monies owed to bring the entire delinquency amount current to stop the foreclosure sale, there are two other options. One option is to file bankruptcy, and the other is to allow the sale to proceed. Most states have a right of redemption period following an auction, but it requires the delinquency be paid up within a short period of time in order to reclaim the property.
What does no reserve auction mean on jewelry?
If an item has a reserve price at an auction it means no matter the amount bid it will not sell unless it reaches the reserve price set by the seller. This price is not known by the bidder. In a no reserve auction the item will sell by the highest amount bid on the item this is known as a true auction.
What happens when your home forecloses and the lender sells it for less than what you owe?
You still owe the balance (the amount you owed minus the amount the lender sold the foreclosed home for).
How will you know what you still owe the creditor after a repossession?
The amount you will owe the creditor will be the amount of your auto loan (including repossession fees, interest, and collection charges) minus the amount the vehicle sold for at auction. The creditor will notify you of the amount due in writing after they auction off the vehicle.
