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A sheriff's sale indicates that a creditor won a court judgment and acquired the legal right to sell the property to satisfy the judgment. A lender wants the property to be free and clear of other liens before taking title by a deed in lieu of a mortgage foreclosure. An answer would require more details about the debt underlying the sheriff's sale.
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When a property goes through foreclosure can borrower do a deed in lieu prior to the end date of the redemption period?
When a Property goes into Foreclosure and a Sheriff sale date is posted, or if after the Sheriff sale and is during the redemption period a "Deed in Lieu" is always a possibility. The Mortgage lender must agree to accept this. A"Deed in lieu" is the process in which an owner would be surrendering the title to the lender. Again the Mortgage/lender must agree to this act.
Can you still do a deed in lieu once foreclosure papers were signed?
Majority of the time it depends on the investor of your loan as well as the company that services the mortgage. Most companies will require that you have deed in lieu paper work submitted a certain amount of time before a foreclosure sale.
What is the time frame between foreclosure and sheriff sale?
The foreclosure process culminates with the foreclosure sale. In some jurisdictions the sale is conducted by a sheriff. One can say the foreclosure has been done when the sheriff's sale has been conducted. There is no time frame between the foreclosure and the sheriff's sale.If you want to know the time frame between the initial notice to foreclose and the foreclosure sale, you need to check in your particular jurisdiction. Times vary.The foreclosure process culminates with the foreclosure sale. In some jurisdictions the sale is conducted by a sheriff. One can say the foreclosure has been done when the sheriff's sale has been conducted. There is no time frame between the foreclosure and the sheriff's sale.If you want to know the time frame between the initial notice to foreclose and the foreclosure sale, you need to check in your particular jurisdiction. Times vary.The foreclosure process culminates with the foreclosure sale. In some jurisdictions the sale is conducted by a sheriff. One can say the foreclosure has been done when the sheriff's sale has been conducted. There is no time frame between the foreclosure and the sheriff's sale.If you want to know the time frame between the initial notice to foreclose and the foreclosure sale, you need to check in your particular jurisdiction. Times vary.The foreclosure process culminates with the foreclosure sale. In some jurisdictions the sale is conducted by a sheriff. One can say the foreclosure has been done when the sheriff's sale has been conducted. There is no time frame between the foreclosure and the sheriff's sale.If you want to know the time frame between the initial notice to foreclose and the foreclosure sale, you need to check in your particular jurisdiction. Times vary.
Is a short sale a better option than a deed in lieu of foreclosure?
You can only use a short sale if you have a potential buyer for your house. If the buyer's offer is less than you owe the lender then it "comes up short." You send the lender a request for a short sale letter asking it to accept the buyers offer as payment in full. A "deed in lieu" is used when you don't have a buyer and you want the lender to accept the deed to the house instead (in lieu) of foreclosing. Generally, you can't use a deed in lieu if you have a 2nd mortgage or substantial liens on the property.
What is the Redemption period for sheriff's deed in Michigan?
Redemption of a Sheriff's Deed after foreclosure is 6 Months from the date of the Sheriff Sale unless: 1) The property is located on 1 acre of land or more 2) The amount owed when the Sheriff Sale takes place is less than 66 & 2/3 percent of the original balance (as in it was payed down a LOT before things got bad and the foreclosure train showed up) If either of the above are true then the redemption period is one year. Also, if the Sheriff's Deed is not recorded within 20 days of the actual sale date, then the 6 months redemption period begins from the date the Sheriff's deed is recorded.
Do you have to short sale before a deed in lieu?
yes.
When can you buy a home after a short sale or foreclosure?
Here are the rules:How long will a former homeowner who sold through a short sale or foreclosure have to wait before they can buy another home?Here are the rules….Waiting Period Requirements to Buy a Home Again.The waiting periods in order to qualify for a home loan after a foreclosure, deed-in-lieu, short sale and bankruptcy varies both by the government agency purchasing or insuring the loan as well as the dollar amount of the loan.Federal Housing Administration (FHA)1) Foreclosure is 3 years2) Deed-in Lieu is 3 years3) Short Sale is 3 years4) Bankruptcy is 2 yearsVeterans Administration (VA)1) Foreclosure is 2 years2) Deed-in Lieu is 2 years3) Short Sale is 2 years4) Bankruptcy is 2 yearsConventional Conforming (FNMA/FHLMC)1) Foreclosure is 7 years2) Deed-in-Lieu is 4 years < 80% LTV and 5 years > 80% LTV for primary residences. 7 years for second homes and investment properties regardless of LTV.3) Short Sales is 2 years < 80% LTV and 5 years > 80% LTV and 7 years > 90% LTV4) Bankruptcy is 4 yearsConventional Non-Conforming (JUMBO)1) Foreclosure is 7 years2) Deed-in-Lieu is 7 years3) Short Sale is 7 years4) Bankruptcy is 7 years
Who conducts the foreclosure sale?
State laws vary but the foreclosure sale is usually conducted by a licensed auctioneer chosen by the lender.
If I try a short sale and it doesn't sell before foreclosure can I give the deed to the bank and avoid the foreclosure?
AnswerYou can't just give them the deed, no. All you can do is offer it to them and ask them to accept it instead of taking the property all the way through the foreclosure process.The bank doesn't have to accept the deed in lieu of foreclosure, as it's commonly referred to. But they will want to have seen that you have tried to sell the house for a period of time before they will even consider accepting a deed in lieu.If you have run out of all other options, the bank will be more willing to consider taking the property back. So the fact that you're attempting a short sale is good. Don't wait until the last minute before the sheriff sale to offer the deed in lieu, as well, because it will be more cost-effective at that point for the bank just to carry on with the foreclosure and sell the house.But, if the short sale doesn't work, contact the bank and offer the deed in lieu of foreclosure. They'll have more paperwork and procedures for you to do, but it will help you get out of foreclosure a little sooner and won't be as bad on your credit.Lets look at this a bit from the lender's side. It will help to understand some of their issues so you can negotiate a better short sale.Do understand that negotiating a short sale can be difficult and pretty stressful as the lenders are overwhelmed with loans to sort out. How you submit the information, what you say and how you focus their attention on the defects and other things going on matters a great deal.One reason a lender may decline to take the property back without a full foreclosure process can be the junior liens. Many times people in default on one loan are also in default on other loans, have back taxes (property or personal), liens from other creditors and similar. If the lender completes the foreclosure then the junior liens will no long remain on the property though the borrower will still owe the money in most cases.Other things to consider. When a lender accepts the deed in lieu on a property they are missing out on the opportunity to see if the property would sell at auction. A deed in lieu is used to quickly move the process along so that the borrower hands over the property in reasonable condition plus waives their rights of redemption. Redemption can be pretty long in some US states. A short sale is better as the lender settles and there is no need to market the property as an REO like there would be with a deed in lieu.
What does it mean when in a foreclosure an order recalling sheriff sale is issued?
When an order recalling sheriff sale is issued in a foreclosure, it means that the sale of the property by the sheriff has been halted or canceled. This could occur for various reasons, such as a legal error, settlement negotiations, or a successful challenge to the foreclosure. The order recalls the sale and typically returns ownership of the property back to the borrower.
Can I surrender a home and not be in foreclosure?
Yes, it's called a Deed-In-Lieu of foreclosure. You agree to walk away from the home and deed the property back to the mortgage company. This will still have a negative impact on your credit, but not as bad as a foreclosure. Most of the time, a Deed-In-Lieu is a cheaper option for the mortgage company as well because of all of the additional attorney fees/costs associated with the foreclosure process. However, a lot of mortgage companies still have rather restrictive guidelines for accepting a Deed-In-Lieu, some of these restrictions may require the mortgage has already been delinquent for some time, and that the property has been listed for sale at fair market value for a minimum of time (usually 90 days). Because the mortgage industry is struggling, these guidelines are ever changing and often can be bypassed. Call your mortgage company to find out what their specific guidelines are for accepting a Deed-In-Lieu. If you haven't already put your home up for sale, it would be a good place to start. If you can get a reasonable offer, even if it's less than the mortgage, your mortgage company may accept a short sale, which will be better for your credit and will also save the mortgage company money.
If you are in Foreclosure with a Sheriff sale pending can the lender transfer your loan to a different lender?
In Texas they can.
