A foreclosure occurs when a bank repossesses a house, usually when the person who bought the house has not made mortgage loan payments over several months. The home owner must vacate the home and the bank sells it in a foreclosure. A foreclosure looks bad on a credit report and will make it more difficult for the person who lost the home to buy another one. Foreclosure is the legal action taken to extinguish a home owner’s right and interest in a property, so that the property can be sold in a foreclosure sale to satisfy a debt.
How can I get out of my underwater mortgage? If my mortgage is underwater and the home is in disrepair, can I let the bank foreclose and move on? Q: I am a widow in my 70s and my mortgage is underwater. In addition, the house is in need of much repair. Can I just [...]
What's the effect of a foreclosure on a property lien? If you have a lien on a property and the bank forecloses do you lose your claim to that property? It depends on your state's laws regarding liens and foreclosure. The mortgage lender also has a lien on the property and once the property is sold you may lose your lien, even if a court issued a judgment in your favor.
A homeowner who went into foreclosure a few years ago is paying a private mortgage insurance (PMI) claim as part of a forbearance agreement with a new lender. Homeowners who purchase property and obtain a loan that exceeds 80 percent of the purchase value must pay for PMI, which protects the lender, not the buyer. The original lender will file a claim with a PMI company and a new lender has the right to collect the full loan amount under a forbearance agreement.
What can you do when a contractor fails to live up to his contract in a kitchen remodeling project? Hire an attorney to go over the contract with you to understand your rights in this botched remodeling situation. It's especially hard if you later face foreclosure on the same home.
Home values continue to decline and home owners are losing income. These factors affect home owners' ability to sell homes and make mortgage payments. Some home owners may be considering giving their homes to the bank through foreclosure and moving on. Those who can afford to keep their homes have negative equity -- they may owe more than the current home value. The credit crisis continues to impact home values, mortgages and the housing market as a whole.
Because a second mortgage is a lien, missing second mortgage payments could lead to foreclosure. When the home sells, the owner will not get any proceeds until the lenders for both loans have been paid off. If you cannot afford your second mortgage, you can try to work with your lender or a credit counseling agency to maintain your credit and keep your home.
Can a contractor collect payment from a mortgage company that owes for work on a fire-damaged home that has since been foreclosed on. The contractor nearly finished the work and then the mortgage company foreclosed on the home and halted payment to the contractor. Can the contractor file a lien to get the money he's earned working on the home that has since been foreclosed?
A foreclosure auction may seem like a one stop shop to pick up a foreclosed property after looking at several. But you can also find foreclosures through a real estate agent and do a market comparison to see if you're really getting a good deal. Learn about one agent's visit to a foreclosure auction.
Many people think you save money by buying a home that's a short sale or foreclosure. That's not necessarily true. Even if you do save money on a short sale it can take longer to close on escrow. California real estate agent Charlotte Laws talks about saving money with short sales or foreclosures.
If you are renting a soon-to-be foreclosed property, will you be evicted? What happens if you pay your rent, but your landlord did not make the mortgage payments and the property entered foreclosure. What does the eviction process look like for a renter of a foreclosed property? Ilyce offers advice about the foreclosure eviction process.