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Real Estate Foreclosures Questions and Answers |
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Question: In California, Can a creditor garnish your wages after a foreclosure has gone through?
After your house has gone through foreclosure and your house has been sold, Can the creditor garnish your wages for the balance due?Answer: It depends on your loan, if you ever refinanced then yes, ...
It depends on your loan, if you ever refinanced then yes, they are entitled to the entire amount of money they gave you.
If you never refinanced your original loan then they simply send you a 1099 for the excess amount, you simply have to claim it as income for both the IRS and CA taxes.Question: Question about foreclosure?
You live a house and are paying mortgage toward it, you've paid a good chunk already. But then, financially, bad things happen and your house is about to be foreclosed.
Do you get any of the "good chunk" back?
How does it work in comparison to normally just selling a house?
Gem - why ask ME a question, when obviously I don't know much about this?
What I asked you, is pretty much the same as you're asking me.
And, don't assume this is a situation I am in. Maybe I'm just curious.Answer: once house is sold
bank mortgage comes first
any other ...
once house is sold
bank mortgage comes first
any other mortgages come next
whats left is yours.Answer: Foreclosure is a last step when you cannot make your ...
Foreclosure is a last step when you cannot make your payment, and can't sell the house for what the mortgage is, and cannot make the bank whole. If you have paid a good chuck of your mortgage (there is good equity in the asset), you would probably sell and pay off the bank in full, with some leftover for yourself. Then you would avoid foreclosure, which you should do at all cost imho. tbaAnswer: Selling it yourself, you have control over the sale price. ...
Selling it yourself, you have control over the sale price. If the home is foreclosed, it'll probably be sold at a Sheriff's auction. The bank (or whoever foreclosed) will control what is an acceptable price. If that minimum is met, the auction sale will go through. If that minimum is high enough to pay off the main mortgage-holder, but not high enough to pay off a secondary mortgage, you can find yourself still owing money even after the home's been sold.Answer: if bank forecloses, a lot of money goes to attorney and ...
if bank forecloses, a lot of money goes to attorney and Realtor fees. they typically sell at break even point or lower to get the paper off books. In 20 years in this business, I have never heard of anyone getting money back after there home has went into foreclosure. Good luck.Answer: If you have paid a "good chunk" why would you not ...
If you have paid a "good chunk" why would you not sell it before it forecloses?
Homes are still selling, they just have to be priced right for the area and staged to sell.
My brother sold his home in 1 week in a small town in Michigan (where we have been in a recession for over 5 years).Answer: Unlikely. Anything above the balance will be eaten up with ...
Unlikely. Anything above the balance will be eaten up with various fees the bank will charge for the foreclosure.
You should look into selling the home and keeping the "good chunk" for yourself.Question: what is quitclaim deed process for a pre foreclosure?
the mortgage was reinstated and is now 1 month late after three months currentAnswer: In order to preforeclose all control must be in one place . ...
In order to preforeclose all control must be in one place . Anyone connected in any way has to yield up any possible claims . Then the property is deeded to the lender for the resale called a foreclosure sale.Question: Hi everyone!!! how can I buy a foreclosure home? Is it a smart move?
Answer: Talk to your bank, most of them have forclosed homes they ...
Talk to your bank, most of them have forclosed homes they need to get rid of. Or talk to a real estate agent and see if there are any on the market. But make sure you can afford it. Most homes are being foreclosed because people are living beyond their means and it catches up to them. Its a good move though, you can get decent homes for a good price.Answer: Most foreclosed homes are available on the courthouse steps ...
Most foreclosed homes are available on the courthouse steps for auction. But bare in mind that most of those mortgage companies send attorneys to buy them back for themselves ( maybe for insurance purposes). Anyhow they are then put into the hands of Real Estate agents to sell. It can be a smart move because you can get more house for your dollar but be warned. You are buying them "as is" you have no clue if or what works. There are no guarantees. So..you might buy a house that has no working electrical, plumbing, heating system, etc. And they will not repair these items to sell. That is why they are sold " as is" . It is a good choice if you can do the repairs yourself. I have seen alot of people make lots of money doing this. And I have seen people lose their shirts too. Good luck.Answer: have a reputable realtor help you through your ...
have a reputable realtor help you through your search
foreclosed homes offer great bargains....many bank owned homes are sold "as is"...... in some cases "as is" is perfect move in condition others are fixer-uppers with cosmetic flaws, others are in very poor or damaged condition....do your homework and be a wise shopper....just because a home is sold as is....doesn't mean to forego the home inspection....still have the home inspected and make an informed decision....
I am currently looking for a home and will likely get one of these bank owned homes...
just remember before they were bank owned they were people owned...only thing is you have to do your research more dilligently....Answer: Buy a home because it is right for you and at a good price. ...
Buy a home because it is right for you and at a good price. Don't blindly ignore other opportunities. There may be a divorce, transfer, death or other circumstance that allows you to buy a non-foreclosed house much cheaper and in better condition.
Get a good Realtor and have them show you what is available including the bank owned stuff.Question: Do I need homeowners insurance during foreclosure?
Due to extended unemployment, a required out-of-state move, and inability to sell my home, foreclosure is underway. My homeowners insurance company hasn't received payment from my mortgage escrow and is asking me to pay the bill. Obviously the mortgage company isn't going to pay anything out of escrow right now. Do I need to keep homeowners insurance on the home while waiting for foreclosure to be finalized?Answer: Look at it this way - what if the house burns to the ground. ...
Look at it this way - what if the house burns to the ground. Then whose going to pay? You will be fully responsible. However, I'm surprised that the mortgage company isn't paying. I used to work in a foreclosure department, and we were always sure that insurance was up to date, in case of such an occurrence. I would call your mortgage company to find out its status.Answer: If the bank has to sell your house at foreclosure they will ...
If the bank has to sell your house at foreclosure they will still want to come after you for the difference. If the house burns down uninsured, then the difference they will chase you for will be much greater.
Is that extra risk worth it to you?Answer: Inform the mortgage company to disburse fund to the ...
Inform the mortgage company to disburse fund to the homeowner's company immediately. They're not entitled to the money they're holding in escrow for you. The Homeowner's insurance company is.Answer: if something happens to the house while you still ...
if something happens to the house while you still technically own it and you don't have insurance - you could be up a creek |
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Bank Foreclosure
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