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When a house goes into foreclosure, someone still needs to pay insurance on the property. Find out who pays insurance on a house in foreclosure with help from an expert attorney in the real estate industry in this free video clip.
Checking on tax foreclosure actions is a process that requires you to follow some very important yet ultimately straightforward steps. Find out about the steps to check on tax foreclosure auctions with help from a longtime and experienced accountant in this free video clip.
Engines are finely-tuned instruments, and Honda, in particular, prides itself on offering the finest level of tuning. But fine tuning makes for low margins of error, and tiny errors make for many symptoms that make make troubleshooting difficult. A low ticking noise can be indicative of dozens of different problems -- some of them severe and others merely annoying.
Announcing a new home purchase is a great way to make sure everyone interested is on the same page. Announce a new home purchase with help from a real estate personality and broker in this free video clip.
A note securitized foreclosure is the most common type of foreclosure going on in America today. Learn about a note securitized foreclosure with help from a certified financial planner in this free video clip.
Foreclosure can be an emotional time for everyone involved. Get tips on how to handle the emotions of foreclosure with help from a licensed marriage and family therapist in this free video clip.
Acceleration and position are two different concepts and should be treated as such. Get tips on acceleration versus position using calculus with help from an experienced math tutor in this free video clip.
Losing a home to foreclosure is hard on everyone, especially younger kids. Tell the kids that the house is in foreclosure with help from a licensed marriage and family therapist in this free video clip.
You need to reply to a foreclosure summons in a very specific way. Reply to a foreclosure summons with help from a licensed realtor in this free video clip.
ADR stands for "Alternative Dispute Resolution." Learn what it means if your foreclosure is exempt from ADR with help from a licensed realtor in this free video clip.
Approximate acceleration depends on what kind of function you have as your speed. Learn how to approximate acceleration with calculus with help from a mathematics educator in this free video clip.
If the writing's on the wall and you know you're going to lose your home, you may consider foreclosure if you've exhausted all other avenues. Because most foreclosures in California are nonjudicial — meaning they don't involve the courts — the speed of the process is largely dictated by your lender. Judicial foreclosures, which are rare in California, require your lender to sue you for surrender of your home in a court of law.
The non-judicial foreclosure procedure in California allows mortgage lenders to foreclose on a home without going to court. Although the process is simpler than a judicial foreclosure, it still takes several months to complete. This is fortunate for homeowners, but can be tiresome for lenders. Whichever side of the foreclosure you are on, it's important to understand California's non-judicial foreclosure laws and how they will affect you.
When a mortgage lender forecloses on a property, the owner can be held liable for legal and processing fees associated with the proceedings; he may be required to repay any portion of the mortgage loan not recouped by the lender as part of a foreclosure sale. Homeowners facing foreclosure often are concerned about the potential for losing additional assets, such as savings accounts, vehicles or other tangible property. While laws vary by state, there are several ways to shield some personal assets legally from seizure.
Foreclosure proceedings are typically handled in court, though nonjudicial foreclosures are possible. The defendant in a judicial foreclosure does not have the right to refuse a motion to withdraw from the case. Only the judge has the jurisdiction to rule on such motions. Real estate law differs from state to state, so consult an attorney for specific advice about your case.
Economic indicators are statistics used to indirectly gauge the status of the economy because of the difficulty in directly measuring its condition without prohibitive expenditure of time and effort. Marketing data for long-term assets such as houses and vehicles can be used to gauge the public’s consumption. Existing inventory is one such economic indicator, being the total existing homes on the open market. As such, it includes homes that have been foreclosed by the creditors and are being sold to recoup the creditors' losses.
Hardship letters are an "x-factor" that can help you overcome a lender's normal credit requirements. Some lenders require a hardship to obtain certain loan services, especially loan modification. A hardship letter gives you a chance to explain your financial situation that lead to you missing payments or developing a spotty financial history.
A trustee sale is a public auction of real estate in which the owner is in default on the mortgage. The trustee facilitates the foreclosure process on behalf of the lender or mortgage company. A trustee sale typically marks the end of the foreclosure process. After the sale, ownership of the property is transferred to the highest bidder.
Someone has to continue to pay for insurance on a house once it enters into foreclosure. Find out who pays insurance on a house in foreclosure with help from a licensed Realtor in this free video clip.
If you're going through foreclosure it helps to have a detailed plan of what to do next. Get home foreclosure workout plan tips with help from a licensed Realtor in this free video clip.
Pre-foreclosure refers to the legal procedure that is undertaken to foreclose a house when a mortgage holder fails to make payments on a mortgage. The pre-foreclosure process takes time because it involves mandatory notices which the lender must give the mortgage holder and court hearings if the mortgage holder seeks legal protection to stop foreclosure. Foreclosure inevitably affects tenants who are usually asked by the lender to break the lease. The law has clear provisions on how a lease can be broken when a property is in pre-foreclosure.
The information found in your credit report determines your credit score. According to FICO, your FICO credit score ranges from 300 up to 850, and the higher your FICO score the better your credit is considered to be by lenders. Your credit score helps determine your approval for credit and the interest rate charged for that credit product. A foreclosure impacts your credit score both now and in the future.
Lenders in Texas can foreclose on your house if you default on a home loan. The foreclosure process culminates with an auction after which all of the liens on your home are extinguished. However, your obligation to repay your second lien loan does not necessarily end when the lien gets removed from your home.
Texas law permits both judicial foreclosure, which involves filing a foreclosure suit in a Texas court, and nonjudicial foreclosure, which is conducted without court involvement. A lender may carry out a nonjudicial foreclosure in most cases if the deed of trust contains a power-of-sale clause. Because nonjudicial foreclosure is faster and does not require court costs, this method is typically preferred by lenders. If you are a Texas homeowner who is facing nonjudicial foreclosure, several strategies may help you fight the action and keep your home.
Your mortgage lender has the right to take your property if you stop making payments. Missing one month's payment might not trigger a foreclosure, but if you repeatedly skip payments and fail to make arrangements, lenders typically start the foreclosure process after 90 days. You can't fight a legitimate foreclosure, but if your lender forecloses illegally or unreasonably, you can file a suit against the bank.
As part of a homeowners association, you generally agree to be part of an organization responsible for the upkeep of your neighborhood or subdivision, in exchange for fees and certain rules set forth for all members. The homeowners association is recognized as a corporation or partnership set up to manage the common property of a residential real estate community. They have elected members responsible for overseeing the neighborhood and are regulated by state and local laws and are responsible for creating and enforcing any common agreements for the neighborhood. In some cases, an HOA may have rights regarding debts against…
A homeowners association is responsible for the assets that the entire community shares, such as swimming pools, entrance gates and playgrounds. To fund its activities, an HOA charges membership dues, and the association may charge a late fee if dues are delinquent. Tennessee property owners may be held personally liable for unpaid HOA fees, even if the lender forecloses on the home.
If you are unable to make your mortgage payment for several months, your mortgage lender may choose to foreclose on your home. Foreclosure is a legitimate concern, particularly if you will have difficulty making your payments; however, the pre-foreclosure period gives you an opportunity to catch up on your defaulted payments. The length of this period varies by state, but typically lasts about three months.
A foreclosure is essentially a financial rock bottom. It occurs when a homeowner is unable or unwilling to pay the amounts due on his mortgage. Many mortgages are structured so that tax payments are made by the mortgage company and the tax payments are included in the mortgage payment. So, if a homeowner is not making mortgage payments, the tax payments may not be made as well. Foreclosures and changes of ownership do not stop taxes from being collected, but the responsibility will change as the situation develops.
Although buying a home can be exciting, selling your existing home while buying another can be a cumbersome and frustrating experience if your existing home does not sell as quickly as you anticipated. If you need to coordinate a purchase and sale, your real estate agent or broker may recommend adding a contingency clause to your purchase offer, which releases you from your purchase obligation if you cannot sell your existing home.
A foreclosure is the process used by a person who has secured a loan through a mortgage to recover his money by selling the underlying property. While the process is meant to allow the lender the ability to regain his funds, the holder of the deed is given as many opportunities as possible to settle the debt and retain the property.
A final judgment is signed by a judge once the foreclosure case has gone through court proceedings. The final judgment allows the lender to legally sell the property in order to recoup some of the losses from nonpayment. In the final judgment, amounts owed on the property will be listed and you are required by law to receive a copy of the court document containing this information.
Losing a home to mortgage foreclosure is devastating, and it often takes years to rebuild credit. Mortgage options are limited after a home foreclosure. But if you want to purchase a new property after foreclosure, be prepared to wait a few years or pay a higher interest rate.
Residential rental property in the process of foreclosure is still legally yours until the foreclosure process is complete and the bank acquires the property. During the time the property still belongs to you, you may be required to continue claiming depreciation depending on the status of the asset’s rental activity. Once the property is taken over by the bank, your gain or loss on the foreclosure is partially based on the depreciation you claim during the life of the asset.
The Compaq FS755 is a CRT monitor, once sold with several models of Compaq desktop computers. When the display images begin to have problems or you can't seem to play games because the video and images no longer display correctly, you can correct the problem by installing a PCI video accelerator card. However, this card is not installed to the monitor, but is instead installed in the computer tower box to which the monitor is connected via cables.
Difficult economic times often result in high foreclosure rates within a stricken area or across the country. Many home owners, who may be struggling to keep up with mortgage payments, will find themselves thrust into a new world of foreclosure legal jargon and paperwork. A decree of foreclosure and sale is something that home owners who are several months behind on their mortgage payments might find themselves faced with. In this case, it is necessary to understand what the term means, what happens after a decree of foreclosure is issued, what foreclosure resources are available that can provide help and…
Going through a home foreclosure can make you not want to do your lender any favors, including maintaining the house in good condition and appearing at court hearings. Upholding these obligations can make the foreclosure process as smooth as possible and can even help reduce your liability at its conclusion. Failing to act in good faith during the foreclosure can increase your financial liability and may result in additional lawsuits.
The length of time that a house can be in short sale status before changing to deed in lieu of foreclosure varies. The economy, the area the home is in and the lender's desire to move the house off the books all play a part in the decision-making process. Some lenders insist a short sale move to deed in lieu within 90 days of the house not selling once placed on the market.
Even though seniors often own their homes by the time they retire, they can still face foreclosure because many opt to supplement their income with a reverse mortgage -- where the bank offers a loan for equity in the home. Seniors with any type of mortgage can receive help to prevent foreclosure, but they must seek help immediately.
A foreclosure modification is actually a loan modification. A loan successfully refinanced or modified with the cooperation of the lender helps avoid foreclosure. Modification programs work if the home owner makes payments as agreed on the new loan. However, there is no guarantee that a lender will agree to loan modification.
If you fail to make your mortgage payments, foreclosure is sure to follow. There are two types of foreclosure you may encounter: judicial and nonjudicial. In a judicial foreclosure, the entry of a judgment is one of the final steps before the seizure and forced sale of your home.
Homeowners associations, often called HOAs, generally have the right to foreclose on your home if you fall behind on your HOA dues. Depending on where you live, HOA dues are no more than a few hundred dollars a year. Nonetheless, your HOA may sell your home for a fraction of its value solely for the purpose of paying off your debt. However, you can stop the foreclosure if you act in time.
Oftentimes, foreclosure sale dates are postponed while homeowners are arranging a short sale or a mortgage modification. When foreclosure sales dates are postponed, the lender agrees to put the sale off for an indefinite period of time. The amount of time allowed homeowners to find alternative mortgage solutions depends on the lender.
In some states, foreclosures can happen so quickly that you won't have the opportunity to rent. In states with longer time frames, you may not be able to keep the rent even if you do lease a property, if either your lender or homeowners' association has the authority to collect the rent payments from your tenants if you are delinquent in your payments. If this doesn't apply to you, go ahead and rent it; you are under no obligation to disclose that you're facing foreclosure.
California is a title-theory state, meaning that the lender — such as a bank — holds title to a property until the borrower’s loan obligation is fulfilled. When you buy a home in California, the deed of trust transfers from the previous homeowner to the bank. It’s ownership of the deed of trust that allows a lender to foreclose in the event that the borrower defaults on payments. However, both homeowners and tenants have rights even after foreclosure, and California is considered one the nation’s most consumer-friendly states in the country regarding foreclosures and related matters such as lockouts.
What happens when you are served with a foreclosure notice depends on your particular state, because laws varies across the country. If you have trouble paying your mortgage, contact your lender as soon as possible to avoid or delay foreclosure proceedings. Some mortgage companies may be willing to work with you.
Your responsibilities as a homeowner don't always end after a foreclosure. In some cases, your lender and your community benefit if you don't move out right away. Plus, you may have ongoing financial obligations to your lender, tenants and, if your lender forgives your balance, the IRS.
Your wages and other sources of future income, as well as assets -- such as bank accounts -- are subject to garnishment in lieu of unpaid financial obligations. An IRA, or individual retirement account, however, can only be seized under exceptional circumstances.
Pennsylvania law provides only for judicial foreclosures, meaning that lenders must notify borrowers of the pending foreclosure -- in writing via first-class mail -- after borrowers become 60 days or more delinquent in their mortgage payments. Some states also provide for nonjudicial foreclosures, which don’t include courts in the foreclosures proceedings. If borrowers don’t repay the amount due, plus late fees, within 30 days of receipt of the lender’s notice, the lender may legally file suit in order to obtain a court order of foreclosure.
If you take out a secured property loan, you must forfeit that property if you fail to pay off the debt. You may also have to forfeit your property if you fail to pay your taxes, and, in some instances, you may lose ownership of your property without even realizing it. On many occasions, you have no recourse when you lose your property, but in other situations you have the right to redeem your assets.
