Your Questions About Foreclosures | foreclosureorder.com

Your Questions About Foreclosures

Your Questions About Foreclosures

George asks…

During the foreclosure process, can a bank come after you for anything or is the house the only collateral?

Against all advice my friend is foreclosing. Can the bank sue or take legal action against you for anything for other belongings (cars, boats, garnished wages, etc). The house is not worth as much as he owes on the mortgage anymore.

Your Questions About Foreclosures

The Expert answers:

Yes, they can sue for the assets as well to satisfy the debt that is owed unless protected by bankruptcy.

Your Questions About Foreclosures

Charles asks…

How can I tell if the house that I’m in is in preforeclosure ? or going through the foreclosure process?

I’m renting a house right now and I know that the owner is not paying his mortgage. What can I do / or which website can I go to in order to find out that the house that I’m in is in preforeclosure?

Your Questions About Foreclosures

The Expert answers:

There is no website that is reliable enough with the information you would like to know. Most websites are 6 months behind if not more. Your best bet is to go down to your local courthouse and ask the clerk where the list of foreclosures is located. Go to the list and look up the address to the property in question. Once you find it, write down the document number and take that back to the clerk and ask for the file to be pulled. You will find the owners name, attorneys name,balance owed and other information. It will also have a Date of Sale and you as a tenant must be out before that date or you can be prosecuted for trespassing. You do not have any rights if it is in foreclosure as the landlord you rent from no longer owns the house and the new owner is not required to finish your lease agreement.

Your Questions About Foreclosures

Chris asks…

In the foreclosure process, how long does a person have between possession and the actual sale of the house?

I am currently staying at/cleaning out a foreclosed home that was owned by my mother.I got court papers for possession of my mom’s house to take place and wanted to know the average time it takes between the mortgage company taking possession to the sale of the house? If I go to court, can I ask the judge for more time before the sale of the house happens or is it out of my hands?

Your Questions About Foreclosures

The Expert answers:

That all depends on the state the house is located in. In California a court date is usually set within 4-6 weeks from the date the papers are filed in court. If you file an answer, you can delay the process about 4 weeks. After that you can ask the court for up to 40 days extra time to vacate once a judgment of possession is rendered against you, but you will be required to pay fair market rent in advance.

Your Questions About Foreclosures

Steven asks…

I want to buy a house in foreclosure. How does the process work?

Your Questions About Foreclosures

The Expert answers:

There are 5 stages of foreclosure. You need to contact the bank that hold the loan and find out. I dont believe that you can purchase prior to stage 3, notice of action/intent.

Just contact the bank and have a loan arranged for the amount owed on the Loan. Banks cant sell the home for more than what is owed, regardless of apprasal.

Your Questions About Foreclosures

David asks…

Filing Chapter 7 in Ohio. House foreclosure question about timing of filing?

Filing in Franklin County. Told by our attorney that the foreclosure process will take at least 7 months. We do not want to keep the house. I thought that if we file the chapter 7 that the debts would be discharged and the property would go back to the creditor in the next 2-3 months, meaning the house would go back to mortgage company. Attorney says that by filing now we will still have the same amount of time for the foreclosure to proceed and may stay in the house. In other words by filing and having the process start now we will NOT accellerate our need to move out of the house. I was planning on holding off the filing although it is stressful but see no reason too if we can still stay in house till the long drawn out foreclosure process completes. Anyone out there who knows if the Attorney is right or not?

Thanks

Your Questions About Foreclosures

The Expert answers:

If you are not comfortable with your attorney’s advice, then you should hire another attorney for a second opinion.

DO NOT RELY ON ANONYMOUS ADVICE FROM STRANGERS, for an issue as crucial as shelter for your family!

What if someone posts here, claiming that they are an attorney, or that they were in the same situation, and that they believe that your attorney is wrong and you should do something different? How do you know they’re telling the truth about anything?

We don’t know anything about your specific situation, such as whether you are currently behind on payments (and if so, by how much). We don’t know what the provisions of your mortgage are. I certainly don’t know anything about Ohio law regarding foreclosures or evictions (I assume that it’s the combination of those two processes that the attorney is referred to when he says “7 months”). We don’t know if this is a purchase-money mortgage or whether Ohio has special protections for such mortgages. We don’t know if there was fraud in the procurement or processing of the mortgage.

Consult an attorney. I realize that funds are very tight for you (otherwise you would probably not be planning to file for bankruptcy), but you will NOT get good advice for free from strangers.

Powered by Yahoo! Answers

Your Questions About Foreclosures
Your Questions About Foreclosures
Your Questions About Foreclosures
Your Questions About Foreclosures
Your Questions About Foreclosures

Your Questions About Foreclosures

Your Questions About Foreclosures