Your Questions About Foreclosures | foreclosureorder.com

Your Questions About Foreclosures

Your Questions About Foreclosures

Richard asks…

How will a foreclosure affect my credit after discharge of chapter 7?

My mortgage was included on a chapter 7 bankruptcy 2.5 years ago. I continued making payments until recently and now have decided to walk away from my home. Will a judgment of foreclosure be added to my credit report even though the debt was discharged?

Your Questions About Foreclosures

The Expert answers:

Very good question. While I would give a call to your foreclosure attorney I think you are in the following situation: having your mortgage included in the chapter 7 means that the bank can’t come after you for the loan and they haven’t had to because you have been paying thus you don’t have a foreclosure on your credit record. Now you will, though it is a mute point, because you are in chapter 7. A suggestion if this concerns you, find a realtor and say you want to do a short sale. You risk and pay nothing. The realtor try to find somebody who will buy the house, somebody will make an offer which the bank either accepts or rejects. If they accept it you are off the hook on the foreclosure. If they don’t they will simply state a price at which they will sell it and the realtor can list it again at that price. I owed 125k on a place that was sold in a short sale for 50k. You still take a hit on your credit, or at least I will but much less because the place didn’t go into foreclosure, the bank accepted an offer for it. Whatever reason you are giving for non-payment you just have to back it up with bank and tax records.

Your Questions About Foreclosures

Maria asks…

How will a foreclosure work with a second mortgage?

Mortgage company put us into foreclosure on the 1st because of being behind in the escrow but there is a second on the house, with the same company. How does that work?

Your Questions About Foreclosures

The Expert answers:

That’s rotten eggs … You’re saying you’re in foreclosure for not paying your escrow (taxes and insurance)?

Have you talked to the company to find out if they are willing to restructure everything?

Your Questions About Foreclosures

Linda asks…

What will a foreclosure do to your credit report?

If my home goes into foreclosure, but i dont file bankrutcy, What will it do to my cedit report.

Your Questions About Foreclosures

The Expert answers:

If you can file bankruptcy you should, if the foreclosure is inevitable. The bankruptcy along with this horrible economy and many banks mishandling of foreclosures will put a big stall on the foreclosure process.The other reason for filing bankruptcy before a foreclosure is that it may discharge you from your mortgage. If you are not discharged you may be still liable for a deficiency which is the difference between the balance of the mortgage and what a foreclosure sale price will be. Your credit afterward?
Well a foreclosure will stay on your credit report for 7 years but with 2 years of good credit meaning no negatives you will be able to be well on your way to enjoying credit again.

Your Questions About Foreclosures

Daniel asks…

What happens to other leins when foreclosure occurs?

My house in California is currently in foreclosure. I have a 1st and a 2nd mortgage as well as a 3rd, seller note. What happens at the foreclosure auction? What happens if there isn’t enough funds to pay off the leins? What if any steps should I take?

Your Questions About Foreclosures

The Expert answers:

When the first note forecloses on the property all other liens/notes that came after which are called junior compared to the first note called the senior, are wipe out

depending on the second note, if it was recourse they can come after you, also the third can come after you as well

Your Questions About Foreclosures

Thomas asks…

How does one get an apartment after a foreclosure?

My friend is letting her house go to foreclosure & will need to rent an apartment. She is currently only 30 days delinquent. How do apartment management companies view foreclosures? Should she apply for an apartment now, knowing that she will not move in for a couple of months?

*** Please note that I am not looking for advice on how to keep the home or to get her out of the foreclosure. All options have been considered. Please give advice on how to proceed to obtaining her next housing. Thanks!

Your Questions About Foreclosures

The Expert answers:

A co-worker of mine had to go through foreclosure and had the hardest time finding a place that would rent to him. I would try to find an apartment as soon as possible before the foreclosure shows up. Many places will not rent to people with foreclosures, bankruptcies or repos. Others will rent to your friend but will want twice the amount in rent as a deposit. It is hard to find those property owners that understand when they have other applicants with better credit reports.

That is why, If I were your friend, I would start looking now, why wait until she is being evicted and desperate to find a place.

Good Luck to your friend. I hope it all works out for her.

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