Your Questions About Foreclosures | foreclosureorder.com

Your Questions About Foreclosures

Your Questions About Foreclosures

Joseph asks…

What does it mean when a house in foreclosure is sold at auction to beneficiary?

If the bank owns the house now, how long before it goes on the market for resale?

Your Questions About Foreclosures

The Expert answers:

It means that the company that owns the mortgage on the property was the highest bidder.

Your Questions About Foreclosures

Betty asks…

What happen when a house goes on foreclosure and is suppose to be sold on the auction?

What happen when a house goes on foreclosure and is suppose to be sold on the auction, but never come up for bid? The house is listed to be sold and the owner does not have the money to rescue it.

Your Questions About Foreclosures

The Expert answers:

It should come up, it only takes a few seconds. The bank has a reserve bid and owns it if no one out bid them. The foreclosure has finished.

Your Questions About Foreclosures

Paul asks…

We lost our house in foreclosure and bank got it back in the auction.?

Will they come after us for deficiency and how long do they have in Utah. The house is up for sale now, but they took the house back at auction. Can they still come after us?

Your Questions About Foreclosures

The Expert answers:

Utah is a nonrecourse state which means that they can’t come after you for the first mortgage. HOWEVER, this doesn’t mean that you are off the hook.

You really should talk with a lawyer. If you have a 2nd mortgage or had refinanced, etc, you could be on the hook and the IRS could still tax you on the banks loss. The answer to your questions isn’t a simple yes or no. TALK WITH A LAWYER

Your Questions About Foreclosures

Maria asks…

The day your home goes up for auction for foreclosure how long until you have to be out of the house?

If a home goes up for auction in a foreclosure, when do you have to vacate the house? When do they give you the 3 day notice?

Your Questions About Foreclosures

The Expert answers:

You will never receive a 3 day notice, you are not being evicted for not paying rent, you will be evicted for unlawfully living in property that does not belong to you.

They will give you 30 days and not record the eviction if you leave, but they will record it if you require the sheriff to literally remove you from their property.

Your Questions About Foreclosures

Donna asks…

When buying a house at a foreclosure auction, do you become responsible for previously unpaid property taxes?

Ok, so I have a little extra cash laying around, and after doing some research I have decided that I am going to attend a foreclosure auction and purchase a house, simply because you can get them for a little bit cheaper than on the open market.

When these houses are foreclosed upon by each homeowners specific lender, I would guess a majority of homeowners stop paying their property taxes. My question is, does that lender become responsbile for paying those previously unpaid property taxes, or does the lender just leave the unpaid property taxes alone and then whoever buys the house at the foreclosure auction from the lender become responsible for the previously unpaid property taxes?

I have no problem paying the auction price of what’s left of the mortgage, but the hidden costs, things such previously unpaid property taxes, are the things that scare me about purchasing at foreclosure auctions.

Anyone with any expertise in this area with advice would be appreciated. Thanks.

Your Questions About Foreclosures

The Expert answers:

Ok…people answering this need to know how property taxes work before they give advice.

Property taxes “run with the land”…it doesn’t matter who is on the deed…that is why you never see old property taxes on someone’s credit report FOR REAL ESTATE because they are attached to the property and stay there until the home is sold.

In most municipalities, the property taxes ALWAYS takes first lien position that is continuous….technically when you pay property taxes, the day you pay them a lien goes against the property for the next year…so it never goes away. It just is prioritizes as “due”, “not due” or “past due”.

So the answer to your question is you should NEVER buy a foreclosed property without checking for liens the day before the auction…liens DO NOT prevent a property from being transferred…that is a myth…they just go to the person who purchases it.

If you are a cash buyer, it’s not a problem.

However, a bank won’t loan on a property without ALL prior liens being removed so they can remain in first lien position…other than property taxes.

FEDERAL TAXES DO NOT take priority on a home, that is a myth…they take the next lien position like any other creditor.

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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