Your Questions About Foreclosures | foreclosureorder.com

Your Questions About Foreclosures

Your Questions About Foreclosures

David asks…

wat happens when you go into foreclosure?

my mom and dad decided to go into foreclosure because our house‘s value went down over 100,000 dollars but before they do they want to know what will happen is there like any consequences or something like that.

Your Questions About Foreclosures

The Expert answers:

If they can afford it they should keep paying because the value will go back up someday but if not then they need to just let it go. What will happen is they will get a notice of when their house will sell and they should try to be out before that so they don’t get evicted. Yes a foreclosure is bad on your credit but it is happening to a lot of people right now and may not be as bad as the others on here have made it seem. If they had to get evicted though that would also be on their credit or history so it is best to avoid that. Finally, depending on the state you live in, a “deficiency judgment” CAN be taken out against them which is when the lender sues your parents for the difference. However, I have foreclosed on tens of thousands of homes in like 15 states and I have only seen a certain lender do it a few times in states it is permitted in. So, please know that it is possible but highly unlikely. There is not much else that would happen other than they just need to pick up the pieces of their life and move on.

Your Questions About Foreclosures

George asks…

If a married couple has a home in foreclosure and separate and one moves what are the consequences?

Couple has been in foreclosure 3 years because husband won’t or can’t get a job. The wife wants to move as the house is falling apart and they can’t afford repairs. With the little money saved she wants to go rent. The husband keeps playing games with the bank and prolonging the foreclosure because he doesn’t want to work and keep living “mortgage” free. Wife leaves but her name is still on the home. What happens if husband stays behind? Can he move in roommates without her permission? Example: he gets friends to move in and enjoy the “mortgage” free living. Can the wife have a say since her name is still on the property? The wife has even called the bank to come take the property and the system is so screwed up they just keep asking if they want to modify or short sale. I guess the system is backlogged even begging a bank to foreclose. Wife wants name off property immediately and has filed bankruptcy. Husband has done nothing. They tried to short sale but then he told the realtor to hold off. He says he is going to list the property as a short sale when the bank moves for summary judgment therefore buying more time and wife is fed up and thinks he has lost his mind. Any insight would be helpful?
Moral of the story:
When in doubt; do not trust a man to take care of you. Women, keep your money separate and a “nest egg” if you become part of the 50% of marriages end in divorce statistic. No matter how much money the man has or is willing to pay the mortgage; keep money separate. That way you can take your kids and go on with your life with peace of mind knowing you will be okay financially. Divorce is sad enough without having to worry about money and homes being in your name with irresponsible ex-spouses. Also if you and your spouse buy a house together make sure the mortgage is affordable for you alone in the event he becomes unemployed (especially in this economy). If you buy house that you know you can’t afford if he becomes unemployed; then DO NOT put your name on the mortgage. Live and learn!

Your Questions About Foreclosures

The Expert answers:

Was the couple married when the mortgage was given? Assuming so: wife is 100% responsible for the mortgage. Declaring bankruptcy, unless you have tons of other debt, is probably a waste of money–but I guess that ship has sailed. Divorcing will have zero effect on wife’s responsibility for mortgage, nor will signing over the deed.

Husband also cannot sell house without wife’s signature. Sure, his deadbeat friends can move in. Heck, he could do “owner financing” and (pretend to) sell the house to some unsuspecting rubes.

It sucks to be the wife right now, and I wish her all the best.

Your Questions About Foreclosures

James asks…

i live in canyon country calif and have 2 loans on my house i have defaulted on the bigger loan (8,000)?

yet still able to pay the smaller loan should i continue to pay it on time? I have decided to go through a short sale instead of going through foreclosure.what are the consequences?

Your Questions About Foreclosures

The Expert answers:

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Your Questions About Foreclosures

Laura asks…

Foreclosure and property taxes?

I haven’t made a house payment since February… expect my home to go into foreclosure… What are the consequences to not paying the property taxes?
I live in Michigan.

Thank you

Your Questions About Foreclosures

The Expert answers:

No consequences. When home is foreclosed one of the things the bank will need to do is pay all past real estate taxes.

Do not pay them. The bank will.

Your Questions About Foreclosures

Ruth asks…

What will happen to the mortgage and home equity loans if the mortgagee left the country for good?

I have a friend who is very desperate because of all the debts, shortsale/foreclosure of his house, mounting credit card bills, etc, want to just leave the country for good to start anew. What would be the possible consequences of this? Will it clear all his debts, if he comes back to the US after 3 years would he be in trouble?

Your Questions About Foreclosures

The Expert answers:

Why would a person go through moving out of the country to solve debt problems?

If a person can not make the monthly mortgage this person should contact the lender to find out if there are programs that will allow this person to remain in the house with a reduced monthly payment.

If the lender and the person in the house can’t work out a solution the house simply goes into bankruptcy. The bank will eventually get the house after a failed foreclosure sale. In the event someone purchase the property at the foreclosure sale the bank would have gotten enough money to cover the mortgage,plus foreclosure fees.

There are other things that might be done with the lender such as a

#1deed in lieu of foreclosure

#2 possible short sale

#3 selling the property by the borrower(Contact a real estate agent)

Credit card debts can be dispensed with by calling the credit card company, tell them you will no longer be using the credit card and will be returning them (CUT UP) and would like to make a monthly payment on the credit card. Make sure your friend give the credit card company an amount they feel comfortable making.

Failure to come to a conclusion with the mortgage lender and your credit cards, you may get credit counseling from a credit counselor that might be of some service to you or you may file bankruptcy as a last resort.

Leaving the country will not solve the problem at all, so this is not a solution what so ever. If and when this person return the credit card companies will contact him with credit card charge offs.

I hope this has been of some use to you, good luck.

“FIGHT ON”

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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