Your Questions About Foreclosures | foreclosureorder.com

Your Questions About Foreclosures

Your Questions About Foreclosures

Thomas asks…

Indiana: What is the difference between defaulting and foreclosure on a mortage?

Curious as to the difference between defaulting and foreclosure on a mortage? What are the different things that could happen if you keep one house and need to get rid of another wheather it be defautling or foreclosure? What are both possible outcomes?

Your Questions About Foreclosures

The Expert answers:

Defaulting is not making your mortgage payments; foreclosure is the process the lender takes to reclaim your home because you did not make your mortgage payments. If you have 2 homes and keep one, but lose the other because you did not keep making the mortgage payments on it and the lender foreclosed on it and took it back, the lender could place a lien on your existing home for whatever money they are owed but did not receive from the sale of the foreclosed home. (say you owe 400k on the home and it sells for 350k at the auction; you still owe the lender 50k) Generally, if you miss 3 payments you are sent a letter called a Notice of Default, which warns you that foreclosure proceedings will begin immediateley (a Notice will be recorded) if you don’t contact them and make those payments. In CA, it takes 3 months after a Notice is recorded with the county for a sale of the house to begin; a notice is prepared and published in the local newspaper. It takes from that point another 3 weeks before the house actually goes to auction. When this happens and someone buys the place, that’s it. You are out. The local sheriffs will physically remove you and your property if they have to, and bill you for it. You credit is affected for 7 years or longer. Hope you don’t take this route. Your best bet is to talk to the lender and see if they can help by putiing you into a more affordable loan. Remember, they would rather see you keep the home than take it back. Hope this helps :) - Your Questions About Foreclosures

Your Questions About Foreclosures

Sandra asks…

How long does a typicaly foreclosure take?

My friends moms house is going into foreclosure cause his parents are getting divorced, it will start on july 1st, how long should a typical forclosure take? A few months?

Your Questions About Foreclosures

The Expert answers:

3 months. ~

Your Questions About Foreclosures

Lizzie asks…

What happens to renters when home goes into foreclosure?

Our landlord has not told us the home we rent is in foreclosure. I found out through notices addressed to him in the mail and through a website listing our home in foreclosure. As it is we pay rent a month in advance and have decided to pay on time instead so that we do not lose a whole months rent if asked to leave. Sorry to say we do not trust our renter because he has not been honest with us. When this home sells, how long will we have to find a new place? Also, shouldn’t the bank be getting our rent money…especially if rent is more than his mortgage? I am really just concerned about what this means for us and options available? Anyone ever been in this situation?

Your Questions About Foreclosures

The Expert answers:

Nothing at first. You have 30 days to vacate the property. If the sheriff shows with less than 30 days notice you demand to go to court and be heard by a judge. Illegal evictions are not ok but they pay ohhh so much money when you sue. Oh and call the local news too so they can film you getting dragged out… Spin is everything. If you have been given notice that you are being evicted you can review your options with an attorney but foreclosure usually trumps a lease.

I would absolutely hire an attorney and begin legal proccedings against your landlord for breach of contract and fraud. Additionally you will probably want to place a lien on the property for the amount of your security deposit because if you don’t you’ll have to sue to deadbeat landlord for that money.

I don’t know your state specific law but in California the law is as follows: Defaulted owners in the property after your date of possession are given three days notice to quit or pay rent. Month-to-month or less-than-one-year renters get thirty days. Renters with a lease of one year or more get sixty days to pay rent or quit.

Good luck

Your Questions About Foreclosures

David asks…

How do I get the foreclosure record of the house I rent and live in?

How do I get the foreclosure record of the house I rent and live in, and is there a cost?

Your Questions About Foreclosures

The Expert answers:

I can’t imagine what this will do for you, but the tax assessor can tell you if the house was ever foreclosed on, any title company can look that up too.

Your Questions About Foreclosures

William asks…

How can I find out about my home that supposedly went into foreclosure?

I have been unable to locate any documents regaurding a home of mine that supposedly went into foreclosure.I had a realestate person aquire me some documents that stated that the loan was paid off before foreclosure had begun. How can I find out who paid off this loan? And why are there no documents stating that it was in the foreclosure stages. I was told to get out of this home, by someone whome I thought was the bank. I believe that in this situation my ex husband was given this house because of some watts credit thing.

Your Questions About Foreclosures

The Expert answers:

This is E-A-S-Y!!! You’ll love it, it’s so easy!

In the US, any “change of title” and any “attachments/leins” placed on a title are held on record at your local county/parish courthouse. This is public information and free to access. You simply need to go to the Office of Records and Deeds at your county and look up the specific property by address.

I have found that county officials are very helpful in looking up information about specific properties. Show up with the specific address of the property and explain the situation and what you are looking for.

Remember that when you are talking to the county staff, they aren’t really interested in your complaints (at least, mostly). They have a job to do and that is to maintain those records. It is your right as a citizen to view those records and most are happy to assist with looking up those records, but they aren’t in the business of advice.

Regardless of what is written on the document, be sure to thank them for their time and support. They’ll be helpful for you in the future.

Once you have that information and you want to contest it, that becomes a legal matter and you should probably speak to an attorney for further assistance.

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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