Discover how foreclosure and deficiency judgments are related, and what alternative solutions can be used to reduce or eliminate this type of judgment.
A problem that is frequently happening to homeowners is their home has more mortgage than market value. With the severe decline in real estate markets across the country, the hardest hit areas have hundreds of thousands of "upside down" mortgages. Simply, this is where the amount owed on the property is more than the value at which the property can be sold, even if the homeowner is willing to make the payments and wait for possibly years.
I am often asked why a lender wouldn't take back a deed in lieu of foreclosure when the homeowner offered his deed to the lender before he went into foreclosure. The lender will not consider a short sale or a deed in lieu of foreclosure until the homeowner is at least 90 days late on his mortgage or deed of trust payments in most states. In some states like Georgia, the foreclosure period is only 30 days so check what your state's foreclosure laws are before assuming anything or listening to anyone who is not an attorney.
It is an enormous frustration to investors doing short sales that the lenders take months to make a decision and just don't seem to care. The homeowner stuck in the middle gets frustrated because he doesn't know how soon he will be required to move or worse, be evicted from his former home. In fact, the business of short sales by lenders is a gigantic part of their business and is absolutely necessary to keep their inventory of homes (REO's) as low as possible.
Banks are often accused of mistreating homeowners in foreclosure. This article explains exactly why this happens so you are better prepared for handling it.
Learn how to get government grants for buying a home. Tens of thousands of dollars may be available for your home purchase and not have to be repaid.
Learn the truth about how and when a home in foreclosure becomes a bank owner property or an REO.
How much and how long does foreclosure impact your credit score and how much more does it cost you in additional interest expenses over time?
Historically when a homeowner goes into foreclosure and the only resolution is the lender getting back a deed, this likely results in a deficiency between the amounts owed from the final judgment when the property is eventually sold. This "deficient" amount can be handled by the lender in two different ways.
The term "keys for cash" in foreclosure is common in two situations. The first place it is often used is when a lender agrees to a short sale and the homeowner needs get-away money to leave the property. Most often the investor buying the property will explain that the lender will not allow any funds to go to the homeowner at the closing of the sale. He will go on to explain that he, the investor, will help the homeowner by buying his furniture or "antiques" and the lender will never be the wiser.
Discover how a homeowner can get his home back after a foreclosure sale for as much as one year in some states.
Learn the two most common misconceptions about foreclosure and the secret truths about how to fix the real problems.
The process of buying properties that have been through the foreclosure process can occur in a couple of ways. First, the home can be sold at the foreclosure auction with the buyer being someone other than the original lender. Secondly, if there are no bidders at the auction, the lender will get the home back as the high bidder for $100 over the amount of the final judgment in the court action.
Learn how the eviction process works in foreclosure and what rights, if any, a homeowner has and how to avoid this situation.
Learn what a "deed in lieu of foreclosure" is and whether it can really benefit a homeowner in foreclosure.
Learn the two most common misconceptions about foreclosure and the secret truths about how to fix the actual problems.
Learn about the three most common solutions for a foreclosure, the best solution, and what the homeowner should expect from each type.
Learn who the real casualties of the subprime lending disaster are and who is responsible. Get the answers to how the problem occurred and why it happened so quickly. Read about solutions for the average homeowner and where the real estate financing industry may be headed.
Find out the truth about bankruptcy stopping foreclosure. See a myth dispelled about how long a bankruptcy stays on your credit report.
Learn the most common problems encountered in resolving a foreclosure and the truths about how to fix them.
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