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Your down payment was used to purchase the property and was paid directly to the seller. You don't get it back.

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Q: How do you get your down payment back on foreclosed property?
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What are the disadvantages of buying a foreclosed property?

The only two disadvantages in buying a foreclosed property: #1. Tou have to put a mandatory 10% down. #2. The property may have some minor damages due to the prior owner being upset of being foreclosed upon.


What happens when a mortgage defaults after a gift of equity?

The title to the property was transferred to the new owner at below market price. The difference between the transfer price and the fair market value is called a gift of equity and some lenders will allow the borrower to use that amount as a down payment. If there is a default in paying the mortgage the lender will take possession of the property by foreclosure. As with any cash down payment, in the case of a foreclosure the gift of equity is gone. You don't get the down payment back.The title to the property was transferred to the new owner at below market price. The difference between the transfer price and the fair market value is called a gift of equity and some lenders will allow the borrower to use that amount as a down payment. If there is a default in paying the mortgage the lender will take possession of the property by foreclosure. As with any cash down payment, in the case of a foreclosure the gift of equity is gone. You don't get the down payment back.The title to the property was transferred to the new owner at below market price. The difference between the transfer price and the fair market value is called a gift of equity and some lenders will allow the borrower to use that amount as a down payment. If there is a default in paying the mortgage the lender will take possession of the property by foreclosure. As with any cash down payment, in the case of a foreclosure the gift of equity is gone. You don't get the down payment back.The title to the property was transferred to the new owner at below market price. The difference between the transfer price and the fair market value is called a gift of equity and some lenders will allow the borrower to use that amount as a down payment. If there is a default in paying the mortgage the lender will take possession of the property by foreclosure. As with any cash down payment, in the case of a foreclosure the gift of equity is gone. You don't get the down payment back.


Can you use your previous rental payments to pay towrad a down payment on a mortgage?

No, not unless you had that agreement in writing with the owner of the property who has agreed to take back a mortgage in a sale of the property to you.No, not unless you had that agreement in writing with the owner of the property who has agreed to take back a mortgage in a sale of the property to you.No, not unless you had that agreement in writing with the owner of the property who has agreed to take back a mortgage in a sale of the property to you.No, not unless you had that agreement in writing with the owner of the property who has agreed to take back a mortgage in a sale of the property to you.


Do you have to pay cash to buy a foreclosed home?

Not all cash. You have to pay some cash to buy any home (the down payment). Therefore you buy it the same way you would buy any house.


Is down payment another term for due at signing?

Yes and no. The down payment is part of the deal, but for auto loans you also have to pay the licensing fees to change ownership of the vehicle, so what is "due" at signing is the down payment plus any other fees.In home loans it's much the same ... the down payment plus any closing, escrow fees, and pro-rated property taxes will be due at signing.

Related questions

What are the disadvantages of buying a foreclosed property?

The only two disadvantages in buying a foreclosed property: #1. Tou have to put a mandatory 10% down. #2. The property may have some minor damages due to the prior owner being upset of being foreclosed upon.


What happens when a mortgage defaults after a gift of equity?

The title to the property was transferred to the new owner at below market price. The difference between the transfer price and the fair market value is called a gift of equity and some lenders will allow the borrower to use that amount as a down payment. If there is a default in paying the mortgage the lender will take possession of the property by foreclosure. As with any cash down payment, in the case of a foreclosure the gift of equity is gone. You don't get the down payment back.The title to the property was transferred to the new owner at below market price. The difference between the transfer price and the fair market value is called a gift of equity and some lenders will allow the borrower to use that amount as a down payment. If there is a default in paying the mortgage the lender will take possession of the property by foreclosure. As with any cash down payment, in the case of a foreclosure the gift of equity is gone. You don't get the down payment back.The title to the property was transferred to the new owner at below market price. The difference between the transfer price and the fair market value is called a gift of equity and some lenders will allow the borrower to use that amount as a down payment. If there is a default in paying the mortgage the lender will take possession of the property by foreclosure. As with any cash down payment, in the case of a foreclosure the gift of equity is gone. You don't get the down payment back.The title to the property was transferred to the new owner at below market price. The difference between the transfer price and the fair market value is called a gift of equity and some lenders will allow the borrower to use that amount as a down payment. If there is a default in paying the mortgage the lender will take possession of the property by foreclosure. As with any cash down payment, in the case of a foreclosure the gift of equity is gone. You don't get the down payment back.


Can a house be foreclosed on in a person's name who is not on mortgage but property is quick claimed to them and they quick claim property back into estate of deceased person name before foreclosure?

A mortgage in default can be foreclosed no matter how many times you quitclaim it around the family. Every person who receives the property by a quitclaim deed takes it subject to the mortgage. You may slow down the process a little and add to the costs of the foreclosure but the foreclosure rides on the person who had title at the time of the mortgage. THEY gave an interest in the property to the bank in exchange for cash. If the cash was not paid back the bank is going to take possession of the property. Subsequent owners only need to be given notice of the proceeding.


Can you get your car back if you gave your car as a down payment?

No.


Can you use your previous rental payments to pay towrad a down payment on a mortgage?

No, not unless you had that agreement in writing with the owner of the property who has agreed to take back a mortgage in a sale of the property to you.No, not unless you had that agreement in writing with the owner of the property who has agreed to take back a mortgage in a sale of the property to you.No, not unless you had that agreement in writing with the owner of the property who has agreed to take back a mortgage in a sale of the property to you.No, not unless you had that agreement in writing with the owner of the property who has agreed to take back a mortgage in a sale of the property to you.


what is the down payment for income property on an FHA loan in san jose ca?

The down payment is usually 10% of the purchase price. Depending on the area of the home you may qualify for additional grants.


Elvis Presley put a down payment on what famous property 53 years ago today?

Graceland


Do you have to pay cash to buy a foreclosed home?

Not all cash. You have to pay some cash to buy any home (the down payment). Therefore you buy it the same way you would buy any house.


If you signed all the paper but did not make the down payment can you back out of the car deal?

If you signed all the papers but did not make the down payment, can you back out of the car deal? No, once you sign the paper you are locked in. If you back out you will take a credit hit.


Can My Down Payment Be Apart From Cash?

Yes, the down payment can be cash or land value, which could include building, structures, along with other site enhancements that'll be area of the project property, formerly acquired.


Can you get your down payment back on a car even if ive have not signed any papers?

A person should be able to get a down payment back on a car if papers have not yet been signed. Only after the papers have been singed is the purchase official.


How do you split equity in a divorce when property has none?

The attorneys representing the parties must resolve that issue. If there is no equity in the property other factors may need to be considered. For example, if one party paid a substantial down payment from their own funds they may request that the other party reimburse a portion of that down payment.