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If your house is in foreclosure but you hold the deed can the bank sell it?
Wiki User
∙ 14y ago
Yes, that process will be completed by the foreclosure proceedings. The bank is foreclosing (or recovering its interest in the loan) on the mortgage which is "guaranteed" by the property, to put it in simple terms. The foreclosure process will only allow the mortgage holder to recover the amout of its loan and associated fees, etc.
Wiki User
∙ 14y ago
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What recourse do you have if i own a building that is co-owned and we are divorced and it is in foreclosure and the bank is willing to hold us harmless if we turn over the deed in lieu of foreclosure?
I would be very surprised if the bank is actually willing to hold you 'harmless'. Turning over a deed in lieu of foreclosure is no a 'get out of jail free card'. There are credit reporting ramifications similar to a full-blown foreclosure proceeding, and these issues will follow you for a number of years to come. DO YOUR RESEARCH! Don't believe everything the bank tells you - make sure you know what you're getting into before you sign or agree to anything. This is one of many, many articles regarding the effects of DILOF: http://homebuying.about.com/od/4closureshortsales/qt/060907SScredit.htm Best of luck.
Papers were filed with court in Indiana to start foreclosure but then I filed bankruptcy can the lender get a dificiency judgment even if I turn the house over to them?
There are a number of issues to this question -- first the foreclosure lawsuit filed in the courts followed by the bankruptcy petition, and the turning over of the house to the lender and the possibility of a deficiency judgment. First of all, the foreclosure process that the bank initiated against the homeowners has been stopped by the bankruptcy filing, as long as it was a Chapter 13 bankruptcy and the mortgage was included. Filing a Chapter 7 to liquidate debts does not affect the status of the house loan, since it is a secured loan and can not be discharged through bankruptcy. The automatic stay of any collection efforts in a Chapter 13, however, puts all foreclosure proceedings on hold until the bankruptcy is dismissed. If the homeowners are able to complete the payment plan, they will have paid back the arrears on the mortgage and reinstate the loan, and the lender will not be able to sue for foreclosure any longer. Also, if the homeowners fall behind on the bankruptcy payments, the bank will most likely have the stay released and proceed with the foreclosure. In terms of giving the house back to the bank through a deed in lieu of foreclosure, this can not be done while the house is still locked up in the bankruptcy courts. Homeowners can begin to negotiate a deed in lieu with the lender, but they will not be able to transfer ownership to the mortgage company without voluntarily dismissing the bankruptcy. It is better to have this type of deal fully negotiated with the lender before releasing the stay. Once the deed is transferred back to the lender, there is no chance for a deficiency judgment against the homeowners. This is for a couple of reasons. First, the bank accepts the deed as payment in full of the mortgage loan, so there is actually no deficiency. The house is not auctioned off for less than the total amount owed -- the bank accepts ownership as payment in full. Second, the deed in lieu is a direct transfer of the property with no real money involved -- there is no transaction where the bank could claim they are owed more money. Unless the homeowners agree to pay more (which they should not have to do), the bank has no real claim to anything extra.
What happens to a lien by a creditor if the house forcloses?
in california and most other states. The house is held with a note and deed of trust. The note is like a IOU you promise to pay the bank the money you borrowed. The Deed of Trust says if you don't pay you agree to transfer the house back to the Bank. When you get an Loan to buy the house the Bank makes shure that there is no other leins on house. So the bank is first in line. the next lein is call the second and so on. If you don't pay the house is transfered back to the Bank by the Deed of Trust and then sold for what they can get for it. If it sells for more that what is owed then any money would go to the next lein hold. If there is nothing left then the other lein holders get nothing. Most likely you will have to pay it back.
Bank gives you a loan but you still have the grant deed who owns it?
If your property is collateral for the bank's loan there is almost a 100% probablility that, whether you hold the deed or not, they have filed a lien against the property to protect their interests
How long can you stay in your house after foreclosure?
Hope your not in that situation, but you can hold out until they come with a writ and a few heavies.
How do I foreclose on a house that I personally hold the mortgage on Can I download the forms from the internet Does anyone know a real estate attorney that doesn't cost an arm and a leg?
You can download foreclosure forms from the Internet. Once you complete the forms, they must be filed in Circuit Court. You might also consider a "Deed in Lieu," which can be used instead of foreclosure. This site explains the option and has the form http://kaktus.com/real-estate-forms/free-forms/deed-in-lieu-of-foreclosure.html
When in bankruptcy and bank wants to foreclose on your house what can you do?
If you're officially in bankruptcy, that puts a temporary hold on foreclosure proceedings. It doesn't matter what the bank wants, by law they have to wait with all your other creditors while the bankruptcy court sorts out who's going to get paid and how much.
How would you know if the house is under foreclosure?
The house that is already foreclosed is a public record which means that you'll be able to find the foreclosure at the registry of deeds in your jurisdiction.If the foreclosure has not been completed you may find a notice to foreclose in the public records. However, in many cases the notice is all you will find. Lenders often hold back on recording a foreclosure until the property has been sold.
What does it mean Foreclosure hold state?
Foreclosure Hold State signifies the ability to place a foreclosure action on hold. Meaning if there is a typical borrower forebearance review, litigation/contested action, the foreclosure is placed on hold to allow time for forebearance or contested action to be reviewed. Saves both borrower (if attempting to reinstate/payoff loan) and Servicer, with avoidance of fees/costs accumulating due to foreclosure actions.
How do you get your deed back after a wrongful foreclosure?
You need to bring the matter to court and get a court order that declares the foreclosure to be invalid and confirms that you hold title to the property. The court order must be recorded in the land records.You need to bring the matter to court and get a court order that declares the foreclosure to be invalid and confirms that you hold title to the property. The court order must be recorded in the land records.You need to bring the matter to court and get a court order that declares the foreclosure to be invalid and confirms that you hold title to the property. The court order must be recorded in the land records.You need to bring the matter to court and get a court order that declares the foreclosure to be invalid and confirms that you hold title to the property. The court order must be recorded in the land records.
What to expect in foreclosure of condo not primary home?
The foreclosure of a condominium unit upon which you hold a mortgage should proceed like any other foreclosure.
How can you get repaid for a 2nd mortgage you hold on a house a bank has foreclosed on?
That will depend on how much the bank gets when it sells the house. If they cover their mortgage and costs, the 2nd mortgage will be paid.
