Why Do Banks Hold Foreclosed Homes? The bank has a duty of care to its investors in respect of the foreclosed property. Bank must put the property up to the best rate on behalf of its investors. Thus, they spend much time strategizing and studying the property to ensure that they sell it to the
How Long After Foreclosure Can I Default? Generally, homeowners have to be more than 120 days delinquent before a foreclosure can begin. If you’re behind in mortgage payments, you might be wondering how soon a foreclosure will start. Generally, a homeowner has to be at least 120 days delinquent before a mortgage servicer starts a
What Happens If You Don’t Pay Back Home Equity Loan? A home equity loan is a loan for a fixed amount of money that is secured by your home. You repay the loan with equal monthly payments over a fixed term, just like your original mortgage. If you don’t repay the loan as agreed, your
In What Type Of Foreclosure Is The Lender Required To File A Court To Order The Borrower To Pay The Mortgage Debt By A Certain Date Or The Lender Will Automatically Gain Full Title? Question Answer In what type of foreclosure is the lender required to file suit asking a court to order the borrower
Can A Mortgage Company Foreclose Without Notice? In most states, lenders are required to provide a homeowner with sufficient notice of default. The lender must also provide notice of the property owner’s right to cure the default before the lender can initiate a foreclosure proceeding. How long does it take for a mortgage company to
What Are The Three Types Of Foreclosure Processes That Enforce Mortgage Liens? The three types of foreclosure are judicial, non-judicial and strict foreclosure. In this article, we will describe each one. Judicial: The form of foreclosure that most people are familiar with, judicial foreclosure is the process in which a court orders the sale of
Does Foreclosure Mean Eviction? Does Foreclosure mean eviction? During the foreclosure case, the owner is still in charge of keeping your home or apartment in livable condition and still collects rent and can start a case in Court against you. But, you can’t be evicted without a court order. Whoever buys the building at a