When are they coming to put foreclosure signs in front of house?
They will wait until they have you out of their property, then it is just a for sale sign.
What does a house that's foreclosure mean?
Often a foreclosed house has a great deal of damage done to it. When people do not have the money to pay their mortgage they do not have the money to maintain the property, fix leaks in the roof and the plumbing. Water damage and dry rot in foreclosed properties if often substantial. Often during the foreclosure process the former owners became hostile and did a considerable amount of damage. Also, any remodeling the former owners did such as new kitchen cabinets and appliances and batroom remodeling is often removed down to the bare studs in the wall and the subfloor. The former owners see the remodeling as their property not the lender's. The cost of the repairs just to make the house habitable can be rather substantial.
How many times can you let a house go into foreclosure?
You can let your house go into foreclosure as many times as you run out of money to pay the mortgage for a period of months. The bank will wait until you are usually 3-6 months behind, and then start to file the foreclosure paperwork in court. If you pay them back before the property is auctioned off, then the foreclosure process has to stop. It is unlikely that the bank would just stop taking any payments from you at all and call in the loan. After all, your original mortgage contract states that you have to pay a set amount of every month or incur penalties and other charges if the house is foreclosed on. There's nothing in the loan documents that would allow them not to take your payments any longer. It would also be difficult for them to prove to a court that they are entitled to anything besides your monthly payments if you can make them and pay back any amount you are behind. just because you fell behind in the past does not mean that the bank can just give up on the loan completely -- as long as you made up the payments later on, they got everything they were due, plus a lot of interest charges and late fees. In fact, if your houses are going into foreclosure or falling behind quite often, but you are able to pay back the arrears eventually, then you may be a good client from the bank's perspective. With all of the extra fees they are charging you when you miss a payment, your effective interest rate may be much higher than you think, which translates into higher profits on your loan for the lender. Of course, that might also be a good reason to try and keep up on the payments at all times, or just let one house go if it is not affordable. Selling or giving the bank a deed in lieu of foreclosure on one property might let you off the hook on it, while allowing you to keep the other properties and make the payments a lot more consistently. Hope that helps. ForeclosureFish
House going into foreclosure - How long til we are evicted?
First off, this is my friends parents house, they want it to go into foreclosure, its their only option. It says they cannot sell the house until 90 days after a missed payment.. so is 90 days when we wil be evicted, or will they not evict us until they sell the house? Its going into foreclosure no matter that, we just want to know when we will be evicted. We just want to get an idea of when we will be evicted, so we can have another house by then. Thanks!
Repost: What appliances can we take, house is in foreclosure?
If the appliance is built-in (like a countertop range or a dishwasher), it stays with the house. You can take freestanding appliances. If the fridge was sold to you with the house, then you own it and can take it. A freestanding fridge is NOT "part of the loan"; it was just left behind by the prior owner.
What will happen when my house goes into foreclosure?
The bank will sell it for what they can get out of it and sue you for the difference if it's a loss. Example: You owe $200,000 but the bank can only sell it for $150,000. You will be responsible for $50,000 plus any and all other fee's the bank incurred for attorneys, Realtors, taxes and etc. Plus, a Foreclosure will show up on your credit report, and all but doom you from getting any credit for anything.