Forclosure only affects the specific property that is under contract. If you have other assets they are not in jeopardy during forclosure. On the other hand, a lending institution may initiate a lawsuit to capture remaining loss. Banks are in the business of LENDING money, not giving it away. By law, they are to seek whatever means available to recover the money they loan to you. They have an obligation to repay THEIR lenders, which are the people who deposit money to the bank in hopes of getting an investment type return. So, back to your question: The bank will complete forclosure first to get the property back. You'll have an opportunity to move your personal property out of the "Real" property before forclosure, but if you wait too long they will dispose of your personal property in a way that is most efficient for them. Then they will sell the property in hopes of recovering whatever money is owned on the original loan. If they don't recover enough to pay back the money that you borrowed they may initiate a lawsuit to get the REST of that money, depening on whether they perceive that such a lawsuit might be effective.
There is not a need to hide assets before a foreclosure. You will owe the difference between what the house is sold for and what you owe on it, but you will have time to pay this.
Yes, bankruptcy protect you from foreclosure by your mortgage company. You can read more at www.hirby.com/mortgage-lender-filing-for-bankruptcy
The term foreclosure means that when a loan is not paid on time, the lender has the authority to take action on the collateral assets the borrower listed to secure the loan.
You can put a house up for sale in foreclosure, but the foreclosure process could happen before the house sells. It doesn't make any sense, if you would like to sell the house, do so before foreclosure.
Depends on credit score prior to foreclosure. If your score was higher before foreclosure, it might drop 200 points or so. If it was lower before foreclosure, it might drop closer to 100 points. It varies significantly.
There is not a need to hide assets before a foreclosure. You will owe the difference between what the house is sold for and what you owe on it, but you will have time to pay this.
Yes
Yes, bankruptcy protect you from foreclosure by your mortgage company. You can read more at www.hirby.com/mortgage-lender-filing-for-bankruptcy
Saint Bankruptcy
Separation does not protect assets. In order to protect your assets you must obtain a divorce. The court will divide the marital assets at that time and each party will be free from the claims of the other from that time on. However, if you continue to put the divorce off, any assets you continue to acquire will be vulnerable to division. Also, if you die while still married, your spouse will inherit your assets.
Not in the forclosure, but if the foreclosure doesn't pay off the entire accumulated debt, then they can go after other assets, like the money market.
The term foreclosure means that when a loan is not paid on time, the lender has the authority to take action on the collateral assets the borrower listed to secure the loan.
Attorneys can often help negotiate alternatives to foreclosure on your behalf. If the foreclosure proceeds, an attorney can help advise you on how best to protect your rights and credit.
You can put a house up for sale in foreclosure, but the foreclosure process could happen before the house sells. It doesn't make any sense, if you would like to sell the house, do so before foreclosure.
A junior lien is no longer valid as against the property after a foreclosure. However, the creditor can still go after the debtor and any other assets they may have to try to get the debt paid.
how many days delinquent before a loan goes into foreclosure
The bank will take possession of the property. If the mortgage was granted prior to the property being transferred to the trust the bank may try to attach assets of the mortgagor/decedent for any deficiency. If granted by the trustee only the trust assets are vulnerable.