When your condominium is foreclosed upon, the lender assumes ownership of the unit. You may be able to work with the lender to finalize a date by which you will vacate the property; it's unreasonable that you should be allowed to maintain a household in the unit if you do not own it.
In a foreclosure process the lender will take possession of and sell your unit according to federal and state foreclosure laws.
The money is gone after foreclosure.
Unfortunately, foreclosure happens.
It is the same process as any other foreclosure, except that at the conclusion of the foreclosure, the tenants will be forced to leave.
although itis principle of law that amortgage isalways mortgage.but foreclosure is rule due to which the last benificiary receive the money from property after using his right of foreclosure.
SInce the first is in a superior position, nothing happens to the first. Any purchaser at the foreclosure sale would then have to pay off the first deed of trust.
The foreclosure of a condominium unit upon which you hold a mortgage should proceed like any other foreclosure.
Yes. Read your governing documents to determine when this act takes place.
The money is gone after foreclosure.
Generally:The first mortgagee would receive notice, may choose to pay the overdue fees and add those to the amount due to the bank. If not, the condominium association would acquire the unit subject to the mortgage. See related question link.
Assessments are owed to the association by the condominium owner. If it's a bank, then the bank owes assessments.
Unfortunately, foreclosure happens.
It is the same process as any other foreclosure, except that at the conclusion of the foreclosure, the tenants will be forced to leave.
The homes in foreclosure are sold at auction after notice and publication of the date, time and place.
It's unclear from your question who owns the property, who is foreclosing on the unit and the reason for the foreclosure. If you own the property, and you owe money -- either to a lender, to a tax authority or to the association for over-due assessments -- foreclosure should not be a surprise. Foreclosure is usually accomplished either by a lender, a tax authority including the IRS, a co-owner, or the association. Before action for foreclosure begins, the owner has been notified, warned, advised and otherwise informed of options in lieu of foreclosure, but that foreclosure is a possibility. If not before now, the foreclosure action has your attention. You can attempt to work out a different result with whomever has taken the foreclosure action, which may prevent you losing your residence.
although itis principle of law that amortgage isalways mortgage.but foreclosure is rule due to which the last benificiary receive the money from property after using his right of foreclosure.
SInce the first is in a superior position, nothing happens to the first. Any purchaser at the foreclosure sale would then have to pay off the first deed of trust.
you get kicked out and you live outside instead of inside