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What is the difference between a forced foreclosure and a foreclosure?
Wiki User
∙ 12y ago
Foreclosure is the legal process by which the lender takes over and sells the home when the homeowner defaults on the mortgage. A forced foreclosure is slightly different from a general foreclosure. In a forced foreclosure, the house is foreclosed because the homeowner defaulted on any of the terms and conditions of the mortgage that would allow him or her to stay in the home. If you are a homeowner, it is important for you to read and understand the terms and conditions of the mortgage. There may be clauses that would allow the lender to foreclose your home besides a default in the monthly payments.
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Wiki User
∙ 12y ago
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What is the difference between a foreclosure and short sale?
A foreclosure is the surrender of the property to the lien holder for nonpayment of the debt. A short sale is the sale of the property before the completion of the foreclosure in an attempt by the home buyer and the lender to avoid foreclosure proceedings.
What happens when Rented property goes into foreclosure?
It is the same process as any other foreclosure, except that at the conclusion of the foreclosure, the tenants will be forced to leave.
What's the difference between a foreclosure auction and a regular auction?
A foreclosure auction is a forced auction. The person who used to own the property being auctioned owed either the bank or the government money. For not paying the money back, their property is sold at auction to satisfy their debt. A regular auction could be anything and isn't necessarily to pay off debt, but usually to make a profit.
What is the best way to hide liquid assets before foreclosure and is there a time period before lquidating?
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.
What is the difference between a foreclosure and a repossession?
They are virtually the same since you don't own that thing any more and they both badly affect your credit. The major difference is that with repossession your "thing/s" are taken away or repossessed by the original owner. With a house in foreclosure you have to leave/move away.
What is the difference between preclosure and foreclosure?
Be aware that a pre-foreclosure property is not necessarily for sale. The pre-foreclosure stage is the period between the time in which a Notice of Default (in non-judicial foreclosure) or lis pendens (in judicial foreclosure) has been issued to the homeowner and after the property is sold at a foreclosure auction.
What is the difference between a tax foreclosure auction and a bank foreclosure auction?
One is done by the IRS, and the other is done by your bank.
What is the difference between a foreclosure and short sale?
A foreclosure is the surrender of the property to the lien holder for nonpayment of the debt. A short sale is the sale of the property before the completion of the foreclosure in an attempt by the home buyer and the lender to avoid foreclosure proceedings.
What happens when Rented property goes into foreclosure?
It is the same process as any other foreclosure, except that at the conclusion of the foreclosure, the tenants will be forced to leave.
What is the difference between natural and forced vibrating systems?
what is the different between natural and forced vibration systems.
Can banks be forced to accept a deed in lieu of foreclosure?
NO.
What is the difference between Forced vital capacity and vital capacity?
there is no difference.
What happens after the foreclosure auction who has to pay the difference between the amount sold at the auction and the difference of the loan?
the lender can seek a deficiency judgment against the homeowner in court
What's the difference between a foreclosure auction and a regular auction?
A foreclosure auction is a forced auction. The person who used to own the property being auctioned owed either the bank or the government money. For not paying the money back, their property is sold at auction to satisfy their debt. A regular auction could be anything and isn't necessarily to pay off debt, but usually to make a profit.
What is the best way to hide liquid assets before foreclosure and is there a time period before lquidating?
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.
What is the difference between normal inspiration and expiration and forced inspiration and expiration?
my wang
What is the difference between a foreclosure and a repossession?
They are virtually the same since you don't own that thing any more and they both badly affect your credit. The major difference is that with repossession your "thing/s" are taken away or repossessed by the original owner. With a house in foreclosure you have to leave/move away.
