Foreclosure News and Information
From the daily archives:
Banks Are Slow to Unload Shaky Ground – Wall Street Journal
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Banks Are Slow to Unload Shaky Ground
Wall Street Journal And the bank says it has been quick to push nonperforming loans into the foreclosure stage. The bank should act with the same alacrity to sell the property … |
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The prospect of a foreclosure can be daunting and painful, it is crucial to be made aware of your state’s laws and guidelines to best serve your interests, regardless of whether you wish to remain in your home or not. Following is a list of information on California foreclosure laws; other states can be researched on our website as well.
Quick Reference:
• Judicial Foreclosure available: Yes
• Non-Judicial Foreclosure available: Yes
• Primary Security Instruments: Mortgage, Deed of Trust
• Timeline: Typically 120 days
• Right of Redemption: Varies
• Deficiency Judgments Allowed: Varies by process
In the State of California, lenders may foreclose on deeds of trusts or mortgages in default using either a judicial or non-judicial foreclosure process. However, an appraisal of the property must be conducted prior to the scheduled date of foreclosure. It is important to note that a judicial foreclosure in the state of California involves the filing of a lawsuit to obtain a court order to foreclose, wherein property is auctioned to the highest bidder.
In the event of a non judicial foreclosure, a power of sale clause exists within the mortgage or deed of trust in default wherein the borrower has pre-authorized the sale of the property in the event of default.
Most states have specific power of sale foreclosure guidelines, for more on the state of California foreclosure proceedings please visit: www.mitigationonlineconsultants.com today. Mitigation Online Consultants are experts in the field of foreclosure prevention and mortgage loan modification.
In any foreclosure under a mortgage or deed of trust in California, the property must sell for not less than two-thirds of the appraised value. If it does not, then it may be offered for sale again within twelve (12) months. The second sale may be to the highest bidder without reference to the previous appraisal.
A note regarding Deficiency Suits: A lender may not bring a deficiency suit against a person who lost a property that is 2.5 acres or less at a foreclosure, provided the property was a single one-family or a single two-family dwelling. This is so even if the high bid at foreclosure was less that the balance due on the loan. However, in foreclosures against other types of property, a deficiency suit is allowed, but is limited to the difference between the balance owed and the fair market value of the property, and then only if the suit is brought within ninety (90) days of the power of sale foreclosure.
Mitigation Online Consultants, are a team of highly skilled professionals who have been trained and experienced in the real estate, mortgage banking and financial services industries.Here at Online Mitigation Consultants we specialize and focus on the two types of mitigation: Loan modification and Deed in Lieu of Foreclosure.
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Are Government Foreclosure Programs Delaying The Inevitable? – NuWire Investor
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Are Government Foreclosure Programs Delaying The Inevitable?
NuWire Investor The massive shadow inventory of impending foreclosures, suggests that the various federal programs launched to help families stay in their homes have mearly … Mortgage foreclosures dead ahead Foreclosure Activity Increases 5 Percent in Third Quarter According to … Decreasing home values in Marion attract buyers |
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I just tried to do a short sale but my 2nd mortgage lender wouldn’t accept the offer. It is going to foreclose. It is vacant and was vandalized with flooding some time in the past few days and is terribly damaged.
If the bank is taking it away, could I be held negligent for not mitigating the damages from the obvious water damage caused by the vandalism?
Could I be liable for damage to the neighbors property from the water seaping into their walls?
Do you know the foreclosure process? What might expect after the foreclosure if the second lender has to take a huge loss?
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Some entrepreneurs find opportunity in foreclosure meltdown – MiamiHerald.com
 MiamiHerald.com |
Some entrepreneurs find opportunity in foreclosure meltdown
MiamiHerald.com But in the aftershocks of plummeting home prices, unemployment and continuing foreclosures, some professionals and entrepreneurs have found ways to make … Foreclosure crisis far from over for South Florida About this author: Mandatory mediation has a high success rate |
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How to spot a hotel in foreclosure – Chicago Tribune
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How to spot a hotel in foreclosure
Chicago Tribune A record number of hotels are thought to be in foreclosure. One industry watcher estimated that as many as … |
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