How long is a mortgage banking site to give you before beginning the foreclosure?

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I am aware of the situation and the record of the foreclosure proceedings began in early November 2009.Wie many months, the property of the bank or the owner of “grace periods” would be before he begins to serve their papers, where? The real owner died in October 2008. The recipient of the house and the executor of the estate may have ignored the mortgage payments. I guess the bank is not maintained in October 2008 to November 2009 have to start a foreclosure. However, one factor that they knew the house had been there, have brought light in succession and was taken to be there and could make a claim with the Probate Court in the first 8 months of the death haben.Ich wonder if the receiver executors have paid the mortgage for several months from October 2008, then abandoned at a later date. And how long you want the banks to wait and wait before starting foreclosure? The house is in foreclosure. The executor and beneficiary is the question Person.Meine even how long the bank to wait before starting foreclosure? In this case, they waited from October 2008 to November 2009, but it would, because the house was there to seize property to be, and they are entitled to the balance of the mortgage filed with the probate court are. And these facts might be why it has waited 12 months to exclude. The house is in a week ‘m not Auktion.Ich foreclosure, but I will offer at home. The occupant is the executor and the person who acquired the house in October 2008. They waited until 2-10-10 to the house in his name. It was after the deadline with the mortgage company and pay for only four weeks before the auction. Thus, the lawyer said As the boys are worthless. I wonder how many months the inmates without paying the mortgage. The property belonged to the house when it was foreclosed on and when they served the documents, although there is one benefciary they all served as members of the beneficairy Defendente. The case, said Wells Fargo vs. John Doe, but on paper since November 4, 2009 it was about 10 Defendente scattered in New York shows Ca and SC. The house is in SC.

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3 Comments
  1. Reply
    Age of Reason
    May 4, 2011 at 3:26 am

    The executor is required by law to pay all debts. Put the house up for sale and settle all assets on the beneficiaries. Executor is guilty of failing in the assigned duties. Surprising lender has not foreclosed already. You need to discuss this with the executor

  2. Reply
    loanmasterone
    May 4, 2011 at 3:29 am

    The executor is by law obligated to take the property to a successful probate closing with the property being recorded in the names of any survivors.

    This means using any funds to pay the debts and mortgage of the estate.

    Each lender have their own procedures as to when to file a foreclosure against a person that is behind in their mortgage payments. Some file foreclosure immediately after one payment, some as long as 3-9 months after missing your first monthly payment.

    There are two types of foreclosures normally used in the United States

    Non-Judicial Foreclosure

    Most lenders use the non-judicial foreclosure procedure. No courts or lawyers are involved.

    Under this procedure normally the lender has the right to sell the property after completing the foreclosure procedure. The lender, under this procedure can not normally sue for a judgment after the sale. You do not have the right to reclaim the house under any circumstance.

    Under a non-judicial foreclosure and the lender has decided to foreclose on you they issue a “Notice of Default/Foreclosure” this document is recorded at the county recorders office where the property is located.

    You will receive a copy of this notice in the mail as well as one will be delivered to your front door.

    At this point you now have 90 days to bring the mortgage current, refinance the mortgage or do what ever you want to do to keep your property. Your lender might entertain the idea of refinancing your mortgage for you at this stage.

    Once the 90 day period is over the lender then decides to record a “Notice of Sale” at the county recorders office. You will receive a copy in the mail as well as someone will deliver one to your front door. This notice will have a sale date and place of sale.

    Once this document has been recorded you now have 20 days in which to refinance or cure your foreclosure. Most lenders will not entertain the idea of refinancing their own loan once this document has been issued. Some might, but most will not. At this point the lender is interested in you paying the mortgage off or bringing it current.

    At the sale if the property is sold to someone, they have to get the property recorded in their name so there is lots of legal work to be done before they officially own the property.

    This new owner will contact you when all the legal documents are signed and between the two of you select a time for you to move. You might be required to pay rent for the time you stay there but this is between you and the new buyer.

    If the property does not sell then the lender has to get a few legal matters taken care of so they have to wait until the legal matters are completed. This normally take 5-7 business days or less.

    If this happens once all the legal matters are taken care of the lender normally hires a real estate agency to take care of their real estate sales.

    An agent from the agency will contact you about the date and time of your departure. In some instances they will offer you a sum of cash for you to move.

    If you are not required to go to court and has not received documents from a court stating that you must appear. This is probably the procedure being used by your lender.

    Judicial Foreclosure

    If the lender decide to use the judicial foreclosure procedure you will be issued a summons to appear in court. The court will set the time and date of appearance as well as when you will have to vacate the property.

    If the lender use the judicial foreclosure procedure they are allowed by law to file a deficiency judgment against you.

    Most lenders, though the law allow them to file for a deficiency judgment, do not do so. they would just rather sell the property, write any loss off and move on without other legal problems that might cost them money and then would have to collect on the judgment if they won.

    On the other hand the law also allow you the right to reclaim your house after the foreclosure procedure has been completed in some instances any where from three months and in some states up to a year.

    If you received a document stating that you have to appear in court and a date for you appearance has been set, your lender is probably using this procedure.

    This method of foreclosure is used only by a few lenders where both procedures are allowed.

    Under either procedure if the bank can not reclaim the entire loan amount from the sale of the property they claim they have a loss. Since this is a loss to them someone had to have a gain. You are the one considered having the gain, therefore the lender would then send you a 1099 indicating the amount of gain you had.

    Upon receipt of the 1099 you must file this gain with your year end taxes as to the amount of gain you have.

    For tax and legal matters you should always consult with your tax consultant and attorney.

    I hope this has been of some use to you, good luck.

    “FIGHT ON”

  3. Reply
    CJB
    May 4, 2011 at 3:32 am

    Your answer depends most likely on state law where the home is located. California offers a minimum of 91 days to foreclose on a home. Each investor/lender/bank determines when they will send a notice of default (the first step of the foreclosure process). As stated below there are different types of foreclosures processes and you need to know your states laws to understand which will process will be most likely applied.

    There is no definitive time period to which a lender will foreclose. With government incentives to modify loans and moratoriums by certain lenders on foreclosure proceedings, some owners are living in homes for a year or more before the bank actual sends a notice of default notice and begins the foreclosure process. Check with your local professional to understand specific laws/procedures for your area.

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