Foreclosure FAQs
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Q:
How do creditors get paid when foreclosing on a house to satisfy unpaid debts?
A: A foreclosure is where the creditor collects its lien by forcing a sale of the debtor's real property. The creditor receives the amount of the proceeds from the sale … More -
Q:
What is the Homeowner Affordability and Stability Plan?
A: Congress recently passed the Homeowner Affordability and Stability Plan (“the Plan”), which provides various options for homeowners who are feeling the … More -
Q:
Why Would a Lender Agree to a Short Sale?
A: Banks and other lenders generally agree to short sales in order to avoid having to foreclose on a property and take it into their inventory. Most lenders would rather … More -
Q:
Can My Lender Come After Me in Court for the Loan Balance I Owe After a Short Sale?
A: This depends in part on whether the property in the short sale is located in a judicial or a non-judicial foreclosure jurisdiction. In non-judicial foreclosure, also … More -
Q:
Will My Lender Accept the Short Sale as Payment in Full for My Loan?
A: Maybe. Your lender is not required to accept the short sale payment to satisfy your loan amount. The company may decide that you and your property do not qualify for … More -
Q:
What is a loan modification, and how will it help me with my mortgage?
A: A loan modification occurs when a homeowner enters into an agreement with his or her mortgage loan servicer to change the terms of the mortgage. The goal … More -
Q:
When and why does foreclosure begin?
A: Lenders will initiate foreclosure proceedings when homeowners become delinquent in their mortgage obligations, usually after three payments are missed. The lender … More -
Q:
Are you at risk of foreclosure?
A: If your financial situation has changed for the worse, you may be worried that you might be at risk of foreclosure. Have your finances changed due to a mortgage … More -
Q:
What is acceleration?
A: Many contracts for debts contain "acceleration" clauses. This clause gives a creditor the right to "accelerate" the repayment when a payment … More -
Q:
How long does it take to get a loan modification?
A: The length of time that it takes to get a loan modification depends greatly on how long it takes your mortgage holder to process your loan modification, as … More
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1031 Exchange
Buying a Home Mortgage |
Real Estate Short Sales
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