The original loan be for $400,000 and the house sold for $500,000, after the bank get their money would I receive the difference? Also the alleged new owner keep harassing me to leave, I haven't received anything from the hill of who purchased the home or any names. What are my rights?
Answers: Not adjectives foreclosures have a right of redemption term. This depends on what state you live in, what type of achievement was foreclosed and how it be foreclosed.
Typically in Deed of Trust states (WA, CA, Nevada, etc.) when the lender forecloses non-judicially (Notice of Trustee's Sale), near is no right of redemption. Typically there is a right of redemption time if foreclosed judicially, but again, this depends on your state's foreclosure laws.
You can follow this association to see what foreclosure methods are used in your state http://www.forecloseddreams.com/state_by...
Secondly, any surplus from the public sale would be paid to any junior lien holders first and any unpaid property taxes and legally recognized fees.
If there are any surplus funds remaining after that, you would be entitled to them. In some states, you must report a form from Superior Court to claim them. (Good read about a NJ man that exploited foreclosure victims out of their surplus funds for charging & afterwards filing this simple form for them) http://www.consumeraffairs.com/news04/20...
Mosts states allow the edge to serve you with a 3 year vacate order to occupant that were previously surrounded by title. A tenant would be afforded a 30 day observe. You may or may not be offered "Cash For Keys" if you agree to vacate per the notice and go the home in polite, clean condition.
Best to error on the side of counsel and start packing & moving items now, if it is going to filch more than 3 days for you to move and vacate.
Actually, he is wrong, the house is technically still yours until the redemption period is up. Check your local law governing foreclosure since each state is different.
The wall goes to the public sale and has an automatic bid for the amount of the mortgage plus fees and interest that have accrued up to the point of public sale. If the house sells for more than that amount you are entitled to the difference. I would recommend discussion to a RE attorney if the bank give you any trouble.
Oh, the second half of your query, like I said the house is still yours until the redemption is up. Some states own very little or no redemption time of year (check local laws). If you do have to move you can force them to evict if you need or just ask for probable time to move.
Good Luck
In UK you get 'repossessed' (rather than 'foreclosed') so I guess this shoud be within US forum ..
In UK, when a repossessed property is sold above the outstanding loan & charges, you do indeed get the 'extra' returned to you ...
.. however the downside contained by UK is that if the property sells for LESS than the outstanding loan+charges, you OWE the symmetry to the Mortgage Co. .. and they can make you penniless over it...
you won't get anything.If you own defaulted on your mortgage,and a foreclosure public sale has be done, you forfeit any extra money to the bank.You should give up before they throw you out.The owner is no longer you. Yes, the redemption interval is true. And yes, you can get the difference. Contact an attorney
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Answers: Not adjectives foreclosures have a right of redemption term. This depends on what state you live in, what type of achievement was foreclosed and how it be foreclosed.
Typically in Deed of Trust states (WA, CA, Nevada, etc.) when the lender forecloses non-judicially (Notice of Trustee's Sale), near is no right of redemption. Typically there is a right of redemption time if foreclosed judicially, but again, this depends on your state's foreclosure laws.
You can follow this association to see what foreclosure methods are used in your state http://www.forecloseddreams.com/state_by...
Secondly, any surplus from the public sale would be paid to any junior lien holders first and any unpaid property taxes and legally recognized fees.
If there are any surplus funds remaining after that, you would be entitled to them. In some states, you must report a form from Superior Court to claim them. (Good read about a NJ man that exploited foreclosure victims out of their surplus funds for charging & afterwards filing this simple form for them) http://www.consumeraffairs.com/news04/20...
Mosts states allow the edge to serve you with a 3 year vacate order to occupant that were previously surrounded by title. A tenant would be afforded a 30 day observe. You may or may not be offered "Cash For Keys" if you agree to vacate per the notice and go the home in polite, clean condition.
Best to error on the side of counsel and start packing & moving items now, if it is going to filch more than 3 days for you to move and vacate.
What is the difference between residential and commercial?
Actually, he is wrong, the house is technically still yours until the redemption period is up. Check your local law governing foreclosure since each state is different.
The wall goes to the public sale and has an automatic bid for the amount of the mortgage plus fees and interest that have accrued up to the point of public sale. If the house sells for more than that amount you are entitled to the difference. I would recommend discussion to a RE attorney if the bank give you any trouble.
Oh, the second half of your query, like I said the house is still yours until the redemption is up. Some states own very little or no redemption time of year (check local laws). If you do have to move you can force them to evict if you need or just ask for probable time to move.
Good Luck
As in that a path to buy a house while contained by chapter 13?
In UK you get 'repossessed' (rather than 'foreclosed') so I guess this shoud be within US forum ..
In UK, when a repossessed property is sold above the outstanding loan & charges, you do indeed get the 'extra' returned to you ...
.. however the downside contained by UK is that if the property sells for LESS than the outstanding loan+charges, you OWE the symmetry to the Mortgage Co. .. and they can make you penniless over it...
you won't get anything.If you own defaulted on your mortgage,and a foreclosure public sale has be done, you forfeit any extra money to the bank.You should give up before they throw you out.The owner is no longer you. Yes, the redemption interval is true. And yes, you can get the difference. Contact an attorney
Resolved Questions: