Sentences with phrase «after the foreclosure sale»

I'm afraid my lender will sue me for deficiency judgment after the foreclosure sale and my personal property will be attached.

In order to determine whether you will owe money to your lender after a foreclosure sale of your home, it is important to get a handle on two important items of information:

A judgment of judicial foreclosure may be preferred by a credit in favor of a foreclosure of a mortgage or deed of trust to secure a «deficiency judgment» for any amount still owed by the debtor after the foreclosure sale.

Many people simply walked away from a hopeless situation, not realizing that after a foreclosure sale they would still be responsible for any shortfall.

The most basic form of nondisturbance and attornment agreement assures the tenant that the mortgage holder will not disturb the tenant's possession as long as the tenant is not in default under its lease and the tenant agrees to recognize and treat the lender (or other owner after a foreclosure sale) as landlord, i.e. «attorn.»

If you're the homeowner, be aware that Utah is a deficiency state, which means that the lender can go after your assets for the «deficiency» after a foreclosure sale (i.e. the difference between what the home fetches at the foreclosure auction and the amount you still owe on the mortgage).

A deficiency judgement is where the bank gets a judgement against you, the borrower, for the remaining funds owed to the bank on the loan amount after the foreclosure sale.

Not exact matches

This undesirable outcome is known as a «deficiency judgment,» and it can occur after both short sales and foreclosures.

After our meeting, my office searched for the bank responsible for keeping the property and we discovered a gray area in New York State law — once a property entered into a judgment of foreclosure and sale, the law did not clarify the person or party responsible for maintaining it.

Sampson was indicted in 2013 after prosecutors said he stole more than $ 400,000 in home foreclosure sales to help finance an unsuccessful bid for Brooklyn district attorney and tried to cover up the alleged crime.

Both short sales and foreclosures will remain on your credit report for seven years after they're settled.

NOTE: Veterans who use VA Home Loan Centers for short sale assistance (per law) will not be charged interest beyond 210 days after last payment plus the length of time by state for a foreclosure to conclude.

Rival mortgage clearing house Freddie Mac indicated that it is going after walk - away borrowers in court to collect deficiencies (the difference between what a borrower owes and what the lender gets in a foreclosure sale).

Borrowers who wish to qualify for an FHA - insured mortgage after a foreclosure, short sale or bankruptcy in 2014 should refer to Mortgagee Letter 2013 - 26 for more information.

NO waiting period after a foreclosure for an FHA Loan if you had NO late payments on ANY mortgage or consumer debt in the 12 - months proceeding the short - sale AND it was NOT a strategic short sale.

Applicants who meet these criteria could qualify for an FHA loan in as little as 12 months after bankruptcy, short sale, foreclosure, or deed in lieu of foreclosure.

Borrowers who wish to use an FHA loan after a foreclosure, deed in lieu, short sale or bankruptcy in 2014 must be able to demonstrate Satisfactory Credit after the Economic Event (loss of job / income).

In 2014, borrowers who wish to qualify for an FHA loan after bankruptcy, foreclosure, short sale, deed in lieu of foreclosure, or other derogatory events must reestablish Satisfactory Credit for at least 12 months.

«After someone goes through a short sale or a foreclosure, they may feel guilty or upset about it, but I tell them: «Now is day one.

Does anyone have experience getting a mortgage after bankruptcy and / or a foreclosure or short sale process?

Texas law allows lenders to pursue deficiency judgments after foreclosure A deficiency judgment arises when the proceeds from a foreclosure sale fail to satisfy the outstanding mortgage balance, and a lender wins a lawsuit seeking payment of the difference.

To that end, FHA is changing the rules for borrowers who want to use an FHA loan after a bankruptcy, short sale, foreclosure, or deed in lieu of foreclosure.

The waiting period after a bankruptcy, short sale or foreclosure can be as little as 12 months.

While a foreclosure looks slightly worse, with the time and effort you have to put in to keep you home in sale ready condition, the potential pitfalls of owing the balance of the mortgage anyway after the short sale, as well as the potential tax consequences, it might be worth it to simply let the home go into foreclosure and walk away.

Myth # 9: The lender will sue the homeowner after the close of a short sale (or foreclosure, or deed in lieu of foreclosure) for the deficiency.

New FHA guidelines announced August 15, 2013, in Mortgagee Letter 2013 - 26 say that borrowers who meet certain criteria and qualify for a loan under FHA requirements will be able to apply for an FHA loan without the usual mandatory waiting period after a foreclosure, short sale or bankruptcy.

I introduced a loan program at http://www.cfsflex.com, they allow a mortgage after a foreclosure, short sale, or bankruptcy.

For homeowners who had extenuating circumstances such as prolonged income loss or major medical expenses, Fannie Mae has shortened its waiting periods to two years after a pre-foreclosure sale — a short sale or deed in lieu of foreclosure — and to three years after a foreclosure.

It is never a smart decision to go for a mortgage loan immediately after you have faced a foreclosure, short sale or bankruptcy.

The waiting period had been two years after the completion of a bankruptcy and three years after a foreclosure or a short sale.

All homeowners with FHA case numbers assigned after Aug. 25th of 2013 that have gone through a bankruptcy, short sale, foreclosure, loan mod or a deed - in - lieu can now apply and potentially get approved for an FHA mortgage.

Typically, your credit score will drop by 75 to 200 points after selling your property in a short sale, which is less severe than a foreclosure.

One of the most common questions that home loan professionals receive is in regards to the timelines that must be followed after derogatory credit events like foreclosure, short sale and bankruptcy.

Regardless of your state's deficiency laws, if your home will sell at a foreclosure sale for more than what you owe, you will not be obligated to pay anything to your lender after foreclosure.

If the sale price is enough to satisfy the outstanding balance owed on the mortgage, you will not owe money after foreclosure (be careful as some loan documents call for borrowers to pay lender attorney fees associated with the foreclosure).

When a borrower loses their home to foreclosure and still owes their lender money after the sale, the remaining debt is usually referred to as a deficiency.

As long as the Bankruptcy case is filed before the last publication date, after the Bankruptcy Court lifts the Automatic Stay, the lender will have to file a new foreclosure case, with a public trustee sale date about 120 days later.

There are quite a few variables involved when trying to figure out when someone will be able to purchase a home after a foreclosure or short sale.

George as a general rule they would be talking about after the closing on the short sale or foreclosure.

*** The above information for waiting periods before buying a home after completing a short sale and foreclosure was sourced by the Fannie Mae and Freddie Mac selling guides along with the FHA handbook.

One of the most important steps after going through either a short sale or foreclosure is to be conscious about trying to improve your credit standing.

The question of when a borrower can get another loan after a short sale or foreclosure is one I hear quite often.

You can never start planning too early after going through a foreclosure or short sale.

Hi Sandra — Yes I do not believe any of this short sale time lines have changed about getting a mortgage after a short sale or foreclosure since the article was published.

Thanks for the great information about buying a home after short sale or foreclosure.

Below are the general guidelines that FHA, Fannie Mae and Freddie Mac follow when considering a loan after a short sale or foreclosure:

About the author: The above Real Estate information on buying a home after short sale or foreclosure was provided by Bill Gassett, a Nationally recognized leader in his field.

Getting a mortgage after a short sale or foreclosure is one of the most common questions I get.

If you can only put less than ten percent down, you'll have to wait seven years after the short sale or deed in lieu of foreclosure.

If you're looking to get a USDA loan after short sale or deed in lieu of foreclosure, you will typically need to wait 3 years from the date repayment and bankruptcy were completed.