One day, the family's home where Alicia raised her children, was
sold at a foreclosure sale while she was in the hospital.
Mimicking the federal Protecting Tenants in Foreclosure Act, a 90 - day notice for properties
sold at a foreclosure sale must be sent to any tenant telling them of a change in ownership to the property.
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.
Not exact matches
Large numbers of individuals and small partnerships saw opportunities to profit from depressed prices and began investing in
foreclosures and short
sales, buying them
at a discount and renovating them, either to
sell at a profit or to rent out, often to families that had lost their homes to default.
Unpaid taxes and other bills owed to the City may be
sold at the City's next Lien
Sale to private debt collectors, which in turn can trigger
foreclosure proceedings.
Add to the
foreclosure expense the cost of maintaining and
selling homes that are not bought
at foreclosure sales or auctions, and mortgage lenders are losing money that could be saved by writing down mortgage loans to affordable levels and preventing
foreclosure.
Criminals are gravitating to those distressed housing markets to employ
foreclosure rescue schemes and other fraudulent plots such as «flopping» or
selling homes
at deflated short
sale values then quickly
selling it for a higher price, according to Interthinx,... View Article
Foreclosures can be
sold at an auction, on the open market or offered as a pre-foreclosure
sale.
Distressed properties include short -
sales (
sold by owner
at less than the mortgage value, with bank sign - off) and bank - owned
foreclosures.
To summarize, in the context of your divorce if you and your spouse are settling credit card debt,
selling your home
at a short
sale, or your home is going into
foreclosure, you should be aware that you may have to deal with the tax consequences of the canceled debt income on the back end.
Short
sales were on the market the longest
at a median of 110 days, while
foreclosures sold in 55 days and non-distressed homes took 41 days.
Short
sales were on the market the longest
at a median of 99 days in October, while
foreclosures sold in 50 days and non-distressed homes took 39 days.
Short
sales were on the market the longest
at a median of 118 days in September, while
foreclosures sold in 67 days and non-distressed homes took 38 days.
Short
sales were on the market the longest
at a median of 120 days in February, while
foreclosures sold in 58 days and non-distressed homes took 61 days.
Short
sales were on the market the longest
at a median of 98 days in December, while
foreclosures sold in 61 days and non-distressed homes took 66 days.
Short
sales were on the market the longest
at a median of 124 days in August, while
foreclosures sold in 66 days and non — distressed homes took 45 days.
Short
sales were on the market the longest
at a median of 131 days in May, while
foreclosures sold in 56 days and non-distressed homes took 38 days.
Short
sales were on the market the longest
at a median of 116 days in November, while
foreclosures sold in 65 days and non-distressed homes took 63 days.
Distressed homes2 -
foreclosures and short
sales which generally
sell at deep discounts - accounted for 23 percent of second quarter
sales, down from 30 percent a year ago.
I started the
foreclosure immediately and it
sold at trustee's
sale 4 months later for $ 35K.
Short
sales were on the market the longest
at a median of 135 days in September, while
foreclosures sold in 57 days and non — distressed homes took 48 days.
Distressed homes —
foreclosures and short
sales typically
sold at deep discounts — slipped to 28 percent of
sales in October from 30 percent in September (17 percent were
foreclosures and 11 percent were short
sales); they were 34 percent in October 2010.
I've seen lenders fail to approve dozens of short
sales where there was true hardship on the part of the sellers, only to take the properties back in
foreclosure and
sell them six months later
at a lower price.
Distressed homes3 -
foreclosures and short
sales sold at deep discounts - accounted for 22 percent of November
sales (12 percent were
foreclosures and 10 percent were short
sales), down from 24 percent in October and 29 percent in November 2011.
A short
sale — where homeowners
sell their property for less than they owe on their mortgage — is often the last resort for people who can't pay their mortgage and are facing
foreclosure, explains Rachel Ivers, a junior agent
at The Blake Team
at Keller Williams in Aurora, CO..
The other option,
foreclosure by
sale, is the more traditional
foreclosure route where your home is
sold at auction if you can't pay the debt prior to the
sale.
Whether the goal is to flip the house or turn it into a rental homes needing repairs often provide better returns because they
sell at more steeply discounted prices yet once the repairs are complete these homes will rent for the same amount and / or
sell for the same price as other homes not in
foreclosure or short
sale.
I looked
at all single family detached homes
sold via the metro Phoenix multiple listing service (MLS) in 2014 that were not
foreclosures and not short
sales.
You might be subject to taxes, even if you
sold your home
at a loss, either on a short
sale or by
foreclosure.
VERISTONE CAPITAL DEALSHEET LOAN AMOUNT: $ 57,000 FINAL
SALES PRICE: $ 103,500 LOAN DATE: January 2013 to March 2013 LOCATION: Renton, King County Washington TYPE: Auction Loan, 12 month Term DETAILS: The subject property was
sold at King County
foreclosure auction for $ 65,000 in January 2013.
A
foreclosure auction is where properties are auctioned off
at a public
sale by the Public Trustee (in Colorado) and
sold to the highest bidder.
The IRS will not count the amount forgiven by the mortgage holder as income to the seller, thus giving distressed borrowers incentive to
sell short rather than default; (2) restored the tax deduction for mortgage insurance premiums that expired
at the end of 2011; (3) the mortgage interest deduction untouched; and (4) tax relief for mortgage debt forgiveness was extended another year; providing homeowners tax relief on loan modifications, short
sales and
foreclosures.
This is where the trustee comes into play: The trustee is usually responsible for
selling the property
at a
foreclosure sale.
NAR reported 24 % of October 2012
sales were distressed, defined as
foreclosures and short
sales sold at deep discounts.
NAR reported 24 % of September 2012
sales were distressed, defined as
foreclosures and short
sales sold at deep discounts.
Power of
sale allows your lender to appoint a trustee to
sell your home
at a
foreclosure sale.
According to industry analysts with the National Association of Realtors ® (NAR),
sales of
foreclosures and other distressed properties continue to downwardly distort the median price because they generally
sell at a discount relative to traditional homes.
Distressed homes —
foreclosures and short
sales sold at deep discounts — accounted for 34 percent of February
sales (20 percent were
foreclosures and 14 percent were short
sales), down from 35 percent in January and 39 percent in February 2011.
Broken out, short
sales were on the market the longest
at a median of 180 days;
foreclosures sold in 50 days; and non-distressed homes took 38 days.
Distressed homes -
foreclosures and short
sales sold at deep discounts — accounted for 25 percent of May
sales (15 percent were
foreclosures and 10 percent were short
sales), down from 28 percent in April and 31 percent in May 2011.
Housing industry analysts note that
sales of
foreclosures and other distressed properties continue to downwardly distort the median price because they generally
sell at a discount relative to traditional homes.
Distressed homes —
foreclosures and short
sales sold at deep discounts — accounted for 29 percent of March
sales (18 percent were
foreclosures and 11 percent were short
sales), compared with 34 percent in February and 40 percent in March 2011.
NAR reported 28 percent of April 2012
sales were distressed
sales, defined as
foreclosures and short
sales sold at deep discounts.
Short
sales were on the market the longest
at a median of 135 days while
foreclosures were on the market for 49 days and non-distressed homes
sold in 41 days.
Large numbers of individuals and small partnerships saw opportunities to profit from depressed prices and began investing in
foreclosures and short
sales, buying them
at a discount and renovating them, either to
sell at a profit or to rent out, often to families that had lost their homes to default.
Foreclosures and short
sales — which are
selling, on average,
at a 20 percent discount — continue to hamper the new - home market, making it difficult for builders to compete against the ultra low prices.