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 » Foreclosures at the high end increase across the Bay Area

Foreclosures at the high end increase across the Bay Area

Topic: Foreclosure

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Mavrick
At last some rationality in our little detbae.
read more... 12/17/2012

Tony
A foreclosure is when the leednr sues you for the title of the house for breach of contract on the mortgage and promissory note. The leednr then liquidates the property in order to recapture as much of your debt plus the fees accumulated as a result of the foreclosure. If the sale (and the mortgage insurance, if applicable) does not cover this amount, the leednr retains the option to seek your other assets or future assets in most states.A short sale is an agreement by the owner and the leednr to sell the property in lieu of foreclosure for a value less than the original debt in that the leednr will excuse the outstanding balance.Another option is to offer the deed to the leednr in lieu of foreclosure. This results the same way as a foreclosure, but without all the added fees associated with foreclosure that can get quite hefty.A short sale doesn't destroy your credit as bad as the other two, but you can't be a candidate for a short sale if you aren't already in credit trouble. But the best route is to avoid all three and do anything to keep the property including refinancing the property with a HARP loan
read more... 12/17/2012

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See also:

Foreclosure activity in April fell nationally to the lowest level since the summer of 2007, but gove...
» Foreclosure05/17/2012
 
The number of homes sold to investors more than doubled last year, as rising rents and low-priced di...
» Foreclosure03/29/2012
 
Thousands of foreclosures that were stuck in process due to delays over the so-called "Robo-signing"...
» Foreclosure03/11/2012
 
 

  
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