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Home Foreclosure Law

Home foreclosure deals with the process of being applied to residential mortgage loans associated with a bank or other secured creditor selling or repossessing a parcel of real property.

My home is posted for foreclosure June 5th. A legal firm is working on my home loan modification. But the legal will not stop a foreclosure sale. What can I do now to keep my home?

There are a few ways to stop a sale but the most direct is to speak with the lender and either pay off the deficiency owed, or create a loan modification plan that both parties will consent to. While that is obviously expensive, it is a legitimate way to cancel the foreclosure. Other ways which the law firm is likely pursuing at this time would be to review the procedural steps that the lender took to pursue the foreclosure and see if any steps under law were missed or improperly done if so the firm may be able to dismiss the suit and force the lender to start again. That is not certain but it is possible.

I have VA home loan, if it goes to foreclosure, can they go after my air force retirement pay or my social security pay?

If the VA here has a certain judgment after the foreclosure they can try and collect on the judgment. They cannot garnish these funds the retirement or the social security funds at all. But the thing the person would need to watch here is to keep the funds cash only here or put under someone else's name. Once these funds are deposited here into a bank account it is possible they levy on them. The person would then have to go back to court here where the levy was issued and seek to have them refunded to them. So be ready here if they get judgment and keep the finances as cash only or in a relative's name and social.

We have received notice of foreclosure from the court and have not paid on lien for over a year. Balance on the lien is about $270,000, market value is about $200,000. If foreclosure is completed or short sale completed, can we be sued for the deficiency in Texas?

Texas is a deficiency state which means the lender can pursue the borrower for the deficiency. The amount owed over the amount of the foreclosure sale; the exception to this would be home equity loans. Those loans are non-recourse and the lender can’t pursue a deficiency for those. Whether or not they will depends upon their assessment of the collectability of a deficiency judgment. So, if the borrower can convince them there is nothing for them to get, and that if they were to pursue a judgment. The borrower would simply file for bankruptcy protection and get the judgment discharged-and even if the borrower has no intention of doing.

How many months delinquent on your home loan before foreclosure process is started if you are unable to make your payments, how long before the foreclosure process is started and how long are you allowed to live in your home before the bank requires you to move out?

The loan documents would indicate the precise amount of time before the bank would consider being in default. It is typically 60-90 days late when the right to foreclose provision would be triggered. It depends on the type of foreclosure involved, it may take as little as another 90 days to complete, but is often significantly longer than that. The process varies so there is no "normal" amount of time, but it usually takes at least several months.

Here is a link with more information:
http://www.foreclosurelawfirms.com/resources/foreclosure/foreclosure-laws/oklahoma-foreclosure-laws.html

Will I be sued in TN if I foreclose on my home? My home also has a 16,000 lien on it. I wanted to Short sell my home but, with this lien I can't.

If they are allowed to foreclose on the home in TN, then under TN law, the lender can sue for deficiency judgment to collect the difference between the foreclosure sale price and the amount due on the loan. The person may have to consider bankruptcy to seek to have all of these judgments extinguished if you are not going to be able to make the payments and are headed to foreclosure. The bankruptcy would discharge the deficiency judgment and as long as the lien is not a child support, student loan or government debt, that lien could be extinguished as well.

Having the right information about home foreclosure laws can help individuals deal with difficult situations and make the right decisions. Ask Experts about the home foreclosure laws and other related topics.

Ask a Real Estate Lawyer

Tina
Tina, Lawyer
Category: General
Satisfied Customers: 5379
Experience:  17 years of legal experience including real estate law.
4460311
Type Your Real Estate Law Question Here...
characters left:
6 Real Estate Lawyers are Online Now

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    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
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Real Estate Lawyers are online & ready to help you now

Tina
Lawyer
Satisfied Customers: 4813
16 years of legal experience including real estate law.
Law Pro
Lawyer
Satisfied Customers: 6227
20 years extensive experience in real estate law, foreclosure, finance, and landlord tenant law.
Barrister
Lawyer
Satisfied Customers: 4966
13 years real estate, Realtor. Landlord 24+ years

Recent Foreclosure Questions

  • I am in the midst of a divorce settlement. Our mortgage rewrite

    I am in the midst of a divorce settlement. Our mortgage rewrite came due and the ex decided not to sign so now our property is facing foreclosure. I live in South Dakota...would I be able to declare bankruptcy to save it?
  • A condo corporation has forced a foreclosure of a condo unit

    A condo corporation has forced a foreclosure of a condo unit due to non payment of maintenance fees. There is a large mortgage owed on this home but they are not listed on the foreclosure documentation, only in the title search. If the original borrower of the funds fails to pay the mortgage after the auction, can the mortgage company seek funds from the new owner of the condo?
  • A person owned a house which was heavily mortgaged. Another

    A person owned a house which was heavily mortgaged. Another person provided the means to refinance this mortgage, in exchange for which they were put on title for a half share od the house as a tenant in common. The first person has not paid anything towards the mortgage, insurance, utilities etc. for an extended period of time. The second person would like to extricate herself from this situation. I assume a "friendly foreclosure" with the bank would require co-operation from the first person. Is the best option for the second person to file for partition of the property? Would the court order dictate how the proceeds from the forced sale are to be allocated to ensure the second person is reimbursed for the amounts paid in excess of those paid by the first person? Finally, if the house is worth less than the mortgage, I assume the bank will be able to go after the second person for the entire deficiency, since the first person has no income and no assets. Is declaring bankruptcy the only way for the second person to get out of that obligation? IF so, should the second person declare bankruptcy before or after forcing sale of the house?
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