Q. Can you stop foreclosure once it starts?
A. Bring Your Loans Current You can stop the foreclosure process by informing your lender that you will pay off the default amount and extra fees. Your lender would prefer to have the money much more than they would have your home, so unless there are extenuating circumstances, this should work.
Q. Can I stop a foreclosure by paying the past due amount?
A.Reinstating a mortgage loan is when a borrower gets caught up on the past-due amounts in one lump sum, which will stop a foreclosure. After reinstating the mortgage, the borrower goes back to making regular, monthly payments on the loan.
- When is it too late to stop foreclosure? A. Foreclosure usually begins 90 days after the last payment. After 120 days, the lender must issue you a notice of intent to sell. They will sell the home at a public auction. So long as the deed has not been transferred to someone else, you can stop the foreclosure at any time, including the date of the auction.
Q. How can I stop a foreclosure auction immediately?
A. One guaranteed way to stop foreclosure is to file for bankruptcy. The moment you file for bankruptcy, there is an automatic stay on the bank from initiating any action to collect on their debt. Consequently, this stay prohibits the bank from foreclosing on your property. Banks can request relief from this temporary stay, but that will take a month or two to work through the courts.
Of course, this method lets you keep your home (at least temporarily), and you may be able to keep it long-term, depending on the outcome of the bankruptcy proceedings. The downside to bankruptcy is that it is devastating credit-wise. On top of the hundred or so point decrease due to being late on payments, a bankruptcy will result in another 508-217-9050 point drop. If you plan on going this route, consult with a lawyer to see if it is right for you.
Q. How long can I stay in my home after foreclosure?
- With both judicial and nonjudicial foreclosures, you’ll some time between notification of the foreclosure and the actual sale. You may remain in the property during this time, which is typically two months to a year—sometimes more—depending on the state and whether the foreclosure is judicial or nonjudicial.
Q. Can I sell my house if it’s in the process of foreclosure?
Yes you can. If you’re facing foreclosure, you have the opportunity to sell your home up until the time it is put up for auction by the mortgage lender. A home will be foreclosed when a mortgage lender exercises its right to sell off a property which has outstanding mortgage payments.
Q. Can I sell my house if I’m behind on mortgage payments?
If you’ve fallen behind on your loan payments but the market value of your home is greater than what you owe on your home loan then you can sell your house and use the funds to pay back your lender.
Q. Are there different stages of foreclosure?
Typically, properties in foreclosure can be categorized as follows:
Pre-foreclosure – in this stage the homeowner/borrower is given a grace period to pay off the outstanding debt.
Auction – in case the homeowner/borrower cannot pay the pending debt during the grace period, the property is officially in foreclosure and the lender is allowed to put the house up for auction.
Real Estate Owned (REO) – In case a property wasn’t sold during a scheduled auction, the listing goes back to the lender and it becomes a real estate owned house for sale.
Q. Can you complete a pre-foreclosure sale without any assistance?
Technically it is possible but it is not a practical option. It is advisable to seek professional services to ease the bureaucratic processes and offer expert guidance.
Q. Who is legally responsible for handling the probate process?
If the deceased person left a will, then the probate process is handled by the executor. If there is no will, the court will appoint an administrator for the probate proceedings
Q. What is the work of an executor?
An executor (sometimes referred to as personal representative) is the designated person or institution that is given the mandate to protect and oversee the allocation of a deceased person’s assets according to written will or after the judgment of a court
Q. How long does the probate process usually take to complete?
There are plenty of factors that affect the duration of a probate process however; as a general rule of thumb, it typically takes about six months. It may take longer if there are disputes or delays of certain processes.
Q. What are some specific issues that may delay the probate proceedings?
- Contesting of the will by beneficiaries/heirs
- Unsettled claims or liens against the estate of the deceased
- Dissatisfaction with the executor’s actions by the beneficiaries/heirs
- Failure to notify creditor(s) accordingly during the claim period
Q. Why is probate really required?
There are many reasons why a probate process is mandatory when someone passes on and these are the main ones:
- A legal process is a requirement for any transfer of property and assets to beneficiaries/heirs
- Tax issues need to be resolved before assets are passed on to beneficiaries
- Creditors are given a legally mandated period to file any claims
Q. Should all the deceased person’s property go through probate?
Not necessarily, however, there has to be a legal process to transfer titles of ownership from the deceased person’s name to the beneficiaries/heirs name(s).
Q. Can a house in probate be foreclosed?
Yes, this can happen when a property owner passes on and a probate court is determining the ownership of the person’s remaining assets. The foreclosure process can only be stopped if a state court issues an injunction or after a bankruptcy filing.
Q. Can banks foreclose a deceased person’s home?
Banks can foreclose a home if the owner passes on however, the executors, beneficiaries and administrators will have to be named and included in the proceedings.
Q. What happens when foreclosure proceedings begin then the homeowner passes on?
The deceased person’s estate and assets are supposed to be used to pay off any outstanding debt on the property. During the foreclosure proceedings, the lender is in possession of the property and puts it up for sale to pay off any outstanding mortgage payments owed by the deceased.
Q. Are beneficiaries/heirs responsible for mortgage debt?
Normally the debt is recouped from the deceased person’s estate/assets. So, before any assets are transferred to beneficiaries, the executor will use the same assets to first pay off any mortgage debt. In some cases the beneficiaries may keep making the mortgage payments while making arrangements to sell the home.