I thought I answered this a few hours ago. The law had not changed since 5:00 pm as far as I know.
I thought I answered this a few hours ago. The law had not changed since 5:00 pm as far as I know.
When she was diagnosed with Alzheimers a lawyer advised us to change her house to the children's names even though she had a mortgage so that if she was put in a nursing home they could not take it. She has since passed and the home was foreclosed on. The sale of the home did not cover all... Read more »
Generally speaking only the borrower(s) who signed is/are personally responsible for debt, although obviously the lienholder / mortgage company has rights to take back the property if the loan isn't paid. At times, however, relatives "assume" a mortgage, in which case they step in... Read more »
I do not know who lives there, whether they were renting from previous owner or they were the previous owners.
You can still evict them. I would first attempt to evict "the owner and all occupants" using a forcible/entry and detainer action. If the person living on the property ends up being the former owner then congratulations! If the person living on the property is not the former owner,... Read more »
Yes, generally the owner of the property can continue to use the property or rent it out until it is sold at foreclosure. The law gives certain rights to a tenant under a bona fide lease - if the bank buys back the property a tenant may have the right to continuing living there and paying rent to... Read more »
Until the foreclosure sale, the owner can attempt to sell. Of course, the sale is subject tot he costs and expense of the mortgage. But it remains the best option for realizing full value. But since foreclosure cases are public records, many know that the auction sale will be less expensive.
my father passed away as the mortgagee i am listed as a tenant in common and we are paying the mortgage currently however that situation could change
The Personal Representative of the Estate stands in your father's shoes. If no estate was opened, it is likely the mortgage company will force the opening of the Estate. You would need to open the estate, anyway, in order to inherit his interest.
What do you mean by "recordation?" At some point, the Trustee that conducted the foreclosure may deed the property to either the bank or a third-party purchaser.
When a mortgage or "Deed of Trust" gets filed, it lists the name of an attorney who acts as "Trustee," basically this person holds the rights to sell the property if the borrower doesn't pay. The right lasts for so long as the mortgage debt remains but the Trustee can be... Read more »
Circuit Court.
There are two key dates: first the date of the auction and second the date when the judge approves or "ratifies" the sale. While the new owner "buys" at the auction (and must tender the deposit on that date), the sale isn't finalized until the ratification.
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