What is a foreclosed property called?
What is a foreclosed property called?
Foreclosed home or REO: a property that has gone through the foreclosure process and is now owned by the lender or bank, also known as a real estate-owned property (REO)
Can a former homeowner be named in a foreclosure?
Former homeowners can be named in a foreclosure after they’ve deeded their interest to the property to someone else. For example, if John assumes the mortgage loan taken out by Bob and John doesn’t make payments, the foreclosure documents will include Bob’s name as the original borrower of record on the mortgage being foreclosed.
What happens if your name is not on the mortgage?
As your name is not on the mortgage, your credit report will not be affected if the property goes into foreclosure. Moreover, you won’t be responsible for paying the deficient balance after the sale of the property. However, you’ll lose the property. My mother and i are on deed and mortgage in South Carolina My mom is going through a foreclosure.
Can a bank foreclose on a property if the original borrower dies?
If the property is in foreclosure when the original borrower dies, the mortgage lender will sometimes continue with the foreclosure process without informing their heir(s), which could possibly result in the home being sold in a Sheriff Sale.
What does it mean when a house is in foreclosure?
Foreclosure is a situation in which a homeowner is unable to make mortgage payments as required, which allows the lender to seize the property, evict the homeowner and sell the home, as stipulated in the mortgage contract.
Former homeowners can be named in a foreclosure after they’ve deeded their interest to the property to someone else. For example, if John assumes the mortgage loan taken out by Bob and John doesn’t make payments, the foreclosure documents will include Bob’s name as the original borrower of record on the mortgage being foreclosed.
As your name is not on the mortgage, your credit report will not be affected if the property goes into foreclosure. Moreover, you won’t be responsible for paying the deficient balance after the sale of the property. However, you’ll lose the property. My mother and i are on deed and mortgage in South Carolina My mom is going through a foreclosure.
Where can I find a foreclosure agent in my area?
Search for agents in your area who have foreclosure experience. Your agent will be able to guide you to foreclosure property listings on the Multiple Listing Service (MLS) — a database to which consumers do not have direct access. 2. Check Zillow
Can a person with a foreclosure get a new mortgage?
For home buyers with a prior foreclosure who were on the title but not on note of a home that is currently being foreclosed on, can qualify for a new mortgage loan. There is no waiting period requirement for a person who was on title to a home but not on the mortgage and the home foreclosed.