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Analysis: Lenders Aggressively Going after Money Lost in Foreclosures

To (1) prohibit deficiency judgments on mortgage loans where the property secured by the mortgage has a crumbling concrete foundation, (2) prohibit mortgage lenders and mortgage correspondent lenders from denying an application for a residential mortgage loan based solely on certain prior defaults, conveyances or foreclosures by the applicant.

Real Estate Loan Services for Residential and Comercial properties in USA-The Q Kapital Group Worldwide Capital Lending Group offers a diverse mix of commercial real estate loans to meet the individual borrowing needs and investment objectives of its borrowers, for both investment and owner-occupied commercial properties. We can carefully structure the right financing solution no matter how small or large your transaction requires.Mortgage Fraud on the Rise Again in the U.S. The Growth of Mortgage Fraud. Mortgage fraud is on the rise for multiple reasons: rising demand for Homeownership: U.S. homeownership rates hit 64.2%, according the the U.S. Census data released in January, 2018. Homeownership has been on the rise since 2016, when it hit a 50-year low of 62.9%.

Home equity stays the property of a homeowner even in the event of a mortgage default and foreclosure on the home. But the foreclosure process can eat away at the equity. The following five points explain what home equity is, what happens to it during foreclosure and options to protect.

So, if your home is on the market, continue to aggressively seek a buyer for it, even after your lender initiates the foreclosure process. Read our guide on How to Sell Your Home Fast When Foreclosure Looms for action steps you can take to unload your home fast, then make your best pitch as to why your lender should agree to the short sale.

Foreclosure usually ends with the sale of the property at an auction. The highest bidder is the new owner of the property, but if no one shows up or bids high enough, the foreclosing bank becomes.

Your lender lied to you about stopping foreclosure while you were being reviewed for a modification. Many homeowners find themselves in the foreclosure process, whether they just received a Notice of Default from their lender or just received a Notice of Sale with an auction date scheduled in the next couple of weeks.

"The debt collectors tend to be much more aggressive than the lenders had been," the National Consumer Law Center’s Walsh said. A big reason for the new surge in deficiency claims, attorneys say, is that states like Florida have recently enacted laws limiting the time financial institutions have to sue for the debt after a foreclosure.

Capital Gain or Loss on Foreclosures. The difference is how much profit a person made, or how much money was lost in the transaction. In a foreclosure situation and without escrow statements, the selling price used for tax purposes isn’t immediately clear. There’s no mutually agreed upon sales price.

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