Foreclosures Help Information

Archive for July, 2009

Foreclosed Rental Properties

Question: foreclosing on my rental property?

This month will be my 3rd month I missed mortgage payment. What's next? Should I let my tenants know the bank will take over the house ?
I got bills for sewer,water, garbage and property tax, Am I responsible for it or the bank does? when should I cut off my property insurance?
Thanks for your help.

>

Answer: In my state, if you have been advised by the mortgage holder that foreclosure process is commencing, the property owner is required by law to notify tenants of the foreclosure action. Some of the states require the mortgage holder to notify each tenant that the property is being foreclosed upon, when the foreclosure sale is scheduled to be held, and how their tenancy will be handled if the foreclosure is completed. If the rents are current, any utilities which are included in the rent must be paid or the full utilities charged to the unit must be returned to the tenant. Not to do so is a chargeable offense.

Don't cut your property insurance until after the foreclosure sale. You are liable right up to the last minute. Sorry for your troubles!

Nightmare Rental Property

If you're new here, you may want to subscribe to my RSS feed. Thanks for visiting!

Illinois Foreclosed Property

Question: I own 11 houses.I am thinking about allowing 3 to go foreclosure.How will this affect me and the 8 housesleft?

Basiclally I own eight houses that are producing. I have 3 that the renters have torn apart and/or impossible to evict. What happens if I stop making the mortgage payments on the 3 nightmare houses. In one case the same bank has 5 loans for 5 properties. I plan to stop paying on 2 of them. What recourse does that particular bank have on the other 3 loan/houses?
If and when I do foreclose can they come after my good houses,cars,savings,401ks etc...?? I live in Ohio. I also own a condo in Florida. I am keeping these ones. I have 9 in Illinois, I want to give up three of them. I owe more on the 3 bad ones then I could sell them for. Help!! I feel horrible doing this. However, if I do not do something I will be in much worse shape.

>

Answer: If you do indeed own 11 houses, I think you should know that answer. They will recoup what they can from those homes in forclosure, then put a lein on your other home(s) until they get their money. You are better off selling those homes and getting what you can for them, then paying off the balances with your rental income from the others.

17 LeMoyne Parkway, Oak Park, Illinois

Mortgage Foreclosure Timeline

Figuring out your foreclosure rights can be tricky, especially because every state has different laws that govern how foreclosure works in that state. There are no hard and fast rules that apply to every person in every situation but there are some things that you should look for.

Foreclosure timelines. This is one of those things that varies widely by state. In some information, it lists some states with a foreclosure process period of only 27 days and some with a process period of up to 300 days. With this kind of wide variance among states, this is a critical piece of your foreclosure rights that you need to understand. To be sure of what your foreclosure timeline will be, check with your county’s office.

Another piece of the foreclosure timeline that you need to understand is the redemption period. The redemption period is essentially the amount of time after your home has been sold at auction that you have to come up with all of the money that you owe your mortgage company. Some states do not have a redemption period at all and one state is reported to have a redemption period of 1825 days. This is an important piece of your foreclosure rights to know because it may allow you to save your home even after it has been sold at auction. Again, your county’s office is a good resource to find out whether or not you will have a right of redemption.

Find out if you have a right to cure the loan and what that procedure is. A right to cure is essentially the right to come up with all back payments, late fees, attorney fees, court fees and any other fees for your loan. I can only speak from experience here but I had a right to cure on my home. I had to file some very basic paperwork with the public trustee’s office where the deed of trust for my home was filed. This paperwork had to be filed with them at least 15 calendar days before the scheduled sale date. It gave me until noon on the day before the sale date to come to the public trustee’s office with a cashier’s check for the full amount to cure the loan. This is an important part of your foreclosure rights that you need to fully understand.

About the Author:

Want more free information about your foreclosure rights from someone who has been through the foreclosure process? Get more free help at: http://www.Stopping-Home-Foreclosure.com/ForeclosureRights.html

Source - Understanding Your Foreclosure Rights

The Foreclosure Timeline by Ron Quintero