Foreclosures Help Information

Posts Tagged ‘foreclosed properties’

Foreclosed Business Properties

Question: Business loan in default?

How long does it take in Ohio before they foreclose after you default under business loan? After default, who pays the property tax? If owner then what if owner does not have any personal assets? Please help me. Thank you.

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Answer: The state of foreclosure generally does not matter with regards to a business loan, but the foreclosure process may differ from state to state.

http://www.foreclosurelaw.org/Ohio_Foreclosure_Law.htm. This link will give you general process once judgment has been filed.

If you want to be more specific on your situation, I can also give a better answer.
If you are in payment default of your business loan the process can typically take some time before the lender will actually foreclose on the property. The lender will typically look to the personal guarantors (if available) to make payments on the obligation. If guarantors are unable to pay (as disclosed above), the property will be foreclosed upon and liquidated. This entire process can vary from lender to lender, but from my experience can take as little as 45 days after payment default has been declared.

The owner is still responsible for payment of property taxes. If you are unable to pay the property taxes you run the risk of the property going back to the county and sold at sheriff sale.

This process is a difficult and complicated one, and situations can vary by situation. I would advise that you (or whoever) work with your lender's managed assets / work-out group to figure out a payment plan.

Above all else, talk with your attorney and do it as soon as you can. Having your attorney work with the lender is always a good idea.

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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.

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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

Banks Foreclosed Properties

Question: I have a contract on a bank owned foreclosed property. Will the seller allow us to rent it before closing?

If so, how do we request this option?

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Answer: No, the bank is not allowed to operate rental properties, you will not be given keys before closing. Most sellers would not do this either.

Loan Modification: Why banks HATE foreclosures right now