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Foreclosure sale is not imminent and the borrower is currently not in bankruptcy, or has not been discharged from Chapter 7 bankruptcy since the loan was originated. The loan was not originated as a second home or an investment property. [15]
A deed-in-lieu of foreclosure involves turning over your home to a lender to avoid foreclosure proceedings. In some instances, going this route could help you avoid paying the remaining loan ...
The Helping Families Save Their Homes Act will: [6] Expand eligibility for Chapter 13 bankruptcy by excluding home mortgage debt from the current maximum debt limitations. Authorize the Secretary of Housing and Urban Development to pay out all or some of the balance owed on any Federal Housing Administration -insured loans that are modified ...
A deed in lieu of foreclosure is a deed instrument in which a mortgagor (i.e. the borrower) conveys all interest in a real property to the mortgagee (i.e. the lender) to satisfy a loan that is in default and avoid foreclosure proceedings. The deed in lieu of foreclosure offers several advantages to both the borrower and the lender.
A bankruptcy lawyer can assess your financial situation, advise you on the most suitable type of bankruptcy to file (such as Chapter 7 or Chapter 13), prepare and file all necessary paperwork ...
Depending on laws in your state, you might have the ability to exercise the right of redemption (meaning you can reclaim your home) up until the foreclosure sale, or even after. Step 5: Eviction
A deficiency judgment is an unsecured money judgment against a borrower whose mortgage foreclosure sale did not produce sufficient funds to pay the underlying promissory note, or loan, in full. [1] The availability of a deficiency judgment depends on whether the lender has a recourse or nonrecourse loan, which is largely a matter of state law ...
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