Join Date: Oct 2010
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- Judicial Foreclosure Available: Yes
- Non-Judicial Foreclosure Available: No
- Primary Security Instrument: Mortgage
- Timeline: Typically 150 days
- Right of Redemption: Yes
- Deficiency Judgments Allowed: Yes
Lenders may foreclose on a mortgage in default by using the judicial foreclosure process.
Generally, in judicial foreclosure, a court decrees the amount of the borrowers debt and gives him or her a short time to pay. If the borrower fails to pay within that time, the clerk of the court then advertises the property for sale.
At some point prior to the scheduled date of foreclosure, an appraisal of the property must be made by three disinterested freeholders of the county. A copy of the appraised value must be filed with the court clerk and the property must be offered for sale at a price of not less than two-thirds of said value.
The sale may not take place until the notice of sale has been published once a week for three (3) consecutive weeks in a newspaper of general circulation in the county in which the property is located. The sheriff will conduct the sale at the courthouse and the property will be sold to the highest bidder.
Lender's may obtain a deficiency judgment and the borrower may redeem the property at any time before the court confirms the foreclosure sale by paying the amount of the judgment, plus costs and interest.
if you are separating from your husband, you need to file divorce so that you can get an order of temporary support and custody. we are currently in this situation, and my husband has to pay the mortgage and all utilities, incl. internet and car insurance. The temp order is WAY more than he will pay in child support when it's final. Of the lawyers recommended to me, I called and took the one with the lowest rates, and she lowered her retainer because xh is a verbally abusive alcoholic and therefore she considered the divorce uncontested. If he is being unpleasant in any way, document it with pictures or recordings on your cell phone or a detailed log. This can be used in negotiation. We drew a mother - friendly judge, no way was that judge going to put a mother and kids out of the only house they have - you could get a similar judge, so go for it.
Our house was to be auctioned off 2 weeks ago. We moved out in May, trying to do a short sale, but it didn't work. We kept trying to work with our mortgage company (BOA) for months, but kept getting the run around. We were told the end of May they were forclosing, got several letters from lawyers, and then a final notice saying the house was up for auction. I went back to the house (have a key, but not going in) earlier this week. People have been in it, notices posted, but nothing else has changed.
I don't know anything about taxes, but I am curious. We payed for a full year of insurance, for 2010. If the bank took over the house, should we be owed a refund? We also payed a few payments this year, money went into escrow ( I think) for insurance/taxes. I'm guessing we won't be seeing any of that either, right?