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Legal Issues When Rental Property …

Details: If you own rental property that's in danger of foreclosure, you might be wondering if any issues are unique to rental property that you should be aware of.While the process of foreclosing on a rental property and a homeowner's primary residence will generally be the same, some important differences exist in the help that could be available and the outcome.

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Foreclosures Process in Oklahoma OK Foreclosure Laws

Details: The highest bidder at the sale becomes the property's new owner. Reinstating the Mortgage Loan Before the Foreclosure Sale in Oklahoma “Reinstating” is when the borrower brings the loan current by paying the missed payments of principal and interest, plus fees and costs. Completing a reinstatement will stop the foreclosure.

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Florida Foreclosure Process Foreclosures in FL AllLaw

Details: The foreclosure sale must take place 20 to 35 days after the judgment date unless the court order says otherwise. (Fla. Stat. § 45.031). The sale is an auction where the public and lender may bid on the property. The lender usually makes a bid on the property using what's called a "credit bid" rather than bidding cash.

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WV Foreclosure Laws Foreclosures in West Virginia AllLaw

Details: The trustee also has to publish a copy of the notice of sale in a newspaper, generally once a week for two weeks. (W. Va. Code § 38-1-4, § 59-3-2). Then, the property is sold at a foreclosure sale. The Foreclosure Sale. The sale is an auction, open to all bidders. The lender bids on the property using a "credit bid" rather than bidding cash.

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AZ Foreclosure Laws Foreclosures in Arizona AllLaw

Details: The Foreclosure Sale. The sale is a public auction. The sale will be held at the time and place designated in the notice of sale on a day other than a Saturday or legal holiday between 9:00 a.m. and 5:00 p.m. mountain standard time. (Ariz. Rev. Stat. § …

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State Foreclosure Laws Find Your State's Foreclosure

Details: The foreclosure process in each state is governed, in large part, by that state's foreclosure laws. The process will be either judicial or nonjudicial, depending on state law and the circumstances. Each state's foreclosure laws are different. By reviewing your state's foreclosure law, you can find out: how much notice you're entitled to before your home is sold in a foreclosure sale

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Estimating the Value of Inherited Real Estate AllLaw

Details: If you're handling an estate that contains a house or other real estate, it's probably the most valuable asset in the estate. You'll need to know what it's worth, for several reasons: to report a taxable gain or loss on the eventual sale; for an inventory, if the estate goes through probate; and to fairly divide estate assets among several beneficiaries, if that's what the will called for.

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How Do Deeds in Lieu of Foreclosure Work

Details: The mortgage loan goes away, and the lender gets title to the house without having to foreclose. Deed in Lieu of Foreclosure Process The process for completing a deed in lieu will vary somewhat depending on who your loan servicer is and who the lender (or current owner of your loan, called an “investor”) is.

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Capital Gains Tax on Inherited Assets AllLaw

Details: When property is held by two owners in joint tenancy, only half of it gets a stepped-up tax basis when the first owner dies. For example, say a couple owns a house worth $200,000; they paid $150,000 for it. If one of the owners dies, the survivor gets a stepped-up tax basis in the half she inherits. She already owned the other half-interest, so

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South Carolina Home Foreclosure Laws AllLaw

Details: An upset bid is when someone buys the home after the foreclosure sale by making a higher bid than the winning bidder at the foreclosure sale. In South Carolina, if the bank doesn't waive a deficiency judgment in the foreclosure action, there is a 30-day upset bid period after the sale. (S.C. Code Ann. § 15-39-720, § 15-39-760).

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Foreclosures Process in Illinois IL Foreclosure Laws

Details: The highest bidder at the sale becomes the new owner of the property. Reinstating the Mortgage Before the Foreclosure Sale in Illinois “Reinstating” is when the borrower brings the loan current by paying the missed payments of principal and interest, plus fees and costs. Completing a reinstatement will stop the foreclosure.

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CT Foreclosure Laws Foreclosures in Connecticut AllLaw

Details: In Connecticut, the redemption period is before the sale in a foreclosure by judicial sale, and after the foreclosure decree in a strict foreclosure. When You Can Redeem in a Decree of Sale Foreclosure. In a foreclosure by sale, you can redeem at any time before the sale is final. (See Washington Trust Co. v. Smith, 241 Conn. 734, 742 (1997)).

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Redeeming Your Home After Foreclosure Right of

Details: repurchase the property after a foreclosure sale by paying a specific sum of money within a limited period of time. Depending on the laws in your state, you might get a right to redeem the home both before and after a foreclosure sale. The Equitable Right of Redemption Before a Foreclosure Sale.

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What Happens to the Mortgage on Inherited Real Estate

Details: If an affordable refinance isn't available, or if the new owner doesn't want to live in the house or rent it out, selling it may be the way to go. If the property is sold within a year after the death of the former owner, the inheritor probably won't owe any capital gains tax .

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California Home Foreclosure Laws AllLaw

Details: The Foreclosure Sale. The sale is an auction, open to all bidders. At the sale, the lender usually makes a bid on the property using a "credit bid" rather than bidding cash. With a credit bid, the lender gets a credit up to the amount of the borrower's debt. Sometimes the lender bids the full amount of the debt; sometimes, it bids less.

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Foreclosures in VA Virginia Foreclosure Process AllLaw

Details: To get a deficiency judgment, the lender has to file a separate lawsuit after the foreclosure sale. Redemption Period After a Foreclosure Sale in Virginia. Some states have a law that gives a foreclosed homeowner time after the foreclosure sale to redeem the property. Virginia, however, doesn't have a law providing a post-sale redemption period.

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AR Foreclosure Laws Foreclosures in Arkansas AllLaw

Details: The Foreclosure Sale. The sale is an auction, open to all bidders. The sale can't happen until at least 60 days have passed since the recordation of the notice of default. (Ark. Code Ann. § 18-50-104). At the sale, the lender bids on the property using a "credit bid" rather than bidding cash.

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Foreclosures in MN Minnesota Foreclosure Process AllLaw

Details: The property is either sold to a third-party bidder or reverts to the lender and becomes known as “Real Estate Owned” (REO). Reinstating the Mortgage Before the Foreclosure Sale in Minnesota “Reinstating” is when you catch up on the missed payments, plus fees and costs, to stop a …

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Tennessee Foreclosures Foreclosure in TN AllLaw

Details: If the borrower can prove that the property sold for an amount materially less than fair market value at the foreclosure sale, then the deficiency judgment will be limited to the total debt minus the fair market value of the property at the time of the sale. (Tenn. Code Ann. § 35-5-118). Redemption Period After a Foreclosure Sale in Tennessee

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How Lien Priority Works Foreclosure and Lien Priority

Details: A general rule in property law says that whichever lien is recorded first in the land records has higher priority over later-recorded liens. This rule is known as the "first in time, first in right" rule. If more than one lien is recorded against a property, priority determines the lienholders' rights following a foreclosure sale.

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Foreclosures in Maine Maine Foreclosure Process AllLaw

Details: No less than 30 calendar days before the sale, the lender mails a notice of sale to all parties who appeared in the foreclosure action. (Me. Rev. Stat. tit 14, § 6323). The Foreclosure Sale. The process ends with a foreclosure sale. The lender usually makes a bid on the property using a "credit bid" rather than bidding cash.

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Foreclosure in Michigan AllLaw

Details: the foreclosure sale price was substantially less than the fair market value of the property. (Mich. Comp. Laws § 600.3280). Redemption Period After a Foreclosure Sale in Michigan. Some states have a law that gives a foreclosed homeowner time after the foreclosure sale to redeem the property. In Michigan, the redemption period is:

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Will Having Lots of Home Equity Affect My Chapter 13

Details: His house has $80,000 of residential equity, so if he files for bankruptcy, the first $50,000 will be exempt and protected from Pranav's creditors. His creditors will be entitled to receive $30,000—the nonexempt equity amount. Paying Creditors for Home Equity in Chapters 7 and 13.

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Foreclosures Process in Indiana IN Foreclosure Laws AllLaw

Details: No Redemption Period After a Foreclosure Sale in Indiana. Some states have a law that gives a foreclosed homeowner time after the foreclosure sale to redeem the property. In Indiana, however, the homeowner can't redeem the property after a foreclosure sale. (Ind. Code § 32-29-7-13). Getting Help from an Indiana Foreclosure Lawyer

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What Is a Deed in Lieu

Details: A deed in lieu of foreclosure is a loss mitigation (foreclosure avoidance) option, along with short sales, loan modifications, repayment plans, and forbearances.Specifically, a deed in lieu is a transaction where the homeowner voluntarily transfers title to the property to the holder of the loan (the bank) in exchange for the bank agreeing not to pursue a foreclosure.

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OR Foreclosure Laws Foreclosures in Oregon AllLaw

Details: The sale is an auction, open to all bidders. The lender bids on the property using a "credit bid" rather than bidding cash. With a credit bid, the lender gets a credit up to the amount of the borrower's debt. The highest bidder at the sale becomes the new owner of the property. Right to Reinstate Before a Nonjudicial Foreclosure Sale in Oregon

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How to Protect Your Rental Property in Bankruptcy AllLaw

Details: Rental Property With Equity. If your rental property is worth more than the amount you owe on it, you must exempt its equity using an exemption if you want to keep it. If you can exempt all of the equity in the rental property, then the trustee won't be able to sell it.

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Paying Off Debts of the Estate The Probate Process AllLaw

Details: real estate taxes If these expenses aren't paid, valuable property could be lost or damaged. If, however, the beneficiaries have already decided that they don't want to keep certain property—for example, a house that's worth less than the outstanding balance on the mortgage—then they would want to stop making mortgage payments.

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Federal and State Foreclosure laws AllLaw

Details: These laws establish loan servicing standards and impose specific requirements on lenders and servicers before a home can be sold at a foreclosure sale. Below, you’ll find articles on, among other things, predatory lending practices and foreclosure laws, statute of limitation laws for foreclosure, legal issues when a rental property is in

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Ohio Foreclosure Process Foreclosures in Ohio AllLaw

Details: The Foreclosure Sale. The process ends with a foreclosure sale. Notice of the date, time, and place of sale is published for three consecutive weeks in a newspaper. (Ohio Rev. Code § 2329.27). The sale is an auction, sometimes online, where the public and lender may bid on the property.

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Foreclosures Process in Georgia GA Foreclosure Laws AllLaw

Details: The Foreclosure Sale. The sale is an auction, open to all bidders. The lender bids on the property using a "credit bid" rather than bidding cash. With a credit bid, the lender gets a credit up to the amount of the borrower's debt. Sometimes the lender bids the full amount of the debt; sometimes, it bids less.

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Transferring Real Estate After Death AllLaw

Details: If the real estate is the subject of a transfer-on-death deed: If the deceased person filed a transfer-on-death deed, that deed will specify the new owner of the property. The new owner will usually have to complete a little paperwork by filing an affidavit (a simple statement) and a copy of the death certificate with the county's land records

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Foreclosures in NC North Carolina Foreclosure Process

Details: The Foreclosure Sale. At least 20 days before the sale, the lender has to mail you a notice of sale and post the notice in a public place. It must also publish the notice in a newspaper for two weeks before the sale. (N.C. Gen. Stat. § 45-21.17). The sale is an auction, which is open to the public. Look out for Legal Changes

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Can Chapter 7 Bankruptcy Save My Home From

Details: Add that to the time it takes for a lender to reschedule a previously cancelled foreclosure sale, and the bankruptcy can provide significant extra time in your home. You may be able to use the extra time to your advantage, either by living rent-free in the home or working out a foreclosure alternative with your lender, such as a loan

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Foreclosure or Replevin of Mobile and Manufactured Homes

Details: If, on the other hand, a court would designate your home as personal property, your lender could use self-help repossession or sue you to recover possession of the manufactured home. Understanding the Difference Between Mobile Homes and Manufactured Homes. The terms "mobile home" and "manufactured home" are often used interchangeably.

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Your Home in Bankruptcy: The Homestead Exemption AllLaw

Details: However, if you live in a state that only has a $10,000 homestead exemption, then the bankruptcy trustee will likely take your house and sell it. From the proceeds of the sale, you will receive the exemption amount of $10,000 and the rest will be used to pay off your mortgage as well as pay the trustee's fee and your creditors.

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Commercial Real Estate Foreclosure Commercial

Details: A nonjudicial foreclosure, or power of sale foreclosure, is an out-of-court process. With a commercial foreclosure, just like a residential foreclosure, the lender may proceed nonjudicially if the loan documents contain a power of sale clause and if allowed by state foreclosure law .

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Foreclosures Process in New Mexico NM Foreclosure Laws

Details: The highest bidder at the sale becomes the new owner of the property. Summary of Nonjudicial Foreclosures in New Mexico. Nonjudicial foreclosures are allowed in New Mexico if the loan contract is a deed of trust. In a nonjudicial foreclosure, the bank must record a notice of sale in the county records at least 90 days before the sale date.

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Homeowner's Injury Liability for Trampoline Accident AllLaw

Details: For a property owner to be liable for trampoline-related injuries, the owner's negligence must have actually caused the injuries. For example, imagine an owner leaves a small ladder next to a trampoline. A 14-year-old child from the neighborhood uses the trampoline and becomes injured. The owner may have acted negligently by leaving the ladder

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How Chapter 13 Bankruptcy Affects Mortgages and

Details: You cannot strip off a second mortgage that is partially secured by your equity in the home. If the value of your house is enough to pay even part of your second mortgage out of a sale, it is partially secured, and the court won't remove the second mortgage through bankruptcy. Example. Your balance on your first mortgage is $500,000.

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Your Property in Chapter 7 Bankruptcy AllLaw

Details: A fresh start in Chapter 7 bankruptcy involves more than erasing qualifying debt—you’ll need property to maintain a home and job, too. Here’s how to figure out what you’ll be able to keep. Each state has exemption laws that protect particular types of property from creditors. The basics, such as household goods and furnishings, dishes, bedding, clothing, a modest car, …

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