Those who are on the verge of losing their home due to foreclosure have a silver lining in the form of a foreclosure loan. It is never too late to get out of the financial crisis of a foreclosure and there are banks and lending institutions that have special foreclosure loan programs to help such needy people.
The funds for a foreclosure loan are obtained from additional funds from certain companies that are keen to work with certain people. The companies pay off the old loan and offer a new loan whose monthly payments stretch for a longer duration with the result, the monthly installments are reduced, giving a breathing time for the borrower.
There are various plans that are suitable and affordable to different borrowers. Such foreclosure loans are available under certain conditions from the bank or lending institution. Some private lenders also offer foreclosure loans. Banks offer foreclosure loans and are eager to bring the borrower out of the crisis for another reason. If the borrower is not in a position to pay the debt and loses the home due to foreclosure, the banks would have a significant number of such homes that would become more than manageable for them. Hence, the banks would only be keen on clearing off foreclosure homes that come under their jurisdiction.
The banks also have references of many private lenders and would be ready to reveal them so that a workable foreclosure loan can be achieved. But before starting to apply for a foreclosure loan, it would be better to ascertain whether it is really important to stay in that home and seek a loan. If the borrower decides to cling on to the home and avoid foreclosure, then it is good to seek professional advice from the professional rendering assistance and think calmly to overcome the financial crisis.
The bank can be approached for a foreclosure loan who would offer the loan to offset the current debt- may be even other expenses can be met. But the bank would insert provisions in the loan agreement to ensure prompt payments in installments that is conducive to the borrower. The borrower may not get bargain loans, nevertheless, he can rest assured that he would get enough funds to set off the debts and also meet the immediate expenses.
Foreclosure loans can also be utilized when a person wants to buy a home under foreclosure and is in short of funds. Again, a foreclosure loan would help to buy the home and even if he spends certain amount on repair works and construction costs and if he sells at a good value, he can pay off all the loans and still walk away with excess amount in hand.
About the Author
Check it out http://my-foreclosures.info for an expert’s guidance and tips to deal with all foreclosure related matters.
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Although the housing market is still reeling from the collapse of the mortgage industry, it cannot be said that all is lost. In fact, short sale foreclosures have become increasingly popular because they actually create a win-win situation for both buyers and sellers.
The Process
If you are not yet familiar with the concept of foreclosure, it is actually quite simple. A distressed homeowner, with an underwater mortgage, asks the lender to allow him to sell his home at an amount that is less than the mortgage balance. Usually, there is already a buyer who is interested in buying the pre-foreclosure property.
In this case, the lender requests for a hardship letter to establish the homeowner’s claim that he is no longer able to pay the monthly mortgage. In addition, other documentation that shows the planned selling price, loan balance and other expenses will be requested from the seller. Once the lender thinks that the request is justified, the proposed short sale will be approved.
For Sellers
The main reason why sellers go through the trouble is that they will be able to avoid foreclosure. This is important especially if you do not want your credit record blemished with such entry. Aside from this, the short sale also allows the seller to avoid the trauma that comes with having to go through a foreclosure process.
Since the short sale process can be a bit technical, it would help if you hire a local realtor who will make everything easier for you. Just make sure that the selling price includes the commission of your broker or agent.
For Buyers
As mentioned earlier, a lot of buyers are currently into investing in short sale foreclosures. Obviously, the main attraction is the savings that these foreclosed homes provide. Imagine, you will only have to basically pay the mortgage balance and you now have a home. Plus, the property is still being inhabited by the original owner and not yet dilapidated. You will be able to save on repair costs as well.
About the Author
Joseph B. Smith has been educating buyers on the finer points of Short Sale Foreclosures at ForeclosureDeals.com for over ten years. Contact Joseph B. Smith through ForeclosureDeals.com if you need help finding information about Short Sale Foreclosures.
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In a nutshell, it is lender discounting. More specifically, it is when a lender agrees to discount in order to allow you to purchase the property as an alternative to foreclosure.
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As much as I would like to see short sales become a thing of the past there is some satisfaction in helping homeowners, who are having financial difficulties, avoid a foreclosure. The Sacramento real estate market has been one of the hardest hit and unfortunately foreclosures and short sales are going to be with us for the foreseeable future.
Successfully completing a short sale certainly adds to the complexity of normal real estate transaction but the key to success is knowing what you are doing, having a process to handle them and experience in dealing with a variety of lenders. At MagnumOne Realty we have had the opportunity to successfully complete a number of short sales and have a good handle on how to approach them. We have developed a package for the homeowner that includes some basic documents we need to determine if the homeowner will be a successful short sale candidate, information our short sale team needs to get started quickly and some informative articles on what a short sale is, how they work, what will most likely be required and a general outline of how long it will take.
Getting started early is a key element in the successful short sale negotiations. While the house is on the market we contact the lenders, provide them with the necessary authorizations and obtain their most up-to-date short sale requirements. If they are a lender we have worked with before we talk with our contacts and let them know we would like to work directly with them again. In addition we start working with the seller to develop a short sale package. Because of our experience we can look at information provided by the homeowner and see questions the lender may ask and have those addressed so the first package we send is complete.
Time is often not on our side when working with short sales. We must have a complete package including an accepted offer prior to the home being foreclosed on. Depending on when the homeowner hires us to help, this may be several months to weeks. This means the marketing plan must be aggressive to attract a buyer. Aggressive pricing will attract buyers but the sales price must be at or close to market as the first thing the lender will do is determine what current value is.
An important element that too many Realtors are missing is that the home does not belong to the bank and it is the homeowner who negotiates with potential buyers. This is exactly like any other sale with the only difference being that the contract is subject to lender approval as part of the short sale request. Once the contract is accepted by the seller, it along with the short sale package and an estimated settlement sheet is sent to the lender. We do not send multiple offers or send offers that come in later. The potential buyer must be protected and their offer is the only one the bank will see unless the buyer withdraws.
Each lender is different and over time we have found that lenders change their process so it is important to maintain a steady dialog and use the contacts you have made over time to move the current short sale through the lenders organization. Many of our Sacramento real estate clients have second and even third mortgages so we have to coordinate with the lenders and often negotiate between them to make sure each will release their lien. We have found that most lenders are generally cooperative, understand the situation and will work with us to make the sale of the home a win for everyone concerned. Occasionally we run into an overzealous negotiator who takes a position that won’t work for one or more of the other parties’ involved. When this happens it often a good strategy to move the negotiation to the supervisor level or even get the homeowner to talk directly with the lender.
An important element in the short sale process that often goes overlooked is communication. Not only between the short sale team and the lenders but with all the parties concerned. Short sales take time, lenders are swamped and things you would think could be done quickly may take weeks. During this time buyers can feel like they won’t get the house, seller’s start to think it would be easier to just let the bank foreclose and agents feel under pressure to get things done. Frequent updates are vital to keep everyone up-to-date and focused on the sale and lender acceptance.
In conclusion, short sales are not easy for anyone but have a place in the current Sacramento real estate market. They can be done successfully if the Realtor handling the short sale knows what they are doing, has a process to handle them effectively and has experience in dealing with a variety of lenders.
About the Author
Julie Jalone is a Sacramento real estate agent and owner of MagnumOne Realty in Roseville. She has extensive experience dealing with pre-foreclosure and helping clients avoid foreclosure through short sales. If you or someone you know is having difficulty making their monthly payment contact Julie at 916 276-6883 or send her an email at juliej@jalone.com. For more information see her website, www.jalone.com, which includes listings, home search, news, resources for buyers and sellers and her daily weblog, “Keep it Real in Sacramento.”
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All loans in real estate property are considered secured loans. Whenever there is collateral attached to a loan, it is called secured loan. Unsecured loans are mostly credit cards loans and has no collateral attached with them. Here, in Nevada, and in the real estate context, all loans are secured because they are attached with property. When a loan secured by your lender goes into default, the secured creditor has a right to initiate foreclosure proceedings to take over this collateral. The lender has two choices: one is judicial foreclosure, and the other is non judicial or statutory foreclosure. Also, these days lenders are using other tactics like workout package, surrender deed in lieu of foreclosure, short sale, and of course the much touted loan modifications.
A foreclosure happens much after all these remedies or solutions are exhausted. Lenders does not like to lose money and like the homeowners wants to pursue all of the options at all the times. A workout package may or may not work because the lender is exploring all the choices where the homeowners can be made current. In a workout package, the lender sees your financial situation, the nature and value of your collateral and whether there are instant advantages which can be accomplished through the workout package. In almost all cases, sooner you talk to your lenders; they would suggest a workout package. The lender may send a workout package to you right away. There is a glimmer of hope for them to see their delinquent loan cured by your through this workout package. Also, it may follow a forbearance period. Just like borrowers, lenders are in a hurry to see a quick solution to this delinquency. Again, there is no uniform method of conducting such negotiation, each lender has their different guidelines and of course very skilled negotiator for this purpose.
A deed in lieu of foreclosure:
The borrower executes a deed where he conveys the property to the secured creditor in lieu of conducting the foreclosure sale. This way the lender becomes the owner of the property without going through the hassle of foreclosing and avoiding extra expenditure of publication. It is a voluntary matter from the borrower where no money in return can be expected. Sometime the borrower offers some money in exchange of clean returning the keys and up keeping the property during the transition times. This paper, however, only discusses situation after the workout package is exhausted or not discussed. There are some advantages of deed in lieu of foreclosure:
1. Quick negotiation process.
2. Borrower avoids negative publicity.
3. Less expensive for the lenders, does not pay for publication of notices.
4. No recordation of documents with the county or recorders office.
5. There is no public record of any kind created.
6. Borrower may obtain some legal as well financial concession from the lender.
7. May stay in the property for sometime without paying any mortgage payments.
8. The foreclosure process is lengthy and parties can avoid for some mutual benefits.
9. Lenders can do to avoid potential bankruptcy problems.
10. The borrower can negotiate the reporting of foreclosure to the credit reporting agencies. A foreclosure on a credit agency is extremely damaging, and the creditors may be approached to report such foreclosure in a more human and decent way.
11. The lenders can have an immediate possession of the property.
12. A deed in lieu of foreclosure does not eliminate junior encumbrances. The lender that takes a deed in lieu of foreclosure takes the title subject to those junior encumbrances. The lender takes over these encumbrances and therefore the rights of secondary lien holders.
13. The lenders who accepts this deed in lieu of foreclosure also loses the right to pursue a deficiency judgment against the borrowers or guarantors either as a matter of law or as a matter of contract. See Maloney v. Boston five Cents Savings Bank FSB, 422 Mass. 431, 436, 663 N.E. 2d 811, 815 (1996). Both parties should pay particular notice to the doctrine of merger.
14. Doctrine of Merger: When one party holds both a fee interest in property and lien on the same property, the lesser interest will merge into the greater interest. See Alladin Heating Corp. v. Trustee of the Central States Pension Plan, 93, Nev. 257 (1977) (holding that whether merger occurs is dependent upon the intent of the parties). If a merger occurs, junior liens increase in priority as a result of removal the senior lien held by the lender. If there are junior liens of the property, therefore, the lender may prefer that its higher priority lien remain of record after the conveyance by the deed in lieu.
15. Another pitfall is that if the borrower files a bankruptcy, this can be considered a collusive transaction. The bankruptcy code and state law allow a bankruptcy trustee to avoid certain transfers of property that are made prior to a bankruptcy filing known as “fraudulent transfers” 11 U.S.C. Section 548(a)(1)(B); NRS 112.180,., 190. A transfer of property through a deed in lieu of foreclosure is a voluntary transfer that is not subject to the “protections” of the foreclosure process. See Main v. Brim, 75 B.R. 322, 327 (Bankr. D.Az. 1987)
Foreclosure Process in General in Nevada:
Most of the loans are premised upon continuous payments to the lenders. If these payments are not timely paid, or not continuously paid, the borrowers can start the foreclosure process. The lender reviews the loan documents and determines about the occurrence of a default. Failure to make loan payments triggers this default process. Also, it is contingent upon events which have not been corrected by payments or failure of a workout package.
A trustee under a deed of trust may exercise its statutory power of sale without the judicial intervention. In Nevada, the foreclosure is mostly a statutory foreclosure. (NRS 107.080(1)). Judicial foreclosures are also permitted under Nevada law (NRS 40.430-40.450) but judicial foreclosures are not the preferred choice in Nevada for most of the lenders because of the looming danger of the right of redemption. Upon default, the initial step is for either the beneficiary or the trustee to execute a notice of breach and election to sell, which is usually accompanied by an unrecorded Declaration of Default. (NRS 107.080(2)(b)). The beneficiary executes the notice, but the trustee records it. The notice of breach and election to see must be recorded in the county in which the property encumbered by the trust deed is situated. This notice must also be mailed (notice of breach and election to sell) by registered or certified mail, return receipt requested with postage prepaid, to the address of the trustor and to the person who holds the title of record, if known, otherwise to the address of the property. (NRS 1076.080(3)
Notice of Default and Election to Sell?
1. Must describe the property
2. Must describe the deficiency in performance of payment.
3. May contain a notice of intent to accelerate the entire unpaid balance if the terms of the obligations so permit (NRS 107.080(3).
4. Within 10 days of recording and mailing the notice of default to the trustor, copies of the notice must also be sent by registered or certified mail, return receipt requested, to each person who has either (1) filed a request for a copy of the notice; or (2) holds a record interest in the property subordinate to the deed of trust being foreclosed. Additionally, 20 or more days before the sale, the trustee must mail a copy of the notice of the time and place of the sale to the same parties by register3ed or certified mail, return receipt requested. (NRS 107.090.)
5. Nevada laws make it immaterial whether the notice is actually received by the trustor. The notice is effective nonetheless. (Turner v. Dewco Services, Inc., 87 Nev. 14, 479 P. Wd 462 (1971)
6. NRS 107.080(2)(a) provides that no power of sale may be exercised unless the trustor or his successor in interest, a beneficiary under a subordinate deed of trust or any other person with a subordinate lien or encumbrance of record (referred to below as “trustor or interested person”) has, for a period of 35 days, “failed to make good the deficiency in performance or payment….” The 35-day period commences on the first day following the day upon which the notice and election is recorded and mailed to the grantor and to the record owner of the property in the manner specified above. (NRS 108.080(3). If the trustor other interested persons “make good” the deficiency in payment or performance within the 35-day period, the trustee’s power of sale may not be exercised, and the obligation may not be accelerated. NRS 107.080(2)(a), (3). The 35-day period in the statute exists independently of any notice or cure periods contained the applicable notes or deeds of trust. If the notice of breach contains a permitted election to accelerate and the breach is not cured within the 35-day period, the trustor or other interested persons can thereafter only prevent the sale by tendering the entire unpaid balance of the obligation, as well as any costs, fees and expenses incidents to the preparation or recordation of the notice and incident to the making good of the deficiency in performance or payment (NRS 107.080(3).
If the power of sale is exercised in compliance with the Nevada statute, the purchaser is vested with the title of the trustor, without equity or right of redemption NRS 107.080(5).
What are the Guarantor’s Rights to Notice and Subrogation?
The notice of breach and election to sell must be mailed by certified mail, postage prepaid, to each guarantor or surety of the debt at the address of each if known, or at the address of the trust property. The notice must also be mailed to any other obligor who has filed a request for a copy of the notice under NRS107.090. Failure to provide such notice would release that guarantor, surety or obligor from liability on the obligation. (NRS 107.095(1).
Under NRs 107.095(3) a guaranty, surety or other obligor is not released if the required notice is give at least fifteen (15) days before the later of the expiration of the 35-day period described in NRs 107.080 or any extension of that period by the beneficiary, or if the notice of default is rescinded before the sale id advertised.
Upon full satisfaction by the guarantor, surety or other obligor, other than the trustor, of the indebtedness secured by a mortgage or lien, the paying guarantor or obligor is entitled to enforce every remedy which the beneficiary has against the trustor, and is entitled to an assignment from the beneficiary of all of the rights the beneficiary then has by way of security for the payment or performance of the trustor. NRS 40-475 (1989). Such an obligor is also entitled to subrogation, junior only to the secured lender’s rights, in the case of partial satisfaction of the indebtedness. (NRS 40.485 (1989). These rights may only be waived by the guarantor, surety or other obligor after default. NRs 40.495(1)(1989).
What are the rights under One Action Rule?
In Nevada, a deficiency judgment can be filed under non statutory foreclosure provisions without having filed a judicial foreclosure.
What is a deed of Trust in Nevada?
The most common type of security interest in real property in Nevada is a Deed of Trust. A DOT has three parties.
Lender: It is the first party who is referred to as “Beneficiary.”
Borrower: It is the second party who is referred to as the “Maker”, or “Grantor”, or ”Trustor” who conveys legal title to the property to the Trustee.
Trustee: This is the third party who holds legal title to the property.
Process: A DOT can be foreclosed in a simple process and cheaper as well. A Trustee sells the property encumbered by the DOT. All the lender needs to do in order to foreclose on a DOT is to determine that an even of default has occurred under the DOT and have the trustee conduct non-judicial foreclosure proceedings. Here, in Nevada, the trustee sale does not entail redemption. The borrower, in Nevada, does not have the statutory rights of redemption unlike the judicial foreclosure where the right of redemption lasts one year. Compare NRs 107.080(5) (no right of redemption in a foreclosure on a DOT ) with NRs 21.210 (one year period of redemption).
Determination of Default.
Your default notice also consists of a determination of default. It can be monetary or non monetary. Monetary is when it is linked to borrowers failure to pay, failure to pay property taxes, failure to pay homeowners association assessments and failure to pay special improvements and other assessments against the property. The non monetary events of default are spelled out in the notice of default and Deed of Trust as well as related loan documents. They can be failure to insure property, the failure to maintain debt service coverage ratios and waste.
Acceleration of Obligation:
A trustee under a deed of trust may exercise its statutory power of sale (commencement of foreclosure process) without judicial intervention in Nevada. NRs 107.080(1). Judicial foreclosure is also permitted under Nevada laws though seldom exercised. (NRs 40.430-40-450). They carry with them a one year right of redemption which lenders does not like it as they like to close this chapter once for all.
Steps in Foreclosure In Nevada:
1. The beneficiary or the trustee to execute a notice of breach and election to sell which is usually accompanied by an unrecorded Declaration of Default. (NRS 107.080(2)(b). The beneficiary executes the notice, but the trustee records it. The notice of breach and election to sell must be recorded in the county in which the property encumbered by the trust deed is situated. The notice of breach and election to sell must also be mailed by registered or certified mail, return receipt requested with postage prepaid, to the address of the trustor and to the person who holds the title of record, if known, otherwise to the address of the property. (NRS 1076.080(3).
2. The notice and election must describe the deficiency in performance or payment, and may contain a notice of intent to accelerate the entire unpaid balance if the terms of the obligation so permit. (NRS 107.080(3).
3. Within ten days of recording and mailing to the trustor the notice of default, copies of the notice must also be sent by registered or certified mail, return receipt requested, to each person who had either (1) filed a request for a copy of the notice; or (2) holds a record interest in the property subordinate to the deed of trust being foreclosed. Additionally, 20 or more days before the sale, the trustee must mail a copy of the notice of the time and place of the sale to the same parties by registered or certified mail, return receipt requested. (NRS 107.90)
4. Under Nevada law, it is immaterial whether the notice is actually received by the trustor. Turner v. Dewco Services, Inc., 87 Nev 14. 479 P.2d 462 (1971).
5. NRS 107.080(2)(a) provides that no power of sale may be exercised unless the trustor or his successor in interest, a beneficiary under a subordinate deed of trust or any other person with a subordinate lien or encumbrance of record (trustor or interested persons) has, for a period of 35 days, “failed to make good the deficiency in performance or payment….” The 35-day period commences on the first day following the day upon which the notice and election is recorded and mailed to the grantor and to the record owner of the property in the manner specified above. NRS 107.080(3). If the trustor or other interested person “make good” the deficiency in payment or performance within 35-day period, the trustee’s power of sale may not be exercised, and the obligation may not be accelerated. NRs 107.80(2)(a), (3). The 35-day period in the statue exists independently of any notice or cure periods contained in the applicable notes or deeds of trust. If the notice of breach contains a permitted election to accelerate and the breach is not cured within the 35-day period, the trustor or other interested persons can thereafter only prevent the sale by tendering the entire unpaid balance of the obligation, as well as any costs, fees and expenses incident to the preparation or recordation of the notice and incident to the making good of the deficiency in performance or payment. NRS 107.080(3).
6. Nevada Revised Statutes Chapter 107 governs Deeds of Trusts. The transfer of real property may be made in trust to secure loans and other obligations. See NRs 107.020. In the event a transfer is made in trust to secure payment, the Trustee is granted a power of sale which may be exercised if an event of default has occurred. See generally NRS 107.080.
How a Foreclosure Process in Nevada is Commenced?
1. The lender must first determine that an event of default has taken place.
2. The lender employs the Trustee or a successor.
3. The Trustee will prepare and record in the Office of the County of Records of the County in which the property is located a Notice of Default and Election To Sell. (NRS 107.080).
4. The Notice of Default and Election to Sell must be mailed by registered or certified mail, return receipt requested Election to Sell must be mailed by registered or certified mail, return receipt requested and postage prepaid, to the grantor of the Deed of Trust, the person who holds title of record on the date of the Notice of Default and Election to Sell, each guarantor or surety of the debt, NRS 107.095(1), and any person who recorded a request for a Notice of Default and Election to Sell. (NRS 107.090.
5. On the first day after the Notice of Default and Election to Sell is recorded and sent by mail to all interested parties, the borrower and the other obligors are then given 35 days to make good the deficiency in payment or performance. NRs 107.080(2)(a)(2). This essentially allows the borrower or other obligors to de-accelerate the default under the Deed of Trust and terminate the foreclosure proceedings.
6. In the event the borrower or other party in interest fails to cure the deficiency in payment or performance, the Trustee must wait until the expiration of three months following the recording of the Notice of Default and Election to Sell (55 days after the 35 day reinstatement period expires) before giving notice of the time and the place for the sale of the real property (NRS 107.080). The notice of the time and place for the sale of the real property must be published in accordance with Nevada’s execution statutes.
Requirements of Publication for the Notice Under Nevada Laws
Nevada statute requires the following publication of the notice of the date, time and place of the sale:
(1) Personal service or service by registered mail to the last known address of each person entitled to Notice of Default and Election to Sell;
(2) The posting of a similar notice particularly describing the property , for twenty days successively, in three public places of the township or city where the property is situated in or where the property is to be sold; and
(3) Publishing a copy of the Notice three times, once each week for three successive weeks, in a newspaper, if there is one the county. (NRS 21.130(c).
(4) In addition to the notice required by Nevada’s execution statutes, the Trustee is required to, at least twenty days before the date of the sale, deposit in the United States mail and envelope, registered or certified, return receipt requested and with postage prepaid, containing a copy of the Notice of time and place of sale, addressed to each person who has recorded a Request for Notice of Default and Sale. See NRS 107.090(4).
(5) If the Trustee fails to give any person liable to the beneficiary or any other person who has requested a Notice of Default and Sale the required notices, that person may be released of its obligation to the lender. NRs 107.095.
(6) NRs 107.080(4) allows the Trustee to conduct the sale at the Trustee’s office.
(7) At the foreclosure sale, the Trustee may sell the real property by public auction. Generally, the lender will provide the trustee with a minimum credit bid before the foreclosure sale. The amount of the credit bid may be for the full amount of the debt owed to the beneficiary or only a portion of what is owed to the beneficiary. Any person or entity may attend the foreclosure sale and bid for the real property.
What is Nevada’s “One Action Rule”?
Nevada has adopted a one-action rule. It provides that there may be only one action to collect a debt secured by a mortgage or other lien. The Nevada One Action rules provides: (NRs 40.430(1)-(3).
1. There may be but one action for the recovery of any debt, or for the enforcement of any right secured by a mortgage or other lien upon real estate. That action must be in accordance with the provision of this section and NRS 40.433 to 40.459, inclusive. In that action, the judgment must be rendered for the amount found due the plaintiff, and the court, by its decree or judgment, may direct a sale or the encumbered property, or such part thereof as is necessary, and apply the proceeds of the sale as provided in NRs 40.462.
2. This section must be construed to permit a secured creditor to realize upon the collateral for a debt or other obligation agreed upon by the debtor and creditor when the debt or other obligation was incurred.
3. A sale directed by the court pursuant to subsection 1 must be conducted in the same manner as the sale of real property upon execution, by the sheriff of the county in which the encumbered land is situated, and if the encumbered land is situated in two or more counties, the court shall direct the sheriff of one of the counties to conduct the sale with like proceedings and effect as if the whole of the encumbered land were situated in that county.
Conclusion: The Foreclosure–The End of the Dream:
The foreclosure is the final and definitive step and the end of the whole nightmare process. There is no right of redemption for a non judicial foreclosure in Nevada. The acceptance of the winning bid concludes the bidding process. The execution sale is final and deprives the debtor of any entitlement to the rights of ownership in the property. It is final elimination of any liens on the property along with the junior encumbrances.
What is right of Redemption?
Few words on redemption: The foreclosure process may not be final unless a final remedy can be exercise in Nevada, and that is called right of redemption. There is no redemption in non judicial foreclosures. However, there is one year period of redemption in a judicial foreclosure sale in Nevada. Right of redemption is paying off all the existing monetary obligations up to and before the final fall of the hammer. The full amount may consist of all delinquent amounts, plus interest and attorney fees and other publication costs. Under Nevada law, there are no rights of redemption in connection with a properly conducted non-judicial foreclosure sale. NRS 107.080(5). There is one year right of redemption in a judicial foreclosure sale (NRS 21.210)
What is Deficiency Judgment, and Where This Money Will Come From?
As it is happening quite often these days, the Trustee will sell property at a foreclosure sale for less than the amount which is owed to the creditor or beneficiary under the Deed of Trust. Deficiency judgments are governed by NRs 40.451 to 40.459. The beneficiary must file the deficiency action within six (6) months after the date of the foreclosure sale or the deficiency action will be time barred. Specifically, NRs 40.455(1) provides:
Upon application of the judgment creditor or the beneficiary of the deed of trust within six months after the date of the foreclosure sale or the Trustee’s sale held pursuant to NRs 107.080, respectively, and after the required hearing, the court shall award a deficiency judgment to the judgment creditor or beneficiary of the deed of trust if it appears from the sheriff’s return or the recital of consideration and the trustee’s deed that there is a deficiency of the proceeds of the sale and a balance remaining due to the judgment creditor or the beneficiary of the deed of trust, respectively. NRS 40.455(1)
Nevada law places stringent limitations on the amount of a money judgment, which may be recovered against the debtor, guarantor or surety who is personally liable for the deficiency. The court shall not render a deficiency judgment for more than:
1. The amount by which the amount of the indebtedness which was secured exceeds the fair market value of the property sold at the time of the sale, with interest from the date of the sale; or
2. The amount which is the difference between the amounts for which the property was actually sold and the amount of the indebtedness which was secured, with interest from the date of sale, whichever is the lessor amount.
3. The court may also consider expert appraisal testimony to evaluate the fair value of the property.
4. The junior lien holder if their rights are not properly extinguished can also sue for deficiency judgment.
5. Nevada law provides that the anti deficiency legislation protects a guarantor and any other entity that is personally liable for the debt. See generally NRS 40.459.
About the Author
Malik Ahmad is a Nevada licensed attorney and counselor at law. He is admitted in all courts in the state of Nevada, including US District Court. He has an extensive experience in real estate, including mortgages, escrow, rela estate and foreclosure. He is a solo proprietor and the principal of a small firm in Las Vegas, Nevada. If you are going through a default foreclosure process, please call him to get his timely legal help in stopping foreclosure, in fighting predatory lending practices, and in other deceptive trade practices.
Man Bulldozes Own Home to ‘Make Banks Think Twice About Foreclosure’
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Pre-foreclosure lists: What they are and why you need them
Tens of thousands of foreclosed homes are sitting on the market. It’s easy enough to find them, but how do you find the real gems — the homes that are on the brink of foreclosure? Turns out it’s easy to find them, too. Just use a pre-foreclosure list!
What is pre-foreclosure?
Pre-foreclosure is the initial stage of the foreclosure process. The lender posts official notice that the homeowner is in default on their loan payments. It’s a serious warning from the lender, but the homeowner can still avoid foreclosure by catching up on their payments.
The benefit of pre-foreclosure lists
Pre-foreclosure lists are exactly what they sound like. It’s simply a list of many area homes in pre-foreclosure. The benefit of pursuing properties in pre-foreclosure are that the homeowner and the lender are highly motivated sellers. Both parties are anxious to avoid foreclosure. You can get the best deals by snapping up a house before it’s actually been foreclosed on. In fact, the price can be dropped by as much as 50%!
Pre-foreclosure lists contain thousands of homes. If you keep your pre-foreclosure list up to date, you’ll have time to research the property before buying it. These lists are a valuable, reliable resource for real estate investors.
Where to find pre-foreclosure listings
The best pre-foreclosure lists are the product of elbow grease and solid research. There are at least four good sources of pre-foreclosure listings you can access at little to no cost. You can seriously miss out on a great opportunity if you rely on just one source. Combine the results from each of the four sources for a top-notch list.
1. Public records: Lenders post public notices when a house is going into pre-foreclosure. Hoof it over to your county record office to access these notices. These records are freely available to the public, but expect to pay a few cents to have copies made.
2. Pre-foreclosure websites: The old standby: surfing the net. A quick search will turn up numerous websites that specialize in pre-foreclosure listings. Some sites are free, and others charge a per listing or monthly/yearly membership fee. At the very least, you’ll be able to turn up the basic contact information (name, address, telephone number) of the homes listed.
3. Newspapers: Pick up your local newspaper to read “Notice of Sale” advertisements. Be sure to get your copy hot off the press, so you can be the first to jump on a promising opportunity.
4. Lenders: Because it’s to their benefit, many lenders will provide you with a pre-foreclosure list if you simply ask.
Different types of pre-foreclosure properties
Each type of property comes with different challenges and benefits. Find a listing that’s divided up into sections so you won’t waste your time looking into a government foreclosure if you’re only interested in bank foreclosures. You can focus solely on your specialty.
Obviously there’s the standard bank foreclosure, but there are also different government foreclosures, such as HUD and VA foreclosures. You can also check out impending court auctions. If you prefer to work directly with the homeowners, look into “for sale by owner” properties.
An accurate pre-foreclosure list can help you hone in on the opportunities that fit your resources and knowledge. Rather than hunting around through stacks of newspapers or bookmarking twenty Internet listings, combine them all into one well-organized list, and you’ll be way ahead of the game.
Robert Lam is a successful real estate investor and author of http://www.ForeclosuresUnleashed.net which teaches investors how to maximize the profits from the booming foreclosures in the marketplace today without using your money or credit.Surf The Wave Of Profits By Tapping Pre-Foreclosure Lists Of Motivated Sellers
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You Can Stop Home Foreclosures with the Help of Foreclosure Companies
A huge problem with trying to make plans to stop a home foreclosure can be the phone call marketing and mailers from foreclosure help companies, offering their services. Given the presence of so many potential scams in the mortgage industry, it is close to impossible for foreclosure victims to figure out who they can trust in their time of need. How do you decide who to depend on, when you need assistance in your effort to avoid foreclosure?
You are likely to receive several letters, emails and phone calls every week from foreclosure service providers and so-called self-styled experts. Before you can think of working with any of these companies or professionals, make sure that you have done enough research on the service providers, as well as the methods they propose to use in order to help you save your home. There are a number of options open for you to find the information you need. You can do some research online or you can call the Better Business Bureau. Alternatively, you can contact the state attorney general and find out if a pattern of complaints exists against the company.
In addition, it is important to be aware that not every company offering foreclosure help is trustworthy, even if their current reputations are spotless. There are numerous foreclosure scams run by companies who shut down their businesses as soon as they get a customer complaint forwarded to them by a regulatory agency. Then, they simply change the name of their company, register a new website and set up different contact information. This gives them a clean record with the Better Business Bureau and the other regulatory agencies, in spite of being foreclosure scam operators.
Another major pitfall you may have to experience when you work with a foreclosure service provider or hire a loss mitigation consultancy is the constant state of doubt and uncertainty. You never can be sure if your home will actually be saved. Without trust, there can be no relationship between the foreclosure company and the homeowner and your chances of stopping the foreclosure process will drop. This makes it all the more essential for homeowners to research the service provider that they plan to retain and to shop around and interview more than one company, to decide which one you are most comfortable with.
Numerous products and services are on offer online, for people who prefer to be more proactive in saving their homes. These can be accessed through a number of government and private websites. White papers and reports, educational articles, form letters and various packages are available and can contribute to your search for the right kind and amount of mortgage help. Foreclosure advice that you may need to save your home from foreclosure is also easily available.
It is common for homeowners to make poor and uninformed decisions under stress and be victimized by foreclosure help scams. With the huge increase in foreclosures, state governments and authorities are having a harder time trying to crackdown on these rescue scams.
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Double mortage foreclosure in Michigan, I need an expert!?
I need someone who has a little knowledge regarding mortgage foreclosure- we’re going to see a lawyer in the next few days, but we’re a little nervous, so any knowledge for a little piece of mind would be a huge help! My fiancé’ has a house with a $150G mortgage, and a second mortgage of $60G debt consolidation. Unfortunately, he made some business investments that went wrong (basically he got F*). The $60G is money that someone owes him that he will never get back. Michigan economy is going from bad to worse. We tried to sell his house. We did a lot of work and now it’s gorgeous, but we can’t get anyone in to see it. Even so, the most the house will sell for is $175G. That leaves $35G gap. It’s getting bad for us. It has been suggested that we just foreclose. Sounds good and all (We know it ruins the credit-got that covered), but two big questions: Can we foreclose on both mortgage without them repossessing anything and in that case, do we stop paying property tax as well? HELP!
They are only going to take the house, they cant take anything inside the house. Here is what will happen the first forecloses if the second mortgage doesnt pay off the first they are screwed they dont get a dime. And you dont owe them anything. Its in the seconds mortgage best interest to make a deal. If you can find a buyer or do a short sale they might take the 25K and walk away.
Maybe you can get the first to pitch in 10K so they dont lose as much. It happens all the time. Find a real estate agent that deals in short sales. That way its not a foreclouser against you.
Chances are if you have that big of a second at sale its going to go for at least what you owe on the first. But if it doesnt say it only sales for 160K You will owe a deficiance Judgement of the difference to the first for 15K. They will sue you for that.
The bank will set a price of say 150K If anybody bids say 151K and the bank doesnt buy them out. Even though the bank lost 25K they cant come back on you at all. Its only if the bank buys it back at the sell.
Trust me the bank doesnt want your house. Work with them. If they know its foreclosing they will want a short sale if you can work it out and find a buyer. They dont want to market it and sale it. They will take their loss now.
Email me if you have any further questions off my profile. I hope this helps, good luck.
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Getting out of foreclosure is not easy, especially when you are in a difficult financial situation. In the United States, a lot of debtors end up in desperation by declaring bankruptcy in court in order to pay their debt obligation. However, there are others choose to sell their home to stop foreclosure at the same time getting a deficient amount of earning.
There are other options to squeeze out before you entirely lose your property; you can request forbearance to the lender where the loaner can waive some fees on debts so that you will be able catch up or pay on time.
A debtor can also use refinancing to avoid foreclosure. There are many lenders that can provide the best refinancing deals; this will give you a little room to breath with the extended deadline of the next payment.
Loan modification can also be an option to stop foreclosure. This is somewhat akin to refinancing the only difference is that the original lender will grant you fresh loan to pay the previous debt without reapplying.
Even so, if these options fail, then the most appealing solution is to sell the property to compensate the debts. If you can look for a seller ahead the foreclosing date comes then you will be capable of settling off your debt without going through the foreclosure.
Before selling the asset it is safe to consult first with the trusted professional about the actual value of the house and so to keep away from the scam of foreclosures.
In setting the price of your property take a closer look to how much is the amount you owe to the creditor which might be able to include the principal amount, interest rates and other cost acquired by the transaction. With the detailed idea in hand, you will be able to find market value for your house, this not only makes you pay the debt, but it will give you adequate space for a fresh start.
In case a short sale is preferred fairly than a foreclosure, here are some procedures that the borrower’s agent might require to make in order for the sale to thrust through. First off, an authorization to release information must be made by the agent on behalf of the seller or debtor with regard to the confirmation of the sale. If a buyer is already at hand then a purchase contract must be prepared with full signatories from all parties.
The agent must also prepare the financial statement and a seller’s net sheet for transparency of the total proceeds of the sale of the property and lastly, a letter from the debtor that expresses why you need to sell the property.
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If you have a loan through the government or a first time home buyer’s loan then you most likely can benefit through the Obama plan to save the housing crisis. You are one of a small number of homeowners this plan really is helping but you can prevent an FHA foreclosure.
A government loan or a first time home buyer’s loan is when a lending institution gives you money from the government. These loans may be set up for military personnel, veterans, and other people. The help with these loans is absolutely amazing because people do have the opportunity to save their credit and their home without suffering.
People who do not have government loans do not benefit from the plan as much as people with government loans because they were not considered. The only way they can benefit and save their house is by filing bankruptcy. This is a big decision on whether you would prefer to have a defaulted home on your credit report or a bankruptcy. There isn’t much of a difference when it gets to this point because both of these two things are extremely damaging to someone’s financial well being.
If you do have a government loan on your home and you have fallen behind on the payments and the bank has initiated the default process then you are in a good position. There is no reason to worry about it because you have the privilege of refinancing your mortgage to something that is more affordable for you. Your income will be considered and you will be given a new payment that is more realistic that you really can pay on a monthly basis. You don’t and won’t lose your house if you don’t want to. Plus, your credit will remain in tact.
People who are looking at an FHA foreclosure today are going to be saved through the Obama plan. You are the only ones that will benefit by not damaging your credit by filing bankruptcy in order to save your house. This is because the government is refinancing all loans to lower monthly payments for people who have government loans. Don’t’ you wish that you had a government loan on your home too?
About the Author
Joseph Smith has been educating buyers on the finer points of FHA Foreclosure at ForeclosedPropertiesData.com for over five years.
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Mortgage Foreclosure Appraisal: What You Need Before You Start
Are you one of the millions of Americans under the threat of foreclosure? Mortgage foreclosure appraisal is one thing you might consider to look into as leverage. One of your options before you go into foreclosure is to get a mortgage refinancing and avoid or prevent foreclosure on your property or home. And when you are in the process of mortgage refinancing, the lender may require you to get an appraisal or mortgage foreclosure appraisal before getting your application approved.
It is very important to have a mortgage foreclosure appraisal before you get into the process of foreclosing your property or home. The appraisal is traditionally required by the financial institution or the lender. This method can give the lender or mortgage company leverage over the homeowner or the one foreclosing the property.
This appraisal is needed when you foreclose or try to refinance your mortgage. But if do the appraisal yourself, you will have the chance or opportunity to use the same appraisal deeded to you, and go shopping for another lender or financial institution who can give you a better offer.
Mortgage foreclosures are a scary thing for anybody. But there are things you need to do in order to avoid more problems. Like, do a realistic assessment of your situation. Ask yourself the question; is my financial problem only a temporary one? If it is temporary, then call your lender and ask for forbearance or a repayment plan, the lender might be willing to offer you this plans.
And always pay attention to your mails and phone calls from your lender. Avoiding those calls, mails and emails do not make your problem go away. In fact it will worsen your problem.
Because you have the mortgage foreclosure appraisal with you, assessing the value of your property is a lot easier and you can make a more informed decision on what to do next. You may also have the option of avoiding foreclosure, like selling it before the lender will foreclose your property. Refinancing is another option for you if you want to avoid foreclosure on your home. But beware of second mortgage that is high risk as it may cause your harm than good. Bear in mind that if you have an option of refinancing or taking a second mortgage, your lender will let you know that because they have vested interest in your mortgage.
Armed with the mortgage foreclosure appraisal in your hand, and knowing the dos and donts of foreclosure, you will undoubtedly make best decision on how to deal with your mortgage.
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Hello,Robert Here; Thank you for checking out my website! I have created this site to give you help stop foreclosure information. If you are like I was this can be a stressful situation. My best advise to you is do not ignore the problem like I did.
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