Will the others of his foreclosure houses will effect the fourth house that still paying the mortgage in time? Will the bank will foreclosure the the fourth too?
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9 Comments
Yes, because a bank is not going to allow you to sit on assets while they take the loss on the other three homes.
He can’t cherry pick which houses he is going to keep.
Most likely, he will lose all 4 of them.
why the hell does he have 4houses if he couldn’t afford them?
SIMPLE. TELL HIM TO PAR HIS MORTAGE MONTHLY ON TIME AND THEY WONT TAKE HIS HOUSE AAWAY.
YES- the bank is going to take it too…. You can’t just pick and choose. He should talk to a lawyer though and get some proffesional advice.
it will effect what happens in the long run. Once the other homes are sold since they are investment property’s for he owes money on if the sales are short of what he owes they will sue him and place liens for the shorts and atty fees on the one he keeps in most cases that will get paid when he sells or refinances this home. They want their money and investment debt is hard to get off the books
When you signed your loan docs for the house it was listed as collateral.
Normally the lender will only go after the collateral that is on the loan docs, that is the house that you purchased with the loan proceeds provided by this loan.
If you have another property, it will not normally be touched.
Normally lenders use the non-judicial foreclosure procedure in foreclosure. This allows them to take the property immediately after an unsuccessful foreclosure sale. After all the legal papers are complete they can then sell the property to reclaim as much of the loan balance as they can.
Using the non-judicial foreclosure procedure the lender normally will not go after a deficiency judgment against you for any reason and most states will not allow them to. They just want to sell the collateral and get back as much as they can of the loan balance.
If the lender use the judicial foreclosure procedure then they would normally have the ability to go after a deficiency judgment. Under this procedure you normally would have from 30 days to a year to reclaim your house depending on which state you reside in. Since you can reclaim your house the lender can not sell or do anything with it until the redemption period is over. Even though the lender using this foreclosure procedure can normally go after you for a deficiency judgment, they will not.
The reason being is that they would have to go through the court system. With the court system being the way it is it would be to expensive and time consuming.
I hope this has been of some use to you, good luck.
“FIGHT ON”
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Absoltely not. If he is meeting the terms of that particular deed of trust or mortgage and note, they can not foreclose on it. They foreclosure on a breach of those contracts and nothing else. If they are not being violated than they can’t do it. That is absoltely false. He can choose what he is going to pay and not pay and they can’t do a thing about it. As long as he is paying on time and does not violate his note or mortgage in any other way they can not foreclosure. There has to be a reason to foreclose. Also, the banks have enough properties to sell they don’t want to foreclose on ones that they are getting paid on!
Not unless he used the same bank for all 4.
Tell him to go to http://www.consumerwarningnetwork.com
and ask them to “Produce the note”. It’s a stall tactic not the end all but it might help him to stall until he gets back on his feet or finds somewhere else.