You may think that once the awful foreclosure process is over you will not hear from your lender ever again. However, if there is a deficiency judgment form the foreclosure sale, this may not be the case. The bank can come after you if your home does not sell for the full value of the debt owed. This is called a deficiency judgment. How exactly can the bank collect this judgment? Read on to find out how.
Money is a very personal issue. So much so that it's often considered in bad taste to talk about it in polite society. Especially when you're talking about problems with money. And foreclosure is the mother lode of money problems since most people's largest asset is their home.
But unfortunate events beyond the control of any homeowner have caused millions of people to have to reckon with foreclosure. The credit crisis, recession, and housing crisis have caused foreclosures on a scale that the country hasn't seen since the Great Depression.
If you're in danger of losing your home to foreclosure, you're likely experiencing some seriously negative emotions. Fear, uncertainty, shame, guilt, and anger are common. These emotions are completely understandable and just as useless. You have to get a handle on them to keep from going crazy and find the best resolution.
Here are some ways to do that:
Are you financially secure? What do you think the odds are that things will be worse in the near future? Is the country about to repeat 2008?
Those are the questions on the minds of many Americans who are afraid the economy is poised to enter a recession.
A recession is defined as "a significant decline in economic activity spread across the economy, lasting more than a few months, normally visible in real GDP, real income, employment, industrial production, and wholesale retail sales."
According to a recent Business Insider article, economists and stock analysts have had to address worry about a recession a lot this year. People are feeling insecure, and parts of the economy have been slowing down.
So are we in a recession, or about to be in one?
Texas police are accusing Christopher Brian Colbert of murdering Robert Shumway then pretending to be him to sell his house.
Anyone who drives a car has noticed that gas prices are dramatically lower than they've been in years due to lower oil prices. While we're all happy that filling up our tanks is easier on the wallet, there is a down side: cheap oil can cause people who make a living in the oil industry to lose their jobs, and their homes to foreclosure.
When the price of oil plunges, companies in the oil business or businesses that service or support them, lay off some workers or pay them less. Those workers are more likely to be unable to afford their mortgages payments and fall into foreclosure. The oil business is employs a lot of people, so when it suffers, a lot of workers can suffer.
If you're like many homeowners fighting foreclosure, you may have wondered if you can sue your mortgage lender. After all, it's been proven that the banks have lied, forged documents, deceived people in desperate need of help, and broken countless laws. It's happened with loan origination, servicing, and in the foreclosure process. If you can't sue for that, then what in the world can you sue for?
Technically speaking, you can sue. You can pretty much sue anyone for anything. All you need is the money to pay the attorney's fees. The question is whether you should. Is it worth the considerable time, effort, and expense? Every situation is different, so the answer will have to be decided on a case-by-case basis, but there are some things everyone should look into before they decide to file a lawsuit against their mortgage lender.
Most people don't plan for it, but about half of all marriages end in divorce. And when a couple decides to go their separate ways, their property has to be divided up or sold. Some property is easier to divide than others. A couple's Beanie Baby collection is relatively easy to deal with in divorce. It has some positive value, can be sold, and easily carved into two pieces. Your underwater home, on the other hand, is the opposite. It can't be cut in two or immediately sold and is harder to deal with because of that.
Foreclosure has a tremendous human cost. Families get kicked out of their homes, have their credit wrecked, and must find a new place to live. It's very difficult for the people who go through it, but there's also a nonhuman cost. Cue the Sarah McLachlin music, get your tissues ready. One of the most heartbreaking results of the foreclosure crisis is the effect it has on pets of some foreclosed homeowners.