How Does a Foreclosure Auction Work?
July 4, 2010 by admin
A foreclosure auction is designed to sell foreclosed properties at whatever price someone is willing to pay. The final sale price could be considered "bargain basement" pricing in most cases, because the properties have to be purchased with cash in most states, so the buyer pool is limited. The actual auctions are regulated by state law, but the individual county where the property is located actually dictates the specifics of how the actual auction works.
As a rule-of-thumb, the property is offered to the highest bidder by a clerk of the court, a sheriff, or a trustee. The auction is by "open outcry" so that everyone knows what bids are being made. Usually there is a minimal incremental bid which can be $100 to $1,000 or more. It is interesting to watch a novice get excited and bid in increments of $5,000 or even $10,000 in his excitement to get a particular property. The pros who frequent the auctions target unsuspecting "newbies" because they know the newbies have no rational bidding methods and the pros use their experience to bid up the properties the newbies are trying to buy.
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Illinois Foreclosure Law
July 4, 2010 by admin
Only Judicial foreclosures are allowed in state of Illinois.
What is the processing period for foreclosure Illinois?
Processing period is 210 days in Illinois.
Is there any right of redemption in Illinois for foreclosure?
No, Illinois does not offer right of redemption.
Are deficiency judgments permitted in Illinois?
Deficiency judgments are permitted in Illinois.
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What a Foreclosure Eviction Means
July 4, 2010 by admin
You can expect an eviction if your home is sold because of a foreclosure sale. Whether the sale is by auction, or by a trustee's sale, the eviction is the legal process by which a property owner physically removes a tenant or trespasser.
Evictions for renters are handled by strict contract law standards and the tenant often has more rights than the landlord. In many states, tenants can sue their landlord for breach of contract, possibly harassment and receive many times their monthly rent if they win the law suit. Some cities make it extremely difficult to evict tenants for any reason. This is not the case with foreclosure evictions because the former homeowners are not tenants. Well-meaning people often tell foreclosure victims about experiences they know about where tenant/landlord law was involved. Again, this is not the situation where foreclosures are involved.
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Foreclosure Process in Missouri
July 4, 2010 by admin
In Missouri both judicial or in court and non judicial or out of court foreclosures are used. As in all states where both forms of foreclosure are followed the determining factor as to which method will be used by the bank is whether or not the deed of trust or mortgage contains a power of sale clause. The power of sale clause allows the lender to proceed towards selling the home in question without first seeking a court order to do so. This obviously saves the bank both time and money. It is in the banks best interest to spend less money and move more quickly toward the sale of the property. So, whenever the bank can pursue foreclosure non-judicially, they will do so. Most deeds of trust or mortgages do contain a power of sale clause. So, most foreclosures are done out of court.
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How to Locate the Best Foreclosure Real Estate Properties
June 19, 2009 by admin
Many people would like to invest in bank foreclosures and look for basic information about foreclosure real estate. To get accurate and reliable data, they resort to a listing service, because online foreclosure listings are a very convenient way to keep informed. They provide extensive details about foreclosure homes available, concerning both the foreclosure properties as such and how to contact the owner. Read more
Tips For Choosing A Foreclosure Defense Attorney
June 18, 2009 by admin
Foreclosure is a terrible situation to have to experience. Unfortunately, the world-wide recession has foreclosures happening on a daily basis. Although you may feel that your world is falling apart, you might find comfort in the fact that you do not have to go through the process alone. There is someone you can turn to who can help you pull through such a difficult time. Taking care in picking out a good Chicago foreclosure lawyer is the first step to getting your life back onto the track of normalcy. It is very important that you choose an experienced lawyer, one who will not only offer you legal support, but emotional support as well. Read more
Legal Defenses to Foreclosure
June 18, 2009 by admin
If your loan is a refinance, the bank must have provided you a set of disclosures at the time of closing. If these disclosures are inaccurate, the loan is statutorily rescindable under TILA. For example, in a foreclosure action, the finance charge must have been accurate within $35 or the loan may be rescindable. This means the loan is cancelled and all money paid to the lender is refunded.
2. Truth in Lending Act (TILA) violations enabling damages. If you purchased the property with the loan or used the proceeds to refinance and proper disclosures were not given, then you may be entitled to money damages to offset the foreclosure.
How to Defend Foreclosure in Nevada?
June 18, 2009 by admin
Foreclosures in Nevada are on the rise, and our law office is contacted everyday by people from all walks of life inquiring about how to stop foreclosure and other foreclosure related questions. It is a complex area of laws, and we do not suggest to go alone or hire an unlicensed attorney or an out of state attorney or their production firm. A Nevada licensed attorney would be an ideal agency to handle such complex legal cases. Nevada, as we know is a non-judicial foreclosure state. It simply means that your lender does not have to go to court to get a foreclosure status against you. A simple non judicial procedure is enough to foreclose on your property. Read more
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