When a property go to sherif sale and why? If buyer defalts dos it go back to owener if holds the mortgage?
84272
A sheriff sale would usually be the result of failure to pay taxes.  Failure to pay a mortgage would mean the bank would take the house back.
990834
It's called a bridge loan.  Most lenders can help you.  The risk is obvious if your current house doesn't sell in a timely manner at a price close to what you expect
1050365
you pay a high price for a house not worth that much,  you pay a down payment instead of a deposit.\n\nAnd the perosn who sold it trys to find any reason to repo it, since he can sell it all over again
9051
The bank would much prefer you to make your payments compared to taking on a property.  Talk to them.  A lot of times they can work out a deal.
574548
When you buy a foreclosed home, you're cashing in on a home someone was no longer able to pay for. Foreclosures are difficult--both to locate and to execute the transactions--but the potential to turn them over for a tidy profit may be there.  Go to the link down below and it will tellyou all about how to go about buying a forclosure. Good luck!
694953
I'm not an expert,but the buyers had the option to have an expert appraisal done on the home before the final sale, I'd say they are out of luck, don't go spending your hard earned money on a lawyer, ask your R.E. agent, he/she should be able to answer that question, or better still ask your Bank Mtg Mgr they see all kinds of stuff.
485344
The game that you are playing is not a good one. Anyone that would even consider doing something like this is insane. First off, you buy the property with cash from an unsuspecting person that is in financial hardship. You then, more than likely, charge these people rent to live in their own home with the promise to sell the property back to them after a certain time period. If they default on the rent they are paying you evict them. \n\nPeople, if you are in trouble with your mortgage payment, please please go talk to a mortgage broker. There are many options that you may qualify for instead of selling your home to a person like this. The only way this type of scenario can help you is if you have no other options and have been turned down for a refinance.\n\nIt is violation of this sites policy to solicit business in case you were wondering.
744547
Hi Sundance,\n\nIf they relinquish all legal and equitable interests in the property prior to this eventuality then there is no property to sell.\n\nPerhaps an express trust might be in order?\n\nAssuming your parents are in good health at the moment and this will not happen in the next few years then I cannot see a problem.\n\nEg. If they sold the house and gave you all the money from the sale tomorrow and you spent it the day after then the money is gone, is it not? That asset no longer exists.\n\nHave a talk with a solicitor that specialises in equity and trusts if this is of interest to you.\n\nThe other alternative is to sell the property with the clause that they continue to live in it for the rest of their natural lives. There are companies that do this and your parents live there rent free.\n\nThey can do what they want with the money.\n\nThis is another alternative to ensure the money goes where it is intended.\n\nAgain, speak to a solicitor.\n\nGood luck.
727195
These are called tax lien properties. When a person defaults on their property taxes the municipality still needs the money. The county will put a tax len against the property. These liens are available for sale  at county auctions. In NY they are interest bearing and are sold to the bidder who took the lowest interest rate. The best thing about tax liens is that they have the highest priority over any other lien. However, most people will not  loose their house for not paying property taxes. If the owner remains deliquent for 2-5 years you will be able to receive a tax deed and take possession of the property. It is very unlikely though. Also, alot of banks will be at these auctions and purchase these tax liens on properties that they hold a mortgage note on. You should contact your county clerk office for the dates of the auctions and for a list (they may charge a fee or place ads in the papers). In NY they hold auctions once a year in January or February. Before you decide to go to one of these auctions you should consult a knowledgeable attorney who is competent in tax liens.  Good Luck and I hope this helped you.
300662
it's not a bad deal for people who might have trouble qualifying for a conventional loan.  It's usually an owner who owns the house outright and wants to have that interest on the sale (like what the bank would normally get).  That owner will have a lien on the house the way a bank that did your mortgage would.
558429
You can sell your property at any time, however most lenders would require you to have the property off the market for at least 6 months. There are programs that will allow to refinance after taking the property off the market, however that is normally an exception base. Companies do not make money on your loan unless you hold the mortgage for a certain amount of time. So the comment that they make money even if you sell the property the next day is not correct. You have to inform the lender that your property was just recently on the market. There they can determine if you can refinance your property. If you don't inform them, they will find out from the appraisal report. Most portfolio lenders will allow that exception, however you might have a PPP or adjustment to rate because of that. If you go to a lender that sells to the secondary market, they will most likely deny your application because of that reason. You just need to research the programs. Hope this helps, contact me directly if you have any questions.
206298
Depends entirely on your lender, in terms of fees, prepays of interest, which loan term you choose, whether you go through a broker or direct lender, etc.  Ask around, get some offers, and compare.  Also, they should tell you how long it will take you to recoup the cost of the refinancing--and you can consider whether or not you'd still be living in the house at that point, or will have sold it.
481242
Yes, usually you have to wait until all the paperwork is done on it. My husband and I invest into homes that sell cheat and do our work ourselves and make the profit. These homes that they are forclosing on sometimes are a bit higher than others because they want to recoup some of the loss on it...N
685125
Then you have to bring a check to the closing to pay off the difference.  You are what is called "upside down" which is a risk of declining prices, risky mortgages, or making a tiny (or no) downpayment.  On my current home, the seller had to do the same thing, because he had a huge unpaid line of credit open against the house.  There is no free lunch- you will have to pay that money to leave your home.  And if you have accepted an offer at this point, you are likely to be sued if you try to back out.  Its always possible to try to convince the Realtor to take a smaller %, they might agree, especially if you can convince them that the deal could go to hell because you dont have enough to pay the difference.
596522
Check with a local real estate agent (or real estate lawyer, depending on where you live and what is standard).  I took a real estate course (but never took the final exam) and remember a section dealing specifically with situations like this.  It basically depends on how the estate was structured.  In some cases, the remaining people would have to buy you out.  In other cases, you can sell your "interest" to someone else.
1065960
You cannot sell the home without paying off the second mortgage. So either you go bankrupt on both, or you pay off both in full at closing. The bank gets their check before you do, and their lien on your title will show up in the title search. There's no way to recieve the funding from the home sale without satisfying all liens first.
937049
Check with your lawyers, but if the buyer's mortgage is ready and they are able to close, you may have to go through with it. I have had situations though where the contract "expired" and the sellers backed out without any penalties, citing that the expired contract no longer bound them to sell the house. It's very tricky to get out of a contract, so make sure they talk to a lawyer, otherwise they can be sued for specific performance.