Welcome to Foreclosure Guide
Tax Foreclosure Auction Article
. For a permanent link to this article, or to bookmark it for further reading, click here.
Save Your Credit history opt for a Deed in Lieu of Foreclosure
from:Being faced with a foreclosure on your home is one of the most stressful situations in life. You are worried about losing your home and your investment, and you hate the thought of a foreclosure and the effects it will have on your credit rating and your future. In certain situations, and in certain states, there is an alternate to a foreclosure, which is called a deed in lieu of foreclosure.
In order to obtain a deed in lieu of foreclosure, both the financial lender and the homeowner must agree to sign over the title of the deed to the lender. In other words, the financial institution will now own the home in question. In return the original homeowner is relieved of paying back the debt still owed on the home. The homeowner in default have no more liabilities in regards to the said house, and by procuring this agreement with the lender, the deed in lieu of foreclosure will not affect the homeowner’s credit rating like a traditional foreclosure would. The agreement to go for the deed in lieu of foreclosure must be made at the start of the foreclosure process. The deed in lieu of foreclosure is an out of court settlement.
The bank or lending institution will most often opt for a deed in lieu of foreclosure when the debt is so great that the homeowner cannot pay it. It would not be worthwhile for them to seek a deficiency judgment, which is a court order to recoup part of the outstanding debt related to the foreclosure. They normally follow through with the actual foreclosure when the debt isn’t as much as the value of the property.
The advantages of a deed in lieu of foreclosure is an economic one for the lender, by settling out of court the lender will save money on court and attorney fees. The lender will also make sure that the deed in lieu of foreclosure will not make them responsible for any mortgage liens upon the property before proceeding with this action. In other words holding the title will be a separate entity from any liens (claims for payment from contractors etc.) upon the property. At this point the bank or other lending institution will be a be able to sell the property and recover their loses. The new owners of the property would be responsible for the liens if there are any pending.
The benefit to the original homeowner is that the record of foreclosure will not be recorded on their credit history.
Tax Foreclosure Auction Specific links
Tax Foreclosure Auction News
Baltimore Homeowner Almost Ends Up In Tax Sale After City Loses Check - LoanSafe
Baltimore Homeowner Almost Ends Up In Tax Sale After City Loses Check LoanSafe Baltimore places liens on properties for unpaid property taxes, water bills and other municipal debts, then puts the liens up for auction every spring — allowing investors to buy them and either collect or move to foreclose. The city auctioned liens ... |
Baltimore's tax sale: liens sold on 6545 properties, raising $20 million for city - Baltimore Sun
Baltimore's tax sale: liens sold on 6545 properties, raising $20 million for city Baltimore Sun The exception: If the city considers the property to be in need of “substantial repairs,” the tax-lien investor can file a foreclosure case in 60 days. (Tax sale FAQ here.) If you're having trouble with your property-tax bill, see if you qualify for ... |
5/22/12 Trustee Sales - Inside Tucson Business
5/22/12 Trustee Sales Inside Tucson Business Tax Parcel No.: 106 03 0040; 106 03 0050. Auction Date & Time: 08/07/12 at 10:00AM. Auction Location: ONE S CHURCH AVE STE 1700, 85701. Trustee Sale No: UNAVAILABLE. Trustee: CRAIG H KAUFMAN. Sequence No. 2012 1210004. |
Zions Direct Announces Municipal Bond Auction Results through May 18, 2012 - PR Newswire (press release)
Zions Direct Announces Municipal Bond Auction Results through May 18, 2012 PR Newswire (press release) In auctions closed from May 14, 2012 to May 18, 2012, investors purchasing municipal bonds in the auctions received average tax-exempt yields 0.62 percentage points, or 62 basis points, higher than similar bonds as reported by the Municipal Securities ... |
Playboy Sachs' art trove raises $56m at London sale - Ninemsn
Playboy Sachs' art trove raises $56m at London sale Ninemsn Tax Time 2011Doing your tax doesn't need to be daunting! Check out ninemsn Finance's Tax Time for tips and advice on how to make your 2011/12 tax return work for you. The art collection of the late German-born playboy Gunter Sachs, featuring works ... |