Can a bank Force foreclosure?

Can a bank Force foreclosure?

Any mortgage contract term violated by the homeowner, not just failing to pay the mortgage, could be grounds for foreclosure. If the homeowner does not do this, the bank can seek to foreclose. A contract violation, such as transferring ownership to another party, may also result in foreclosure.

Can I sue my lender after foreclosure?

If a lender violates a homeowner’s rights, the homeowner can sue them after a foreclosure. Although it’s possible to file a lawsuit against a lender after a court has issued a judgment of foreclosure, they’re very difficult to win.

Who are the Bank of America foreclosure victims?

Erik and Renee Sundquist have won their eight year long battle with Bank of America illegally foreclosing on their home, reaching a $6M settlement. Oppenheim Law shares more here.

Why did Bank of America foreclose on sundquists home?

However, the bank rejected more than 20 modification requests, claiming that the applications were “stale”, incomplete, insufficient, and even “lost”. Despite the Sundquists’ subsequent bankruptcy filing, Bank of America proceeded with the planned foreclosure auction, violating the automatic stay.

How did Bank of America violate the automatic stay?

Despite the Sundquists’ subsequent bankruptcy filing, Bank of America proceeded with the planned foreclosure auction, violating the automatic stay. Realizing it was in violation of the automatic stay, Bank of America reinstated the family as title holders without notifying them.

How much did Bank of America pay the sundquists?

The judge awarded the couple $6 million in damages, and also awarded several legal organizations that helped fight the financial abuse an astounding $40 million in punitive damages. The Sundquists’ legal nightmare is over.

Can a second mortgage holder force a property into foreclosure?

They give lien holders rights to recover the money owed them, through foreclosure if necessary. Legally, all property lien holders can force a property into foreclosure, regardless of their seniority on property titles.

Can a bank foreclose if you owe more than your house is worth?

If your debt is small, your lender can likely sell your home for more than you owe. After the sale, the lender will have enough money to cover all or most of your debt, even after paying off your first mortgage or other liens. Your lender may think twice about foreclosure, however, if you’re upside-down.

Can a second mortgage be foreclosed in California?

In California, some second mortgages are non-recourse loans, which means the lender cannot seek a deficiency judgment in court.

Can a bank foreclose if you have a lien on Your House?

After the sale, the lender will have enough money to cover all or most of your debt, even after paying off your first mortgage or other liens. Your lender may think twice about foreclosure, however, if you’re upside-down.

Can a second mortgage be used to foreclose a home?

Second mortgage foreclosure is a possibility for your lender if you don’t pay your loan. The bank may start proceedings if you have equity. Otherwise, they will sue you and get a judgment to collect in other ways. A home equity loan is secured.

How long does it take for a bank to foreclose on a house?

The foreclosure process varies from state to state, but usually takes from two to 18 months. Generally speaking, if mortgage payments are not received within 150 days, the bank can proceed with the foreclosure process.

Can a second lienholder foreclose before the first?

A second lienholder can foreclose before the first. If you keep up payments on your primary, but not your junior, loan. The junior lienholder may foreclose. Can You Lose Your Home to a Second Mortgage Foreclosure?

How does foreclosure work on a home loan?

Foreclosure is a legal proceeding initiated by a mortgage lender when the borrower is no longer making payments as required under the terms of the loan. Generally, all mortgage payments must be made in a timely manner to each lender regardless of the order of the loans, or the lender can legally take back the secured real estate.

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