Article listed on Wikipedia:Votes for deletion Apr 14 to Apr 20 2004, consensus in that time was to keep. Discussion:
Dictionary definition -- Graham :) | Talk 13:02, 14 Apr 2004 (UTC)- Expanded, keep. Smerdis of Tlön 16:39, 14 Apr 2004 (UTC)
- Keep. Cribcage 05:33, 15 Apr 2004 (UTC)
- Chane vote to keep, now it's been expanded. -- Graham :) | Talk 13:27, 15 Apr 2004 (UTC)
- This certainly SHOULD have an article. jaknouse 03:59, 19 Apr 2004 (UTC)
- Keep. BL 08:08, Apr 19, 2004 (UTC)
- Keep as expanded, although it still needs help. --ssd 04:07, 20 Apr 2004 (UTC)
- Took out a reference to a foreclosure business someone inserted. An attempt at advertising I think.
-- 6-17-2006-Bob Geissler 00:23, 19 June 2006 (UTC)
stalling foreclosure
I was wondering if anyone else thought it wise to include a small section for homeowners facing foreclosure with a general section on how it might be possible to delay eviction by using their rights to appeal and go bankrupt. I understand alot of people just move out without realizing they can easily stall it out and prepare themselves better for the inevitable move.
Does anyone have a suggested place in this article for such information, or possibly the creation of a new article pertaining to the subject?
Let me know what you all think.
Thanks, --The Pot Snob (talk) 20:13, 12 August 2008 (UTC)
==
debt liability
After the sale does the debtor owe any more money? Does the debtor have to pay back the difference between what is owed and what the house sold for when upside down? --Gbleem 04:03, 11 September 2006 (UTC)
After a foreclosed property is sold at a public auction, what happens to the second mortage, liens and judgments (if any) that are recorded against the property? Hsanoni 01:52, 3 February 2007 (UTC)Answer: The debtor owes any "deficiency" or difference between the sale price at foreclosure and the amount of the mortgaged debt. This difference can be recovered in a suit against the debtor personally (out of assets) because the debtor has signed a note for the debt. The property was only security (assuming that it was not a no-recourse loan). Almost all states limit the ability of a lender to do this (anti-deficiency legislation.
Answer: Any lien junior to the lien being foreclosed on will be "wiped out" by the foreclosure (this is the purpose of a foreclosure). Junior liens are paid out of the proceeds of the sale in order of priority (who recorded first). If there is not enough to pay all junior liens they are extinguished with no payment (debt still exists if it was against debtor personally, there is just no lien on the property to the next owner).
"Any lien junior to the lien being foreclosed on will be "wiped out" by the foreclosure (this is the purpose of a foreclosure)."
This statement is not exactly accurate. The purpose of a foreclosure is not to wipe out a junior lien. The purpose of the foreclosure is to force the collection of a debt through the sale of the debt security (e.g. real property). Once the foreclosure sale is complete the encumberance(s) on the debt security is/are removed. Giving the new owner of the real property clear title. The original debtor still has the debts, the junior liens. However, they are now unsecured debts. Moreover, a junior mortgage, can be foreclosed on. But, whomever, purchases the real property via foreclosure action of a junior mortgage is responsible for paying the senior mortgages. Normally, when this occurs the property is unencumbered from liens junior to the foreclosing mortgage.
spam links
RealtyTrac is a commercial site and is embedded throughout this document. This might as well be an advertising piece. We need to consider revamping this article and to negate bias towards specific foreclosure search companies.
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Corporate hijacking of article
As far as I'm concerned, the whole second paragraph ought to come out. It subtly attempts to steer vulnerable readers towards thinking about their options to avoid foreclosure. The article is supposed to be about foreclosure, not a how-to guide on avoiding it with handy links to sleazy refinance companies! Thoughts? Wbroun 03:24, 14 March 2007 (UTC)
Wbroun, I think I need to hear more to consider. Without knowing exactly what you're talking about, I can't think of a single situation where foreclosure is the desired outcome for a property owner. Bankruptcy is a whole different story, but foreclosure is nasty, expensive, and undesirable for everyone. Gruber76 02:14, 14 May 2007 (UTC)
Loss Mitigation
Loss Mitigation: This section seems as if it were written by a consultant that despises attorneys (okay, maybe that is a common sentiment, but I digress). It is hardly objective, and difficult to read. I'd say it should be cut way down or removed entirely.
Nesabishii 07:53, 16 April 2007 (UTC)Nesabishii
I agree
Block quote
Lead section
The lead section is outrageously too long for the content of this article. There should be a short lead section with a brief definition of the topic, followed by sections dealing with notable subtopics. I recommend breaking the lead section into parts and moving some of them into their own sections. Twelvethirteen 17:33, 14 May 2007 (UTC)
how long
I live in the state of oregon and i am being foreclosed thy say i have until the 16th of june. How long after that will they lock my belongings in the house? How long until the foreclosure is complete?
Globalize/USA
I didn't add that template, but it's clearly needed. To be frank, this is one of the worst examples I've seen in a significant article - no indication at all in the lead that the text is almost exclusively about the USA, and the rest of the world confined to "Other countries" as though this were an American encyclopedia rather than a world one. I did try to edit a bit, but gave up because I don't know enough property law in any country to trust myself with it. Someone who does, please either hugely improve the non-US coverage or do some splitting out that doesn't assume we're all Americans. Yes, it's a slightly sore point! :P 81.153.111.37 (talk) 00:24, 23 November 2007 (UTC)
Where are foreclosures listed; state, county or city government sites?
I would like to know where I can find foreclosed property listings without going to a real estate broker initially. Are the foreclosed properties listed somewhere in a government site, office, or web-site?
Canadian Foreclosure Rules?
I'm confused, I live in Canada but know very little about foreclosure here. Does anyone recommend a good book or website that isn't Spam and actually tries to help you understand the process? I have been waiting for the market to crash so I can stomp in and buy something for dirt cheap price.
With the current state of events it is very obvious that Canada is in for a rough ride (similar to the US). "Yes, similar to the US." Don't be fooled! I'm fed up of hearing Canadian bank managers and real estate agents talking about how wonderful the market is in Canada while things are getting pretty bad in the US. It appears that everyone (with a conflict of interest) has something positive to say about the market. Ultimately, I forecast a terrible demise of the market in Canada to a level that couldn't even be imagined. I base this on the extended level of greed that's propelled the market so far.
Thanks for emailing me info! Phl philyoutube@gmail.com
Citation question
A while back I modified the Process section: "The process of foreclosure can be rapid or lengthy and varies from state to state. Other options such as refinancing, alternate financing, temporary arrangements with the lender, or even bankruptcy may present homeowners with ways to avoid foreclosure." My citation was overwritten by another editor with their own and was subsequently deleted as spam; when I replaced my original citation is was later removed as being not a source that meets WP:RS.
I'm trying to understand how the citation deal works... If the citation is untrusted, then why are the facts retained? Yankeerudy (talk) 19:47, 28 July 2008 (UTC)
Edits about legal defenses to foreclosure
I moved a listing of legal defenses to this page for discussion and sourcing. The edits are a list of terms sourced to a self-published book that will not meet WP:RS, but the raw list might be helpful if this is an area that needs to be covered in the article. Here are the edits I removed:
Anything useful in these edits? Flowanda | Talk 01:11, 12 August 2008 (UTC)
I posted this list because I thought it would be helpful to people facing foreclosure to know that there are a number of defenses available to them. It might be better to include a substantive discussion of each of these legal defenses, but that would likely take pages to accomplish. (TILA alone spans dozens of pages and encompasses volumes of written information in any law library.) Should there be individual pages created for each foreclosure defense?
Further, I don't think it would be appropriate to include the list without citing to the source.
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