Foreclosure/foreclosure

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Expert: Dennis Herman - 11/14/2009


Question
already lost my home to foreclosure, to the first lender where does that leave the second lender

Answer
The questions should have been answered during the court hearing for the foreclosure.  If the primary lender takes title to the property they have to clear the other liens on the property.  In Wisconsin lenders have a number of choices.  Usually if a lender wants more money than what is available through the sale of the property.  I other words, if the lender chooses to retain the right to go after the home owner for additional money, the judge will grant a longer redemption period.  This is the period allowing the home owner to catch up on the mortgage payments.  

If the lender accepts the value of the property as final payment, the foreclosure process does not take as long.  

I am not sure what rights the second lender may have in your state.  That may vary based on the type of lien.  This site may help, or contact a local attorney for advice.

http://www.realtytrac.com/foreclosure-laws/foreclosure-laws-comparison.asp

http://www.foreclosures.com/pages/state_laws.asp

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Dennis Herman

Expertise

I can answer questions on Real Estate such as question on writing an Offer to Purchase. What can go wrong after an offer is written? What is Buyer Agency and what will it do for me? What is a foreclosure? What is the difference between a foreclosure, a bank owned property and a short sale? What is the best way to locate a property? What steps can be taken to avoid foreclosure? How do Real Estate Agents get paid? How can I quickly build equity in a home? How do I view homes? What types of homes will have the best prices? How do I choose an agent? What types of financing are available?

Experience

Residential and commercial real estate. New home purchases. Buyer Agency. First time home buyers. Foreclosures, bank owned properties, estate sales and short sales.

Organizations
Greater Milwaukee Realtors Association Wisconsin Realtors Association National Association of Realtors

Publications
http://activerain.com/bloghome

Education/Credentials
State of Wisconsin Licensed Real Estate Sales Agent Accredited Buyer Agency Training Relocation Training Certified Senior Citizen Representative Wisconsin Real Estate Continuing Education

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