Talk:Foreclosure

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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)

Contents

[edit] 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.

[edit] 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. —The preceding unsigned comment was added by Jbanning22 (talk • contribs) 19:35, 7 December 2006 (UTC).

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[edit] 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)

[edit] 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

[edit] 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)

[edit] 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?

[edit] 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)

[edit] 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? —Preceding unsigned comment added by 67.185.3.113 (talk) 17:56, 8 June 2008 (UTC)