Foreclosures & Short Sales
Liability of Seller after Foreclosure of Mortgage Assumed by Buyer
Question: When we sold our Glendale home two years ago the buyer assumed our mortgage that had a low 3% interest rate. The buyer is now in default on this 3% mortgage, and we are receiving default notices from our lender. If the buyer doesn’t make the payments on this 3% mortgage, will we have…
Read MoreMortgage Lender After Foreclosure is Entitled to Sale Proceeds
Question: For the last few years my mother has been struggling with competency issues. Although we try to help her, we live in Buffalo. She apparently did not make her mortgage payments, and there has been a foreclosure sale on her Ahwatukee home. The mortgage lender was the only bidder at the foreclosure sale, and…
Read MoreRenters Have Protections After Foreclosure
Question: In a recent column you said that, after a foreclosure sale of a home, the investor who purchased the home could “evict the tenant and then sell the home as quickly as possible.” The Protecting Tenants In Foreclosure Act, however, was reinstated by Congress in 2018. This Act provides most tenants with rights to…
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