You can attempt a deed in lieu of foreclosure, in which you voluntarily give ownership of your home over to your lender.
A In its judgment of foreclosure and forfeiture rendered with respect to actions filed pursuant to section The court shall order each parcel to be sold pursuant to Chapter For purposes of determining such amount, the county treasurer may estimate the amount of taxes, assessments, interest, penalties, and costs that will be payable at the time the deed of the property is transferred to the purchaser.
Notwithstanding the minimum sales price provisions of divisions A 1 and 2 of this section to the contrary, a parcel sold pursuant to this section shall not be sold for less than the amount described in division A 2 of this section if the highest bidder is the owner of record of the parcel immediately prior to the judgment of foreclosure or a member of the following class of parties connected to that owner: If a parcel sells for less than the amount described in division A 2 of this section, the officer conducting the sale shall require the buyer to complete an affidavit stating that the buyer is not the owner of record immediately prior to the judgment of foreclosure or a member of the specified class of parties connected to that owner, and the affidavit shall become part of the court records of the proceeding.
If the county auditor discovers within three years after the date of the sale that a parcel was sold to that owner or a member of the specified class of parties connected to that owner for a price less than the amount so described, and if the parcel is still owned by that owner or a member of the specified class of parties connected to that owner, the auditor within thirty days after such discovery shall add the difference between that amount and the sale price to the amount of taxes that then stand charged against the parcel and is payable at the next succeeding date for payment of real property taxes.
As used in this paragraph, "immediate family" means a spouse who resides in the same household and children. A Upon the delivery by the county auditor of a delinquent land tax certificate for, a delinquent vacant land tax certificate for, or a master list of delinquent vacant tracts or delinquent tracts that includes, any property on which is located a building subject to a receivership under section The proceeds resulting from the sale of that property pursuant to a foreclosure or forfeiture sale shall be distributed in the order set forth in division B 1 or 2 of this section.
B 1 In rendering its judgment in a foreclosure proceeding under section C If, after the distribution of available proceeds pursuant to division B 1 or 2 of this section, the proceeds from the foreclosure or forfeiture sale are insufficient to pay in full the notes, unreimbursed expenses and other amounts, and fees described in divisions B 1 a and b or B 2 a and b of this section, and the amounts due under division D of section D When property as described in division A of this section is the subject of a foreclosure proceeding under section The county prosecuting attorney, upon the delivery to the prosecuting attorney by the county auditor of a delinquent land or delinquent vacant land tax certificate, or of a master list of delinquent or delinquent vacant tracts, shall institute a foreclosure proceeding under this section in the name of the county treasurer to foreclose the lien of the state, in any court with jurisdiction or in the county board of revision with jurisdiction pursuant to section If the delinquent land or delinquent vacant land tax certificate or the master list of delinquent or delinquent vacant tracts lists minerals or rights to minerals listed pursuant to sections Nothing in this section or section The prosecuting attorney shall prosecute the proceeding to final judgment and satisfaction.
Within ten days after obtaining a judgment, the prosecuting attorney shall notify the treasurer in writing that judgment has been rendered. If there is a copy of a written delinquent tax contract attached to the certificate or an asterisk next to an entry on the master list, or if a copy of a delinquent tax contract is received from the auditor prior to the commencement of the proceeding under this section, the prosecuting attorney shall not institute the proceeding under this section, unless the prosecuting attorney receives a certification of the treasurer that the delinquent tax contract has become void.
A This division applies to all foreclosure proceedings not instituted and prosecuted under section The foreclosure proceedings shall be instituted and prosecuted in the same manner as is provided by law for the foreclosure of mortgages on land, except that, if service by publication is necessary, such publication shall be made once a week for three consecutive weeks instead of as provided by the Rules of Civil Procedure, and the service shall be complete at the expiration of three weeks after the date of the first publication.
In any proceeding prosecuted under this section, if the prosecuting attorney determines that service upon a defendant may be obtained ultimately only by publication, the prosecuting attorney may cause service to be made simultaneously by certified mail, return receipt requested, ordinary mail, and publication.
In any county that has adopted a permanent parcel number system, the parcel may be described in the notice by parcel number only, instead of also with a complete legal description, if the prosecuting attorney determines that the publication of the complete legal description is not necessary to provide reasonable notice of the foreclosure proceeding to the interested parties.Part of the loss mitigation package is the financial hardship letter (or “letter of hardship”).
You must complete a loss mitigation packet if you want to be considered for a loss mitigation option, whether modification, short sale, or deed-in-lieu of foreclosure. What Does Foreclosure Mean? Here is our foreclosure definition: Foreclosure is a legal process where a creditor (i.e., a lender or mortgage holder) can repossess or sell property for the purpose of repaying the debt owed on that property.
Mortgage holders can foreclose on a property any time after the borrower starts to miss payments on the . A letter requesting the deed in lieu of foreclosure is written to the bank.
You should explain the foreclosure situation and request the deed afterward.
Answer. \nIt is a disposition option. Guidance on Other Real Estate. Continued weakness in the housing market and the rapid rise in foreclosures have increased the potential for higher levels of other real estate (ORE) held by FDIC-supervised institutions ("institutions").
A deed in lieu of foreclosure is a common method to avoid lengthy foreclosure proceedings, which may enable the mortgagor to receive a number of benefits, as detailed below. H.B.
For any residential property for which the city, town or county receives a notice of pending foreclosure pursuant to §, the city, town or county on its own motion may inspect the exterior of the property and send notice to the beneficiary of the deed of trust to remove rubbish, trash, weeds or other accumulation of filth, debris or .