Keeping possession of real property without a right, such as after a lease has expired or after the real property has be sold by the possessor, may entitle the owner to file a lawsuit for "unlawful detainer," asking for possession by court order, unpaid rent and damages. This form is for illustrative purposes only. Local laws should be consulted to determine any specific requirements for such a notice in a particular jurisdiction.
Arkansas Complaint or Petition by Purchaser Against Possessor of Real Property After Judicial Foreclosure Sale - Repossession
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How to fill out Complaint Or Petition By Purchaser Against Possessor Of Real Property After Judicial Foreclosure Sale - Repossession?
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FAQ
In general, if no other liens or claims exist, the owner of the property which is sold at auction has the right to collect any surplus funds after foreclosure. However, if any liens or claims exist, they would have priority over the owner of the property to the surplus foreclosure funds.
Even In Foreclosure, Equity Belongs To The Homeowner The time period between the last payment and when the default is declared, and foreclosure begins can vary. However, if a homeowner misses several payments, the lender will place the loan in default before starting foreclosure.
When a foreclosure sale results in surplus funds (money over and above what's needed to pay off all the liens on the property), this extra money belongs to you (the homeowner), not the lender.
Right of redemption is a legal process that allows a delinquent mortgage borrower to reclaim their home or other property subject to foreclosure if they are able to repay their obligations in time.
You don't forfeit the equity in your property after banks auction off your home in foreclosure. However, once the home is sold at auction, the adverse effects of foreclosure will chip away at that equity before you are paid the remainder.
In Foreclosure, Equity Remains Yours But in every case, if you have not made a determined number of payments, the lender places your loan in default and can begin foreclosure. If you cannot get new financing or sell the home, the lender can sell the home at auction for whatever price they choose.
In today's market, many homeowners, including those potentially facing foreclosure, have sufficient equity in their homes that a traditional sale could be a better alternative to foreclosure. Servicers can remind homeowners that a traditional sale might be one option to avoid foreclosure.
Foreclosures will stay on your credit report for seven years. 10 However, your foreclosure's negative effect on your credit score and your ability to qualify for credit starts to fade before it falls off your credit report. Depending on your lender, you may qualify for a HELOC a few years after your foreclosure.
