Real Estate Questions and Answers - 2
Here’s part 2 of real estate questions I haven’t had time to address yet, but the search engines provide this site as a result for them.
In the last week questions about real estate offerings in Salt Lake and Utah. The best resource for finding a house for sale is to search the consumer version of the MLS. So, for these questions:
salt lake city lofts for sale
salt lake city gateway condos for sale
The answer is utahrealestate.com.
One question that stood out to me was: can banks attach your paycheck if foreclosure is imminent? The answer is no. A garnishment can only be enforced with a court order. If the foreclosure goes through, then you may face garnishment. But it won’t happen before then.
Also on the foreclosure topic was this
question: will a stopped foreclosure be on a credit report? Again, the answer is no. But the derogatory credit that led to the foreclosure will. 30, 60, 90 and even 120 day lates will turn up. These bad marks will affect your score for a while, but if you pay your mortgage on time, their ability to hamper a refinance will decrease.
If a secondary residence is in foreclosure what happens to the primary residence? If the foreclosure goes through to a sheriff’s sale and the bank doesn’t recapture the balance due, they can seek a deficiency judgment. If you have other assets like a primary residence, you bet the lender will try and recover their loss.
The final question this week came from someone seeking a 50 year FHA loan. Sorry, there isn’t one. FHA fixed term loans only come in 30, 25, 20 and 15 year lengths.
That’s it for this week’s real estate questions and answers.