The Foreclosure Process

The foreclosure process differs from state to state. Details of the foreclosure process also differ based on who the mortgage lender is if it is a mortgage foreclosure. For property tax foreclosures, the foreclosure process varies based on the city, county or state that is foreclosing.

In general the foreclosure process officially starts when the homeowner in default receives the Notice of Foreclosure from the lender. See Mortgage Foreclosure Process for details of what happens during foreclosure.

Foreclosure process

Bear in mind that a week before the actual auction date of your foreclosure property, you still have a chance to stop foreclosure. During the whole foreclosure process, there are many things you can do to delay the foreclosure process. You can either do it yourself by calling your bank or you can have a professional do it on your behalf. See What to do about Bank Foreclosure Delays for more options to delay the foreclosure process.

Lastly, if you are in a position where you owe the bank more than your home is worth, then your mortgage is called an upside down mortgage. In this case, even if you sell your home, you still owe the bank. The best solution for a homeowner with an upside down mortgage is to do a short sale. If you don't know what a short sale is, you should start by visiting What is the Definition of Short Sale Foreclosure. Real estate short sale is a very unique way to help homeowners get out of the obligation of having to owe the bank even though the home is sold or auctioned off. It also saves the homeowner's credit from being trashed by the foreclosure process.

Should I Contest my Foreclosure?

September 1st, 2009 by admin

There are times when it makes sense to contest a foreclosure but not every time. However, if you have a case to contest your foreclosure in court, then you might buy yourself some time to stay in your home longer while you figure out what to do next. You must contest a foreclosure in court. There are many reasons why someone will and can contest a foreclosure even if that person defaults on the loan and fails to keep up with mortgage payments.

Read the rest »

TagsTags: buy time foreclosure, can i contest foreclosure, contest, contest foreclosure, contest foreclosure in court, contested foreclosure, contesting foreclosure, delay foreclosure, delay foreclosure process, halt foreclosure process, how to contest foreclosure, lender breaking law, lender breaking low when foreclosing, lender deprive my rights, reasons to contest a foreclosure, screw lender, should i contest my foreclosure, stall foreclosure process, stay in home longer, stop foreclosure process, sue lender, sue lender foreclosing, sue lender foreclosure, take lender to court to contest foreclosure, what arguments to use to contest foreclosure, when to contest foreclosure, why contest foreclosure

Posted in Foreclosure Laws, Foreclosure Process, Ways to Avoid Foreclosure   Add a comment

Deed in Lieu of Foreclosure

August 30th, 2009 by admin

If a homeowner cannot pay the mortgage payments and is in default, he or she may not have to go through the foreclosure process if the lender accepts a transfer of title of the property or deed in lieu of foreclosure. When the lender accepts deed in lieu of foreclosure, the right to the deficiency judgement is waived. The lender takes possession of the property and, by doing so, avoids the cost of foreclosure, eviction, auction sale, etc. When this happens, the lender will not come after the homeowner for the difference between the amount owed and the proceed from the sale of the property.

Read the rest »

TagsTags: agreement with lender deed in lieu of foreclosure, avoid foreclosure with deed in lieu of foreclosure, deed in lieu of foreclosure, deed in lieu of foreclosure and deficiency judgement, deed in lieu of foreclosure free from claims, deed in lieu of foreclosure judgement suit, deed in lieu of foreclosure lawsuit, deficiency judgement, get out of foreclosure with deed in lieu of foreclosure, how can lender accept deed in lieu of foreclosure, how does deed in lieu of foreclosure work, how is deed in lieu of foreclosure done, judgement deed in lieu of foreclosure, judgement suit, lender and deed in lieu of foreclosure, lenders accepting deed in lieu of foreclosure, prevent foreclosure with deed in lieu of foreclosure, problems with deed in lieu of foreclosure, sell property deed in lieu of foreclosure, starting a deed in lieu of foreclosure, stop foreclosure with deed in lieu of foreclosure, what is deed in lieu of foreclosure, will lender accept deed in lieu of foreclosure

Posted in Foreclosure Process, Ways to Avoid Foreclosure   Add a comment

Foreclosure Complaint

August 26th, 2009 by admin

In Judicial foreclosure, you may have heard of the foreclosure complaint. Let’s define what a foreclosure complaint is and then we will discuss what a homeowner can do to answer a foreclosure complaint, how to answer a foreclosure complaint, and what happens if you do not respond to a foreclosure complaint. A Foreclosure Complaint is usually a document several pages long that is filed with the court in the county where the property to be foreclosed on is located. The document alleges that the borrower willingly signed a mortgage and a promissory note that is now in default.

Read the rest »

TagsTags: admitting foreclosure, admitting to foreclosure complaint, answer to complaint in foreclosure, answer to foreclosure complaint, attorney referral service, complaint for mortgage foreclosure, defendants foreclosure complaint, fight foreclosure, fight foreclosure complaint, file foreclosure complaint, file foreclosure complaint with the court, file lawsuit foreclosure, filing foreclosure complaint, foreclosure complaint, foreclosure complaint and summons, foreclosure complaint answer, foreclosure complaint attorney, foreclosure complaint documents, foreclosure complaint terms, foreclosure complaints, foreclosure lawsuit, foreclosure summons, free sample answer to foreclosure complaint, how to answer a foreclosure complaint, lawsuit foreclosure complaint, legal aid office, plaintiff foreclosure complaint, plaintiffs in foreclosure complaint, receiving foreclosure complaint, replying to foreclosure complaint, reponding to foreclosure complaint, sample foreclosure complaint answer, sue foreclosure, take money foreclosure complaint, take property foreclosure complaint, wage garnishment foreclosure complaint, what happens if you do not respond to a foreclosure complaint

Posted in Foreclosure Laws, Foreclosure Process, Foreclosure Questions   Add a comment

Foreclosure Nation: Mortgaging the American Dream

August 25th, 2009 by admin

Foreclosure Nation: Mortgaging the American Dream is an informative book that is very detailed. If you want a better understanding of the current foreclosure crisis, this is definitely a book to consider. If you want help understanding how the mortgage and foreclosure processes work in general, this is also a great book. Olefson has laid it all out in the most understandable format.

Read the rest »

TagsTags: afford mortgage, american dream, american economy, american foreclosure, average person foreclosure, best fees, best foreclosure book, book explaining problems of foreclosure, book on foreclosure, book on foreclosure crisis, choosing a mortgage professional, credit crunch, credit crunch and foreclosure, current foreclosure crisis, current mortgage crisis, detailed book on foreclosure, evidence of foreclosure, financial problems, foreclosed, Foreclosure, foreclosure crisis, foreclosure nation, foreclosure nation mortgaging the american dream, foreclosure problems, Foreclosure Process, foreclosure processes, foreclosure service, foreclosure solutions, Foreclosures, governments help foreclosure, how to stop foreclosure, interest rates, learning about foreclosure, legal problems, lots of foreclosure info, mortgage process, Mortgaging, motivating, Nation, nation of foreclosures, too many foreclosures, understanding how the mortgage and foreclosure processes work, valuable resource for foreclosure, wall street roles foreclosure, world foreclosure crisis

Posted in Foreclosure Consequences, Foreclosure Laws, Foreclosure Process, Mortgage Problems   Add a comment

Working with the Mortgage Company

August 18th, 2009 by admin

When Lenders Wanted to Foreclose
In the past, when home values were high, lenders would not think twice about foreclosing on homes that were in default. When homeowners could not afford the monthly mortgage payments, the lenders would soon send notices to remind the homeowners to pay up. When they still did not get any responses [...]

Read the rest »

TagsTags: banks do not want to foreclose, banks want to foreclose, foreclosed homes, Foreclosure Process, homes in bad condition, lenders do not want foreclosure, lenders do not want to foreclose, live rent free, make bank see, mortgage company, mortgage lender, mortgage lenders, stop bank from foreclosing, Ways to Avoid Foreclosure, working with banks, working with mortgage company

Posted in Foreclosure Consequences, Foreclosure Laws, Foreclosure Process, Help to Avoid Foreclosure, Real Estate Short Sales, Upside Down Mortgage Options, Upside Down Mortgages, Walk Away from an Upside Down Mortgage, Ways to Avoid Foreclosure   Add a comment
« Previous Entries