Archive for the ‘Foreclosure Process’ Category
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.
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.
How Long is the Foreclosure Process?
October 20th, 2010
Question: How long does the foreclosure process take?
My house is in foreclosure so I need to know how long the foreclosure process is so I know how much time I have before I have to leave my house. How much time to you have to leave the house, once in foreclosure or default?
Answer: Depending on your location and/or court back log, it could be anywhere from 3 months to a year. You need to leave by the time a final judgment is rendered and a courthouse sale is scheduled. The foreclosure process can be fast for some people but there are a lot of people who have stayed for years even after their homes have gone into foreclosure.
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Should I Contest my Foreclosure?
September 1st, 2009
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.
When does it make sense to contest the foreclosure?
If the foreclosing party obviously fails to follow the law when they try to foreclose on your home, then you might have a case in court. If by them not following the law, you are deprived of your rights, then the court may rule in your favor when you contest the foreclosure in court. By contesting the foreclosure in court, you could get the foreclosure lawsuit dismissed or delayed. That means, you can stay in your home for much longer than you could have otherwise. By being able to stay in your home longer and stalling the foreclosure process, you will save a lot of money and buy yourself time to find another solution.
Examples of reasons a homeowner can use to contest a foreclosure
Attorneys can help you come up with all sorts of reasons why your foreclosure needs to be contested. For example, you may be able to convince the court that the terms of your loan are too unfair. If the judge agrees with you, then he or she may rule in your favor. If a homeowner can show that the lender took advantage of his or her in any way when signing up for the loan, he or she may be able to convince the judge to rule in his or her favor.
If you need a lawyer to help you, then here is a service to help you find just the right lawyer. The service is free and confidential.
Posted in Foreclosure Laws, Foreclosure Process, Ways to Avoid Foreclosure | 
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Deed in Lieu of Foreclosure
August 30th, 2009
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.
What is a deed in lieu of foreclosure?
A deed in lieu of foreclosure is a legal document conveying property to the lender after the borrower defaults on his/her mortgage payment.
What happens when the lender accepts 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. Usually the lender will not do this unless the lender feels like the homeowner has little wealth and it is not worth their time and cost in risking coming after the homeowner. Usually, even if the lender manages to file a deficiency judgement suit against the homeowner and successfully won, the homeowner still cannot pay.
Problems with deed in lieu of foreclosure
A homeowner should not expect all problems to go away when the lender decides to accept the deed in lieu of foreclosure. Deed in lieu of foreclosure process may not resolve all claims against the property. This is why the warranty deed is so popular to protect buyers against future claims against the property.
Posted in Foreclosure Process, Ways to Avoid Foreclosure |
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