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.
Nonjudicial Foreclosure
August 5th, 2009
Most homeowners much prefer the process of judicial foreclosure but, in some states, they do not have the choice of choosing one or the other. In California, for example, nonjudicial foreclosure is common and when you buy a home in California, you have to sign a promissory note and a deed of trust. Most people do not know the implication of signing a promissory note or a deed of trust at the time of buying a home. Many think that a deed of trust is just another word for a mortgage. However, legally, a deed of trust is very different from a mortgage.
Consequences of Signing a Deed of Trust
In deed of trust states, such as California, when you buy a home, you usually have to sign a deed of trust. If the borrower defaults on the loan or fails to comply with the terms of the deed of trust agreement, then the deed of trust would authorize the trustee to:
- declare the whole amount of balance of the loan due immediately
- sell the property at a public auction
With a deed of trust, the power is in the hands of the lender, unlike a mortgage where the mortgage lender has to go to court to first to start the foreclosure process.
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Posted in Foreclosure Consequences, Foreclosure Process | 
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Judicial vs Nonjudicial Foreclosure
August 4th, 2009
You might have heard the term Judicial foreclosure and Nonjudicial foreclosure. They are different processes of foreclosure. One is in court and the other is out of court. Some states allow both judicial foreclosure and nonjudicial foreclosure whereas others may allow only one type. Knowing about different types of foreclosure can help homeowners avoid foreclosure.
What is Judicial Foreclosure? (in court)
A Judicial foreclosure usually occurs when your home loan is secured by a mortgage (as opposed to deed of trust). A judicial foreclosure usually takes longer than a nonjudicial foreclosure. A homeowner in judicial foreclosure, therefore, has longer to come up with ways to prevent foreclosure. Since the court is involved in this process, it ensures that homeowners are less likely to be taken advantaged of by mortgage lenders. A judge has to sign off on this type of foreclosure.
What is Nonjudicial Foreclosure? (out of court)
When a home loan is secured by a deed of trust, rather than a mortgage, then the foreclosure process can be achieved without the involvement of the court or a judge. Having a deed of trust is worse than having a mortgage in many cases. A deed of trust authorizes the trustee, usually your lender or a title insurance company, to foreclose on the property in case of a default on payment. The lender can then foreclose on your home without the trouble of having to go to court. This can make foreclosure easier and cheaper for them.
Posted in Foreclosure Laws, Foreclosure Process |
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The Foreclosure Workbook
August 3rd, 2009
Even though we often hear in the news nowadays that the real estate market is improving, the job market is still not much better. People are still unemployed and they cannot afford to keep paying their mortgage payments. Many of them have fallen behind and they are now in foreclosure. While there are many new homebuyers and investors trying to snatch up good deals on foreclosed homes, homeowners in foreclosure are struggling and screaming for help. Who is going to come to their rescue? This book called The Foreclosure Workbook is America's #1 Do-It-Yourself Foreclosure Prevention Resource! While the government is trying to help, help is not coming soon enough and you might just need to find a way out of foreclosure yourself. This book will help you.
Prevent Foreclosure Today
Immediate Prevention. Most homes
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Across the nation, foreclosures are on the rise due to designer mortgages, rising debt ratios, and depressed housing markets.
Most homeowners have no idea where to find basic, credible, and instructional information about the foreclosure process, or what to do when facing the time crunch before an auction.
The Foreclosure Workbook is a revolutionary system that provides an unprecedented approach to foreclosure avoidance, protection, and survival. This workbook presents a proven step-by-step process that guides the homeowner in distress through the hurdles of foreclosure, and presents critical information about state procedures, foreclosure protection legislation, con artists, options, and much more!
This is the one-stop resource that homeowners need - arming them with easy to understand facts and processes for how to maneuver through the onslaught of mail they receive, fight off foreclosure scams, and organize and prepare a plan for saving their home and credit. Carla Douglin is a national speaker, CEO of Dominion Foreclosure Consulting Services, Inc., and founder of Dominion Housing Counseling Services, a nonprofit organization.
Posted in Foreclosure Consequences, Foreclosure Laws, Foreclosure Process, Foreclosure Timeline, Ways to Avoid Foreclosure |
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