I think I will be going into foreclosure here in a few weeks, but I know that in about a month I will have enough money to "catch up" with my mortgage payments. If I "catch up", does my home still keep heading to foreclosure?

Answer: No, absolutely not. If you can make up the house payments that you are behind, along with the extra interest, late fees, and other costs, then you won't go into foreclosure.

The bank sues for foreclosure because you are in default of your agreement to make the mortgage payments. They sue to have the government sell the house out from under you to make good on your commitment to pay the loan or give them the property.

But if you aren't in default any longer, then the bank has no reason to sue you and the home foreclosure process will no longer be in effect. They aren't suffering any damages, and you aren't in breach of the contract if you pay them up to being current and they accept the money.

So, without you being behind on the mortgage, the bank can't sue you to force the sheriff sale of the house to pay back the amounts that you are behind. Of course, that doesn't stop fraudulent mortgage companies from doing exactly that, but that is not the majority of cases.

Home Foreclosure Process is a post from: Prevent Foreclosures

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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How Long is the Foreclosure Process? is a post from: Prevent Foreclosures

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.

Buy Foreclosure Nation: Mortgaging the American Dream

Foreclosure Nation: Mortgaging the American Dream is a post from: Prevent Foreclosures

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 or payments, they sent foreclosure notices. A few months later, if the homeowners could not pay or come up with solutions somehow, the mortgage companies would proceed with the foreclosure auctions. At the auctions, the banks would set opening bids which are roughly the amounts they were owed.

Lenders No Longer Want to Foreclose (most of the time)

When home prices were high and kept rising, there were hopeful buyers looking for homes that they could fix and sell for much higher values. So, the system worked out well for the banks and the buyers or investors. The problem is that now home values are low and many homeowners are upside down, as in they owe more than their homes are worth.

Lenders know that at foreclosure auctions, they cannot set the opening bids as high as they want to in order to payoff the mortgages owed. Homebuyers are looking for real bargains and they are not going to pay as much as the lenders need to recoup all of the money owed on each home. Also, the foreclosure process costs money. The process is risky for the banks as they might end up getting very little money back, or worse yet, end up with the homes that they cannot get rid of or do anything about. Remember, lenders are not landlords and they are not in the real estate business.

Selling Homes at Auctions

Right now, it costs the banks more to proceed with the foreclosure process than what they are going to get back. So, unless your home is in an up and coming neighborhood with real value, then the bank would prefer to work with you to come up with something that works for them and for you. If your home is in a bad condition and homes around you are not selling well then it is likely that you can work something out with the bank. Many banks have shown that they prefer to have the homeowners in the homes and making some payment rather than have them out if the prospect of selling the home is not good. This is why a short sale is attractive to the bank when a homeowner has no way of being able to afford the mortgage payments. By making the bank see that it is better to have you in the home, you can avoid foreclosure or live rent free for a while.

Working with the Mortgage Company is a post from: Prevent Foreclosures

Buy The Homeowner's Guide to Foreclosure

The Homeowner’s Guide to Foreclosure is a post from: Prevent Foreclosures

Bear in mind, though, that the mortgage foreclosure process explained below is a general process. While the mortgage foreclosure process below hold true for most states, there are states that use different foreclosure processes. We will start explaining the mortgage foreclosure process from the time the Foreclosure Notice is filed.

Notice of foreclosure and Notice of Trustee's Sale

Usually about 3-4 months after you missed your mortgage payment and have failed to pay or negotiate with the lender, you will receive the Notice of Foreclosure and the Notice of Trustee's Sale. These notices officially start the mortgage foreclosure process and are mailed to you by certified, return receipt requested, or they can be ‘served’ to you.

Advertising of your foreclosed property

Before your home is sold in a Trustee's Sale, the lender or the firm paid to foreclose is required to advertise the property for a minimum number of days such as 20 days. After your foreclosure is published, you will see many real estate investors driving by to see if they want to buy your foreclosure home.

You will get lots of people interested in buying your home for cheap coming by to see prior to the auction. If you don't want your home sold cheap at a foreclosure auction, you have a choice to do something about it. See I Had to Move from My Home to Avoid Foreclosure. Alternatively, you can get a free foreclosure consultation to find out once and for all what
your options are.

Opportunity to pay off your mortgage

Before the foreclosure home actually go on sale at a foreclosure auction, the lender will give you the last chance to pay back your loan in full. However, this is usually not an option for most people. Not only you have to pay your mortgage balance in full, you will have to pay any additional fees the lender decides to slap on top of what you owe such as interests and penalties, attorney fees and back
payments. The lender may be willing to still negotiate at this point but they are usually past the point where they would accept lower payments.

Trustee's Sale

If you have not come up with all the payments required then the lender will auction off your foreclosed home to the highest bidder at the auction. The price that your foreclosure home is auctioned off will be significantly lower than the market value of the home. This is why you should try to sell your home before it goes to foreclosure. In some states, the lender can even bill you or sue you for the difference between the amount you owe and the amount that was collected at the auction. So, if you think you can walk away from the foreclosure situation free and clear, think again!

The Mortgage Foreclosure Process is a post from: Prevent Foreclosures