Posts Tagged ‘process of foreclosure’
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.
Facing Foreclosure Alone is always tough. You've got to stay in the loop! So in case you're new here, you may want to subscribe to the Prevent Foreclosures RSS feed. It will keep you up to date with the latest resources and tactics on how to prevent your foreclosure from happening.
Posted in Foreclosure Laws, Foreclosure Process | 
Tags: court order for foreclosure, deed of trust, deed of trust foreclosure, default, default on payments, different processes of foreclosure, different types of foreclosure, difficult for lenders to foreclose, difficult to foreclose, easy foreclosure, easy to foreclose, Foreclosure Laws, foreclosure requirements, going to court for foreclosure, how to foreclose, in court foreclosure, judge, judge and foreclosure, judicial, judicial foreclosure, judicial vs nonjudicial foreclosure, long time to foreclose, Mortgage, Mortgage Foreclosure, nonjudicial, nonjudicial foreclosure, out of court foreclosure, process of foreclosure, processes of foreclosure, rules to follow for foreclosure, state foreclosure, state laws foreclosure, time for foreclosure, time it take for bank to foreclose, time take to foreclose, types of foreclosure | 
No Comments »
The Homeowner’s Guide to Foreclosure
July 26th, 2009
Sometimes, foreclosure is unavoidable. Things happen to make homeowners fall behind on their mortgage payments such as the falling of home values, the credit crunch, loss of jobs or medical expenses. Unexpected things can happen and sometimes it is beyond the homeowner's control. However, when a homeowners cannot afford to pay his or her mortgage payments, it is a sure thing that the bank will soon start the foreclosure process. This book called The Homeowner's Guide to Foreclosure will give the homeowners in foreclosure or about to be in foreclosure a chance to save their homes. The book will explain everything from the foreclosure process to what to do when there is a chance that you can be foreclosed on.
Foreclosure is the last thing that anyone wants to think about. However, for a growing number of homeowners, it's something that is looming over them if not already on their doorstep. The Homeowner's Guide to Foreclosure provides answers to all your questions as well as step-by-step guidance on what you can do. If you, a friend, or a relative needs to avoid, delay, or stop a foreclosure, remember that the homeowner can take charge.
About the Author
James I. Wiedemer is a licensed real estate agent and has been a practicing attorney in Houston, Texas since 1979. Wiedemer’s experience in Houston’s active market includes buying foreclosures, conducting foreclosures, and stopping foreclosures. The first edition of this title was widely praised for its in-depth coverage of procedures. As a long time Real Estate educator, he is a member of both the Real Estate Educators Association (R.E.E.A.) and the Texas Real Estate Teachers Association (T.R.E.T.A.).
Posted in Foreclosure Consequences, Foreclosure Laws, Foreclosure Process, Foreclosure Timeline, Help to Avoid Foreclosure, Ways to Avoid Foreclosure |
Tags: afford to pay, attorney, credit crunch, delay foreclosure, fall behind, foreclose, foreclose on homes, foreclosing, Foreclosure, foreclosure books, foreclosure guide, foreclosure guide to learn, Foreclosure Process, foreclosure unavoidable, good books on foreclosure, good guides on foreclosure, Guide, guide to foreclosure, homeowner can take charge, Homeowner's, homeowners preventing foreclosure, how can homeowners win foreclosure, How to Avoid Foreclosure, learn about foreclosure, licensed real estate agent, looming foreclosure, loss of jobs, lots of foreclosures, medical expenses, mortgage payments, need to avoid, practicing attorney, prevent foreclosure, process of foreclosure, real estate agent, step by step guidance on foreclosure, step by step guide on foreclosure, step foreclosure, stop a foreclosure, stop bank from foreclosing, stop foreclosures, stopping foreclosure, taking charge, the homeowners guide to foreclosure, think about foreclosure, unavoidable, Ways to Avoid Foreclosure, what happens foreclosure, what to do, what to do about foreclosure, what you can do foreclosure |
No Comments »
The Mortgage Foreclosure Process
July 14th, 2009
The most common questions about foreclosure is about the actual mortgage foreclosure process. Most people have a mortgage or even mortgages when they are in foreclosure. Knowing what the mortgage foreclosure process is will give help you avoid or stop foreclosure.
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!