What is a home foreclosure?
That’s a legal process where a lender takes possession of collateral, usually a home, after the borrower defaults on payments. Foreclosure Time Lines You can check with your local courthouse to find out the specifics of foreclosure in your state or go to Foreclosure Data by State. One of the most important things is to know the time line of various foreclosure actions. Typically the phone calls can start when the payment is fifteen days late. Then legal actions can begin after payments are ninety days late. Most lenders will file foreclosure papers at this point. You have an additional ninety days to respond. Again, please to be sure to check with an expert, or your local courthouse, to find out about the exact time line in your state. Other State Differences Some states allow a strict foreclosure where the lender can take possession of the home by simply declaring that the homeowner has defaulted on the payments. Most states require a judicial foreclosure where a court process must ta
Home foreclosure is when your home loan goes into default and your creditor takes back your home in hopes of gaining back some of the funds that they loaned you. There are actually companies that will work with you for free to buy your mortgage away from your mortgage company and avoid your foreclosure. I would advise looking into this first. Try http://www.speedyrealestate.info. Good luck!
