What is “foreclosure”?
When you purchased your home, chances are you took out a home loan and your lender took a security interest in the property. In the event that you cannot make your mortgage payments, this security interest gives your lender the right to foreclose–auction off your house and keep the proceeds in order to recover its investment. And, if your property cannot be sold for what is owed, a deficiency judgment could be pursued against you. Both a foreclosure and a deficiency judgment could seriously affect your ability to qualify for credit in the future. If you are facing the possibility of foreclosure, you know how frightening this situation can be. But now is not the time to panic. Now is the time to explore your options. But before we do that, take a moment to answer these questions. • Are you unable to make your house payments because of a temporary financial setback? or • Are your mortgage payments too much for you to handle, even in good times? If your situation is temporary, there are
A foreclosure is the process of obtaining a piece of property, usually a home or motor vehicle, to pay off a debt to a bank or financial company. The process of foreclosure takes place with court ordered documents. • The best way to seek professional Foreclosure help is through a qualified legal professional. Submit Your Case for a Free Confidential Consultation with a Local Real Estate Attorney.
Foreclosure is a process that allows a lender to recover the amount owed on a defaulted loan by selling or taking ownership (repossession) of the property securing the loan. The foreclosure process begins when a borrower/owner defaults on loan payments (usually mortgage payments) and the lender files a public default notice, called a Notice of Default or Lis Pendens. The foreclosure process can end one of four ways: • The borrower/owner reinstates the loan by paying off the default amount within a certain grace period determined by state law. This grace period is also known as pre-foreclosure. • The borrower/owner sells the property to a third party during the pre-foreclosure period. The sale allows the borrower/owner to pay off the loan and avoid having a foreclosure on his or her credit history. • A third party buys the property at a public auction at the end of the pre-foreclosure period. • The lender takes ownership of the property, usually with the intent to re-sell it on the open
