Understanding How Foreclosures Work
A procedure by which the holder of a mortgage—an interest in land providing security for the performance of a duty or the payment of a debt—sells the property upon the failure of the debtor to pay the mortgage debt and, thereby, terminates his or her rights in the property. A tenant may find out that their rental home is being foreclosed when an appraiser comes by the residence to appraise the property in preparation of a sale. If you and the lender have not worked out a plan to avoid foreclosure, the lender can record a Notice of Default in the county where your home is located, at least 30 days after contacting you for the foreclosure avoidance assessment. This auction is either held on the steps of the county courthouse or in the trustee’s office.
At least 21days after the date when the Notice of Sale is recorded the property can be sold at a public auction. If the lender is convinced that the proposed sales price reflects the true value of the property and that the value is unlikely to rapidly appreciate, then the lender may be willing to take the money and release the mortgage rather than proceed to foreclosure. The website also provides tips and valuable up-to-date information on buying foreclosed homes and the real estate industry in general.
In many states, the homeowner has the right to redemption” (he can come up with the outstanding cash and stop the foreclosure process) up to the moment the home is sold at the auction. With foreclosures, a 3,500-square-foot house with a pool in a gated community might sell within days or hours, whereas more modest homes might sit on the market for weeks. In most states, a homeowner must fall 90 days behind on their mortgage before the mortgage lender can legally initiate the foreclosure process.
Out of the three advertisements listed on your website, we are pleased to inform you that we have received good response from the public and we have received numerous calls regarding the auction and details of the properties. The land title search will disclose any foreclosure actions being sought in court. Participating servicers will be eligible for an incentive of $500 and can make reimbursable payments up to $1000 to extinguish other liens, Borrowers are eligible for a payment of $1500 in relocation expenses in order to effectuate short sales and deeds-in-lieu of foreclosure.
Such services include, but are not limited to, notice of default/acceleration, title review/curative resolution and litigation, non-judicial foreclosure sale of residential or commercial property, reverse mortgage foreclosures, timeshare foreclosures, deed preparation, evictions, as well as a full suite of loss mitigation services, including loan modifications, deeds in lieu of foreclosure and short sale contract negotiation.