Search Our Online Directory

  • Home
  • Mortgages
  • Home Loans
  • Buying a Home
  • Credit
  • Equity
  • Foreclosure
  • Refinance
Resources
  • Apply for Home Loan
  • Home Loan Calculator
  • Mortgage Companies
  • VA Home Loan
  • Interest Rates
  • Debt Consolidation
Popular Searches
  • Bad Credit
  • Home Maintenance
  • 30 Year Mortgage Rate

Understanding Home Foreclosure

by HomeLoan.com
 Most homeowners will be late with a mortgage payment. However, when they fall four to six months behind their lender may begin foreclosure proceedings.

Most lenders don't want to foreclose, and will try to find solutions to the problem. But if none can be found, foreclosure begins. The lender may file legal requests to end your ownership of the property. When notified by the court, you can pay the amount due or try negotiating with the lender. As a last resort, you can try selling the home yourself, but this option is difficult at best.

You are given a certain amount of time to vacate the home, usually one to eighteen weeks. The property is then repossessed and put up for auction. If any possessions are left behind, the new owner can file an eviction, giving him ownership of anything on the property. Law enforcement will then remove you and anyone else living in the home, if necessary.

However, you do still have some rights in this process. First is the right of notice, meaning the homeowner must receive adequate notice of default and the time and date of the foreclosure sale. Next is the right of reinstatement, giving the homeowner unconditional rights to reinstate the mortgage by paying the late amount before a predetermined deadline.

Another homeowner right is that of redemption, preventing foreclosure by letting the homeowner pay off the mortgage in full before the foreclosure sale. Many states also provide a statutory right of redemption for a period of time after the foreclosure sale. Last is the right to communicate, meaning the homeowner has the right to demand a reinstatement or payoff balance at any time.

If facing foreclosure, please consult an experienced attorney, but remember you are responsible for any legal fees incurred during the process.
Featured Articles
  • How Long Do You Have to Move Out After Foreclosure in Texas?In Texas, you do not have to move out of the property until after the foreclosure sale ...
  • How Long Do Foreclosures Stay on Credit Reports?A foreclosure happens when a borrower can no longer make his mortgage payments and the bank takes ...
  • What Is Foreclosure Mediation?Incidents of foreclosure wreak havoc on the economy--and on the community. Neighborhoods that were once considered ...
  • How Foreclosure & Bankruptcy Affect CreditA foreclosure can lower your credit score by as much as 240 points, and it stays on your credit report ...
  • Dealing With Foreclosure Tips and Strategies?If you are behind on your mortgage payments, or your financial situation is such that you know you are going to fall behind, you may be wondering ...
  • How to Restore Credit After ForeclosureIf you've had the unfortunate experience of having a house foreclosed upon, it may feel like it's the end of ...
  • What Is a Foreclosure House?The "American Dream" of home ownership becomes a major burden when people either overextend themselves, lose their ...
  • How to Fix Your Credit After ForeclosureForeclosure means more than just losing your residence. You also lose significant points on your credit ...
  • How to Get a Foreclosure Off a Credit ReportWhen someone fails to pay their home loan, also known as a mortgage, the lender forecloses on the home ...
  • Foreclosure Laws on Refinanced Homes in CaliforniaThe housing market has been experiencing some tough trials in recent times. The market began ...
Contact Us

Images courtesy of Images_of_Money, trenttsd, RambergMediaImages

Sitemap | Privacy Policy

Copyright © 2023 HomeLoan.com

Inquire about this domain
800-249-7000
Inquire@WebName.com