Foreclosure happens when a borrower misses to payback several loan payments. Then the lender or the bank can take control over the property for the failing payments. This indicates the ownership of the home gets shifted to the lender from the owner of the house.
Foreclosure Procedure
From the first time you have missed the loan payment to the time of sale of foreclosure homes, there are several steps involved in the process that we will discuss here. Though each state has its ways of implementing the procedure generally, they all follow the same structure.
1. Missed Loan Payments: You are not at risk of foreclosure if your loan payment is delayed only by a few days. You can get a grace period of few days/weeks by your lender without adding any penalty. After the grace period is over you will be charged a penalty amount or a late fees along with a warning from your lender or the bank.
2. Default Notice: You will become a defaulter by not paying the loan amount even after the grace period. After 3 months or 6 months, your lender will issue a Notice of Default with the local recorder’s office in your name. Depending on your state, the notice may also be posted on your front door. This notice could also affect your Credit Report. You still have the chance of stopping the foreclosure of your house by putting up with the payments.
3. Pre-Foreclosure: The duration between the Notice of Default and the sale of the house is the Pre-foreclosure. During this time you have the chance to get a hold of the payment mentioned in the Notice of Default and stop the foreclosure of your house. The exact time depends on your state.
4. Sale Notice: Even after all the time provided, you are not able to payback the loan amount, the lender has the right to issue a notice of sale. Your house then will be put up for auction at the decided time and place. The sale notice is published depending on your state.
5. Eviction: After the whole process of auction and sale of your house you will get some time to collect money and shift to a new place. But if you do not voluntarily move with all your belongings legal enforcement personnel are given the legal authority to remove you with your belongings from the premises.
How to Stop Foreclosure Near Me
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