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 shows a shift of home ownership from the owner to the lender. <\/p>\n\n\n\n
From the first time you have missed the loan payment to the time of sale of foreclosure<\/a> 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.<\/p>\n\n\n\n 1.<\/strong> Missed Loan Payments:<\/strong> A few days delay in the payment won’t result in foreclosure. You can get a grace period of few days\/weeks by your lender without adding any penalty. The lender will charge you a penalty or a late fee along with a warning after the grace period is over. <\/p>\n\n\n\n 2. Default Notice: <\/strong>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<\/a> 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<\/a>. You still have the chance of stopping the foreclosure of your house by putting up with the payments. <\/p>\n\n\n\n 3. Pre-Foreclosure: <\/strong>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.<\/p>\n\n\n\n 4. Sale Notice:<\/strong> 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. The sale notice reflects the time and place for the auction of your house. The sale notice is published depending on your state. <\/p>\n\n\n\n 5. Eviction: <\/strong>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. The legal enforcement personnel have the legal authority to remove you with your belongings from the premises if you do not voluntarily move with all your belongings.<\/p>\n\n\n\n With thousands of property listings, Houzeo.com is one of the biggest property listing sites in the US. Find condos, townhouses, co-ops, and other types of homes for sale<\/a> on Houzeo.<\/p>\n\n\n\tFind Your New Home With Houzeo<\/strong><\/h2>\n\n\n\n