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Do You Understand Foreclosure?
October 21st, 2006 categories: Foreclosure, Real Estate, Real Estate Tips, Seller
Foreclosures are very straight forward and require the homeowner to maintain a high level of fortitude in order to get through the process.
It’s not something anyone chooses to go through and scam artists come out of the wood work when they think Foreclosure is a possibility. The homeowner has usually gone through an onslaught of creditor phone calls and is angry about losing their home as well as stressed to the max.
Foreclosure is a three tiered process and typically takes under four months unless there are extenuating circumstances where the Lender may allow for more time.
- Notice of Default is Recorded
- Notice of Trustee Sale is Recorded
- Trustee Sale
Once the Notice of Default is recorded at the County where the property is located, the scam artists come out swinging. The Notice of Default is when the Lender notifies the homeowner that they are in default of their payments and directs the Trustee to begin the Foreclosure process.
Additional fees and penalties are assessed on the property. If the homeowner cannot pay these fees and back payments, then the Trustee after 3 months, since the recording of the Notice of Default will schedule the Trustee Sale of the property where the Notice of Trustee Sale is recorded.
The property is sold to the highest bidder at the Trustee Sale (on the Court House steps) and if it does not sell than the property is returned to the Lender where it is owned by the bank and sold (many times through a Realtor).
Be sure to check out my article on Short Sales which is the first step toward Foreclosure. I can’t stess enough how important it is to get help in the beginning, don’t wait till all of the attorney fees and penalty fees climb higher and higher.
The longer you wait, the worse it is. Do you have any questions about Foreclosures?
For further reading on Foreclosures.
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[...] I have blogged, about Foreclosures, Short Sales , the process and the dangers as well as the Fraud, where you can read the in’s and out’s of Foreclosure. [...]
[...] Do You Understand Foreclosure? [...]