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Foreclosure News |
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1. What is foreclosure?The legal process that a bank or mortgage company uses to force the sale of your home to repay a debt; usually the mortgage on your home. Even if one payment is missed the lending institution can take the property back and then sell it to repay the money owed them. Typically, a foreclosure notice is filed after three or four payments are missed. 2. What is the foreclosure process and how long does it take?Each state governs the foreclosure process differently. As a minimum, the law requires that the borrower receive sufficient warning or notice before the foreclosure can take place. Other rights and responsibilities may be outlined in the mortgage or loan documents you signed when you purchased the home. Each States process varies but usually takes 3-12 months from the time the first document is filed in the Superior Court. 3. What happens when the bank forecloses?While the actual process may vary from state to state, the Trustee/Lien holder announces the sale, informs the public who the lending institution is, who the borrower(s) is (are), the amount of overdue debt, and your total indebtedness. Then the trustee/lien holder opens the bidding, Either someone purchases the property or it reverts back to the lending institution. Once the property is sold or reverts back to the lender, the eviction process begins! 4. They sold my house for more than I owe, do I get any money?Yes! Any amount over the total debt owed will be paid to you upon the transfer of ownership (closing). However, if they sell it for less, the balance is called a deficiency and your bank can use whatever means they deem necessary to collect the outstanding balance. Most states treat this as an unsecured debt (just like credit card debt) and give the bank (or creditor) the same legal rights to pursue you, usually by suing you in court. 5. Who can bid on my home at the auction?Anyone, including yourself can bid at the auction. However, some states require a cashier’s check in the amount of the purchase price or bid, some states require a deposit and the ability to fund within a specified period of time as required under the terms of the contract. 6. What happens if no one bids on my property?The bank simply takes title to your property then possession via eviction if necessary, and then hires a real estate agent to sell the property. 7. How many people actually lose their home to foreclosure?About 3% to 6% are unable to save their homes! Most people either refinance or file a chapter 13 bankruptcy. About 18-20% are able to reinstate their their existing mortgage. 8. What is the redemption period for buying my house back?This varies by state. Many do not have a redemption periods. Some states have a redemption period of 10 days after the sheriff's sale. This means the homeowner has 10 days to pay off the debt in full in order to save their home. 9. What's the difference between a foreclosure and a sheriff's sale?Foreclosure sales are auctions held by the mortgage holder while a sheriff's sale is held by a lien holder or attaching creditor. The end result is the same. 10. Where does USBANKFORECLOSURES get its information from? Our information comes
directly from our experience in the real transactions we have performed throughout our
years in business. We do not solicit real estate
agents, brokers or Realtors for property foreclosure information.
Our foreclosure purchases have come from many years of dealing with sources
that include: banks, mortgage companies, insurance
companies, credit unions, savings & loans, auction companies, asset
management groups, consumer finance organizations, IRS, FDIC, SBA, GSA,
HUD, VA, Fannie Mae, Freddie Mac and various housing authorities.
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