Posts Tagged ‘foreclosure’

PostHeaderIcon Be Careful with Foreclosure

images (11)Foreclosure, maybe for some people, is a nightmare. It is because those people think that foreclosure means they have no future. Foreclosure will take everything in their life, especially the home. Perhaps, if they are luck, things that lost are just their sofa or their television. Besides, some people think that they don’t care about foreclosure. One gone, the other ones will come, they think.

Reasons

There are many reasons why people facing foreclosure. The most perhaps thing is they forget to pay the month bill; or they don’t pay the month bill expressly. And some reasons are perhaps they have too much loans that can’t they pay. So, the agencies must do their job.

Be Careful!

It is right that you must be careful with the foreclosure. But don’t have too much worry. Actually, to avoid from foreclosure is easy. Just pay the month bill in time. Always check the date, and never late to pay it. Then, never let yourself have too much loans. The agencies will seizures yours if you don’t pay it in time. So, if you have loans, as soon as possible, you must pay it in time. You don’t want your family look sad because of Foreclosure, don’t you?

PostHeaderIcon Timeline For Foreclosure – All 50 States

wpThe #1 thing that most real estate investors and homeowners facing foreclosure want to know is: “what is the timeline for foreclosure?” In other words: “how long does it take?” The answer is that the mortgage foreclosure process and timeline varies from state to state. This article provides the information and resources that you will need to find out the foreclosure laws, procedures and timelines for all 50 states.

As mentioned, each state will typically have a different set of rules and a different timeline for foreclosure.

  • 20 states utilize only “Judicial” Foreclosures.
  • 5 states and the District of Columbia utilize only “Non-Judicial” Foreclosures.
  • 25 states utilize both Judicial and Non-Judicial Foreclosures.##

## Of the 25 states utilizing both types of foreclosure, Non-Judicial Foreclosures are more common. In fact, Non-Judicial Foreclosure is the most commonly used form of foreclosure nationally. Read the rest of this entry »

PostHeaderIcon Everything You Need to Know About Foreclosure

wpThere myths that surround the foreclosure. These falsities may create panic in a homeowners mind. Therefore it is required that the person must know the truth of this foreclosure. Before discussing the common myths about foreclosure it is required that the person must be first sure on the actual meaning of foreclosure. Foreclosure is referred to as the legal proceeding in which the mortgage (lender) obtains the courts order in which the mortgagor (borrower) right of redemption of the mortgage property is terminated. This means that even if the borrower is ready to pay back the complete loan amount to the lender along with the interest, the mortgaged property will not be returned back to the borrower. The concept of foreclosure is not as simple as it appears and it involves many complications. Due to these complications there are many myths that are prevalent in the society which might create fear and at the same time it affects the person (either the borrower or the lender) in an adverse manner.

Some of the most common myths surrounding the foreclosure are as follows:

 

  • Myth: Does the bank foreclosure on my house as soon as the debt period expires.
  • Truth: No bank or any lender would want to go through the process of foreclosure. The lender always wants his money back along with the interest charged on the loan. Also the process of foreclosure is very lengthy and it might costs extra to the lender. The value of the property may not be equaled to the loan amount and most times is quite less. This means that with the process of foreclosure the lender is bound to lose a huge amount of money. Therefore the option of foreclosure is the last option and often times taken only when all other procedures for the recovery of the loan have failed or the borrower has declared bankruptcy. Read the rest of this entry »

PostHeaderIcon What Homeowners Need to Know When Facing Foreclosure

wpUnderstanding the Foreclosure Process

What Is Foreclosure?

Foreclosure is the process that allows a lender to recover the amount owed on a defaulted loan by selling or taking ownership (repossession) of the property securing the loan. The foreclosure process begins when a lender files the appropriate documents with the appropriate officials (see below for more details).

Colorado Foreclosure Laws

Colorado foreclosures occur through both in-court (judicial) and out-of-court (non-judicial) proceedings.

The judicial process is used when no power of sale is present in the mortgage or deed of trust. The process begins when the mortgage lender files suit with the court system. The borrower then receives a letter from the court demanding payment. Typically, you’ll be given 30 days to respond with payment or a written response to the bank’s attorney and parties involved. If you do not respond within the time limit given, a judgment will be entered and the lender can request sale of the property by auction. If you file a written answer with the court, there is a hearing and the process takes longer and can even be forestalled. If a judgment is entered, then an auction date will be set, usually several months in the future. Once the property is sold, you’re served with an eviction notice by the sheriff’s office, and you must vacate the home immediately. Read the rest of this entry »

PostHeaderIcon Is Foreclosure a Reality? Learn About Your Options As a Homeowner


wpIf you are in potential danger of having your home repossessed by your lender through foreclosure, then you are not alone.

Before we get there, we should get on the same page as far as defining the term “foreclosure”. The basic definition is the failure of the homeowner/borrower from fulling the payment obligation to the lender. By defaulting on the loan terms, it allows the lender to declare the terms of the contract breached, and provides an avenue for the lender to acquire the home that served as security for the money borrowed to purchase the home originally. In simpler terms, the lender will try to recoup their loss from the loan default by taking ownership of the home or property. Foreclosure itself is the process by which lenders can acquire property from the original owner.Foreclosure sale is the conclusion of the foreclosure process, and when the property ownership has officially transferred from original owner to new (lender).

Now that we’ve defined the term, we can move onto the options for homeowners facing the foreclosure process. The options boil down to whether: 1) You want to sell your home, or 2) You want to keep your home.

1. You want to sell your home

Selling your home is a viable option should your only other available solution is foreclosure. If you find yourself in the enviable position of having equity in your home, then this information is NOT for you. These are options for homeowners who are not only facing financial hardship, but also underwater on the value of their home. Read the rest of this entry »