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FORECLOSURE PROCESS
If circumstances have placed you in the position where you do not have the ability to repay you mortgage lender timely payments and you are seeking information about the foreclosure process contact ApartmentStores Moving and Relocation and access the extensive resources available. The foreclosure process usually consists of four steps. The earlier the lender acknowledges the problem and moves to resolve it, the greater chance that the home can be saved.
There are four phases in the realm of the foreclosure process. They are delinquency, default (pre foreclosure), Trustees’ sale and REO (real estate owned). The time frame for the foreclosure process varies from state to state and it is extremely important that you are familiar with your particular state’s policies. The range varies from around 45 days to just under 15 months in some states.
Delinquency-occurs when there is a failure to make mortgage payments when due. The majority of mortgage payments are due on the first day of the month and offer a grace period of up to fifteen days. Payment in this time frame usually results in no charged "late fee", however in most case on the sixteenth day the payment is considered to be late and the loan delinquent. While payment in the fifteen day window usually doesn’t get reported to the credit bureaus, a loan payment more than 30 days late, is reported to one or more credit bureaus.
Default-is the failure to perform a legal duty. For example, a default on a mortgage or car loan happens when you fail to make the loan payments on time, fail to maintain adequate insurance or violate some other provision of the agreement. Default is the second step in the foreclosure process and if the homeowner is considering making an attempt to save his home, some type of action must be taken now.
Notice of default-This is a formal legal document often presented to the homeowner by an official of the court. It outlines the details involved in the default by the borrower and outlines the procedure and time line that will be followed in the lender taking possession of the property that the mortgage was written on. While it is still possible to save the home at this point, it probably will not be with the present lender.
Pre foreclosure- The legal process by which an owner's right to a property is terminated is most always due to default. Default typically involves a forced sale of the property at public sale or auction, where the earnings are applied directly to the mortgage debt.
Trustee's Sale -An auction, usually conducted on the steps of the county courthouse, where a trustee may sell a property that has defaulted in effort to pay the outstanding debt that is owed. Foreclosure sales begin with a minimum bid that includes the loan balance, any accrued interest, plus attorney's fees and any costs association with the foreclosure process. In order to bid at a foreclosure auction, you must have a cashier's check in your hand for the full amount of your bid. If you are the successful bidder, you receive the property in "as is" condition, which may include someone still living in the property. There may also be other liens against the property.
REO vs. Foreclosure- An REO (Real Estate Owned) is a property that goes back to the mortgage company after an unsuccessful foreclosure auction. The fact is that most foreclosure auctions do not even result in bids because the present value of the home is less than the mortgage owed. After all, if there was enough equity in the property to satisfy the loan, the owner would have probably sold the property and paid off the bank.
While the foreclosure process seems overwhelming and even frightening to many homeowners, assistance is available. ApartmentStores Moving and Relocation has information that will assist you in understanding the foreclosure process and allow you to make the decisions that are best for you.
Foreclosure is commonly misspelled as Forclosure.
