The loss of employment, a family or medical emergency, and many other financial hardships can all lead to foreclosure.
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Foreclosure is the legal process by which a mortgagor of real property is deprived of his interest in that property due to failure to comply with the terms and condition of the mortgage. In other words, if you don't pay your mortgage, the lender will take the house away.
The process generally starts after the homeowner misses their second or third payment and takes anywhere from 4 to 12 months to complete. This depends upon the state laws, the lender's internal process, and the mortgage holder's exact situation.
Below is a list of the steps generally involved in a foreclosure. Remember, this is exactly what will happen if you do nothing. We hope that you use the information on this website to prevent this from happening to your home. |
1. home owner misses multiple payments
2. lender informs home owner that the foreclosure process will begin if the payments are not made immediately
3. If home owner does not make the payments, the lender may offer a repayment plan before beginning the foreclosure process. If no repayment plan is offered, the lender will file for a foreclosure in the county court
4. The lender then files a notice of foreclosure in the local news papers to inform others of their intent to foreclose, along with the exact dates and times.
5. The sheriff sale is held by the county sheriff and the home is sold to the highest bidder.
6. The previous owner is evicted from the home. This may be done forcibly by the sheriff if the homeowner does not leave before final day of the eviction notice.
7. Generally the eviction “crew” will move all the belonging of the previous owner into the lawn, street, or driveway. This is done under the supervision of the county sheriff.
8. The locks are changed on the home and the previous owner may be arrested if they attempt to return.
This process varies widely from state to state, so our state laws section has been added to help you determine your exact scenario and timeline.
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