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What is the foreclosure process?
The foreclosure process is a legal process where the rights to your property are taken away from you, the owner, in order to sell the property. The sale of the property is used to repay any debt, liens against the property, or unpaid mortgages on the property.
Unfortunately, the company lending the money may sell the property to gain the money that is owed to them even if only one payment was missed. The owner will usually receive a foreclosure notice following about three to four missed payments.
Roughly how long will the foreclosure process take?
The length of time the foreclosure process takes differs from state to state, because each state governs this process differently and has different laws. You will want to contact a lawyer in your area to find out exactly how long the process will take and to find out about your rights. There are laws stating that the owner of the property must be sufficiently warned before the process may begin. You will be notified by mail once a Notice of Default has been filed with the County Records office in the county in which the property is located.
The type of loan on the property also dictates how long the foreclosure process will take. Different loans have different guidelines, rules, and regulations. Depending on the type of loan you have, the process may take longer.
Is there a way I can avoid foreclosure?
You have a few options to avoid foreclosure on your property. You have options as long as you own your property. However, you lose these options once your property is sold. It is important to discuss your options with an experienced foreclosure defense attorney prior to your property being sold.
Your options include:
Can I walk away from the property and not bother with selling or keeping it?
You may face severe consequences if your walk away from your property. There is a legal process to help you forfeit the property. Please speak with an experienced attorney before walking away from your property so you avoid facing these consequences.
What happens when the bank forecloses on my property?
The foreclosure process varies from state to state. Usually, a trustee is appointed to the property and this person announces the auction of your property. The public is informed of the auction and may bid on the property. The announcement of the auction includes:
Someone at the auction will buy the property or the property goes back to the lending institution. When either of these happens, the process of evicting you will begin.
Do I get any money if my property is sold for more than I owe?
The short answer is yes. If the property is sold for more money than you owe on it, the amount that is over your total debt amount will be given to you after the closing of the property.
What happens if my property is not sold at auction?
The bank gets possession of the property if it is not sold at auction. The bank will take possession through eviction if they deem it necessary. After the bank has possession of the property, a real estate agent will be hired to handle the sale of the property.
Who can I contact about my possible foreclosure?
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