http://www.noknowshouses.com A foreclosure occurs when a property owner cannot make principal and/or interest payments on his/her loan, typically leading to the property being seized and sold. Learn how to stop Philadelphia foreclosure fast.
The foreclosure process is not very difficult to understand. There are several stages during which the homeowner has an opportunity to bring the loan current and avoid foreclosure.
After about three to six months of missed payments, the lender orders a trustee to record a Notice of Default (NOD). At the County Recorder’s Office. This puts the borrower on notice that he or she is facing foreclosure and starts a reinstatement period that typically runs until five days before the home is auctioned off. PA foreclosure prevention call 267-908-3860
If the default isn’t corrected (the loan must be brought current) within three months, a foreclosure sale date is established. The homeowner will receive a Notice of Sale, and this notice will also be posted on the property. In addition, the Notice of Sale is recorded at the County Recorder’s Office in the county where the property is located. Finally, this Notice of Sale is also published in newspapers local to the county in question over a three-week period.
The foreclosure Trustee Sale typically occurs on the steps of the county courthouse in which the property is located. The time and location of this sale are designated in the Notice of Sale. At the Trustee Sale, the property is auctioned in public to the highest bidder, who must pay the high bid price in cash, typically with a deposit up front and the remainder within 24 hours. The winner of the auction will then receive the trustee’s deed to the property. Sop foreclosure Philadelphia, call us at 267-908-3860
At auction, an opening bid on the property is set by the foreclosing lender. This opening bid is usually equal to the outstanding loan balance, interest accrued, and any additional fees and attorney fees associated with the Trustee Sale. If there are no bids higher than the opening bid, the property will be purchased by the attorney conducting the sale, for the lender.
If this occurs, and the opening bid is not met, the property is deemed a REO or Real Estate Owned. This typically occurs because many of the properties up for sale at foreclosure auctions are worth less than the total amount owed to the bank or lender. Stop 19148 foreclosure.
When you purchase property at a foreclosure sale, all junior liens other than property taxes are wiped out. Priority of liens is determined by the date of recording. When you purchase a REO aka. Bank REO, you will typically receive the property with a clean title.
If you are in foreclosure, facing foreclosure, or just falling behind on mortgage payments, it's crucial that you understand the foreclosure process -- its procedures, your defenses, ways to avoid foreclosure, and consequences after foreclosure. Call us at 267-908-3860 to stop Philadelphia Foreclosure.
Start here to learn the basics -- what foreclosure is how it generally works, and what your options are for avoiding foreclosure. You will also find links to other topics that are crucial to understanding foreclosure, such as the timeline of the foreclosure process, deficiency judgments after foreclosure, and more. Stop foreclosure 19148.
If you are struggling to make your mortgage payments or already facing foreclosure, your need to decide if you want to stay in your home or if it’s better to lose it through foreclosure. Some homeowners use every last dollar and ounce of energy to keep their home, only to lose it anyway. Others may give up their home, when in fact, they had some viable long-term options for keeping it.
Learn how to assess your current situation, long-term goals, and realistic options so you can decide if you should try to avoid foreclosure or instead walk away from your home.
If you have decided that you’ll ultimately have to give up your house because your mortgage payments are no longer affordable (if they ever were), the first step toward benefiting from your foreclosure is to stop making your mortgage payments. Open up a savings account in which to deposit as much as possible of the extra money you now have. Stop Philadelphia PA foreclosure.
Depending on where you live, and your lender’s policy regarding foreclosures, you likely will be able to miss your payments for at least three months (very possibly as many as five months) before your lender starts formal foreclosure proceedings. In all but a couple of states you’ll know when the lender takes this step because you’ll get a notice in the mail. If you get help from a HUD-approved housing counselor and try to work something out with your lender you might gain an extra month or two before the lender gives up on you and starts foreclosure proceedings. • Stop Foreclosure Philadelphia | 267-908-38...
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