Stop Foreclosure in Los Banos, Free Book at https://www.tomandnancybuyhouses.com or Call Tom or Nancy at 559-715-1651. To Stop Foreclosure Los Banos. Stop Foreclosure Los Banos
is a specific legal process in which a lender attempts to recover the balance of a loan from a borrower who has Avoided making payments to the lender by forcing the sale of the asset used as the collateral for the loan of principal and fees the mortgagee can file a claim for a deficiency judgment. In many cities items included to calculate the amount of a deficiency judgment include: the loan principal, accrued interest and attorney fees less the amount the lender bid at
the foreclosure sale. Simply, foreclosure is the process by which a homeowner's rights to a property are forfeited because of failure to pay the mortgage. If the owner cannot pay off the outstanding debt or sell it via short sale, the property then goes to a foreclosure auction. If the property does not sell at auction, it becomes the property of the lending institution. It helps to remember that the word "homeowner" in this case is actually a misnomer -- they are actually borrowers. When someone buys a home, they sign a thick packet of papers -- one of which is the mortgage, or deed of trust. This document puts a lien on the purchased property, making the loan a "secured loan." When a lender loans you money without any collateral (credit card debt, for instance), it can take you to court for failure to pay, but it can be very hard to collect money from you. Lenders often sell this sort of debt to outside collection agencies for pennies on the dollar and write off the loss. This is considered an "unsecured loan. "A secured loan is different because, although the lender may take a loss on the loan if you default, it will recover a
larger portion of the debt by seizing and selling your property.
Here are the five stages of foreclosure.
Stage 1: Missed payments. Foreclosure is a lengthy process, with specifics varying from state to state, but it all starts when a borrower fails to make timely mortgage payments. This is usually due to hardships such as unemployment, divorce, death or medical challenges. Other times, a borrower may decide to Avoid paying the mortgage intentionally because the property might be underwater (mortgage exceeds the value of the home) or because they are tired of managing the property. For whatever reason, they can't or won't meet the terms of their Loan.
Stage 2: Public notice. After three to six months of missed payments, the lender records a public notice with the County Recorder's Office, indicating the borrower has defaulted on his mortgage. In some states, this is called a Notice of Default (NOD); in others, it's a lis pendens Latin for suit pending. Depending on state law, the lender might be required to post the notice on the front door of the property. Stop Foreclosure in Los Banos. This official notice is intended to make the borrower aware he is in danger of losing all rights to the property and may be evicted from the premises.
Stage 3: Pre-foreclosure. During this time -- anywhere from 30-120 days, depending on location -- the borrower can work out an arrangement with the lender via a short sale or pay the outstanding amount owed. If the borrower pays off the default during this phase the borrower Avoids home eviction and sale. If the default is not paid off, Los Banos foreclosure continues.
Stage 4: Auction. If the default is not remedied by the prescribed deadline, the lender or its representative (referred to as the trustee) sets a date for the home to be sold at a Merced County foreclosure auction (sometimes referred to as a Trustee Sale). The Notice of Trustee Sale (NTS) is recorded with the County Recorder's Office with notifications delivered to the borrower, posted on the property and printed in the newspaper. Auctions can be held on the steps of the county courthouse, in the trustee's office, at a convention center across the country, and even at the property in foreclosure. In many states, the borrower has the "right of redemption" (he can come up with the outstanding cash and Avoid the foreclosure process) up to the moment the home will be auctioned off. At the auction, the home is sold to the highest bidder for cash payment. Because the pool of buyers who can afford to pay cash on the spot for a house is limited, many lenders make an agreement with the borrower (called a "deed in lieu of foreclosure") to take the property back. Or, the bank buys it back at the auction. Stop Foreclosure Los Banos.
Stage 5: Third party doesn't take ownership of Los Banos house then it becomes what is known as a bank-owned property or REO real estate owned. For a free foreclosure book go to https://www.tomandnancybuyhouses.com or Call us today at 559-715-1651. There is no obligation to call us and hear what we can offer you.
Stop Foreclosure Los Banos. • Stop foreclosure in Los Banos | Tom and Na...
Информация по комментариям в разработке