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Foreclosure Process – Help To Understand It

“Foreclosure is a confusing and frightening concept for many homeowners. Arm yourself with this basic information on foreclosure so you can make plans to fix the situation today”

By Harry Faulkner

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The foreclosure process can take a lot of time.  It usually depends on the state you are foreclosing in and the rate of foreclosures in the area.  The process is the same for most banks.  If you are receiving letters regarding foreclosure you should understand the process.


A foreclosure can only happen to people who have a loan from a bank or a private party.  When you buy a home through a bank you are required to make monthly payments on the home.  If you miss a payment on the home loan the bank will contact you.  The loan will not go into default if you miss just one payment.  The home loan usually goes into default when you miss many payments.

After several payments have been received the home loan will go into the foreclosure process.  The bank will file a notice of foreclosure through the courts or through the county recorder.  It usually depends on the state you live in.  The bank’s intention to foreclose on the mortgage must be files.  The time period a home actually forecloses can take up to 9 months. 

Once a home goes into the foreclosure process you can still save your mortgage if you want to.  You will have to make the payments up entirely to the lender in order to stop the process from moving forward.  The bank will have filed the documentation to foreclose.  Now, the bank will take your house to auction to sell the home.  All this time you may be living inside of the home during this process.  You can extend this period even longer by challenging the court proceedings if you show up to court.  This might not stop the sale of your home in an auction but it will extend the amount of time you are allowed to remain in the property.

When a lender files through the courts to start a foreclosure process it is public record.  There are many lenders and people who will contact you to avoid the foreclosure of you home.  They will offer you other options instead of foreclosing.  Foreclosing doesn’t have to happen on a home unless you really cannot afford the home.  You will notice when you stop making payments on your home you will receive a large amount of mail from lenders  You should keep in mind that there are many scammers out there too.  Don’t fall for any scams and be very skeptical to any offers about helping you avoid the foreclosure process.

The foreclosure process can take up to a year in some states.  It usually depends on how many foreclosures are taking place in the area you live and how busy the courts are.   The process of foreclosure will begin if you do not make the monthly payments on your home loan like you are supposed to.  All you have to do is not pay on the loan and the bank will file paperwork.  You will eventually be moved out of your home by a sheriff’s office when the courts approve the foreclosure or the home sells at the auction.

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