Most people know about foreclosures

Most people know about foreclosures, or at least have heard of them, but aren't certain what they really are, or actually entail. We all hope that we won't find ourselves encapsulated in such a procedure and for most of us that is a reality. We will not, be involved in a foreclosure, however we should know something about how the process works in the event that we might want to take advantage of it, or prevent one.A foreclosure, as most of you know, is the result of a borrower getting behind in the payments for his or her home, and as a result, steps are taken to return the home to the possession of the financial institution or lender.

The communications involved and the actions taken typically follow a specific timeline, much as any other transaction.After fifteen days, in most cases the borrower/s will receive a phone call from the lender asking what happened with the payment and when they may expect to be paid the due amount on the mortgage.Also as early as 15 days from the due date of the mortgages a late payment will be assessed and added to the payment due. As early as forty five days, the lender may send letters to the borrower stating that the terms of the mortgage have been breached and the borrower is now in default. Traditionally at this point the borrower is given a time span, usually 30 days to correct the default and bring the payments current, or to make other arrangement, such as a deferment of payment. Usually at 90 days past due, the mortgage company or financial institution will hire a local attorney, who begins foreclosure proceedings. At about day 120 the sale proceeds.

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Certain requirements are necessary in each state or province. Some necessitate that the foreclosure must be judicial, that is presided over by a judge. These may take up to 9 months to accomplish a sale.In some states however judicial intervention is not necessary, and those states may find their homes sold in as little as two months. Until the actual sale of the property, the borrower has the right of redemption, that is to say he or she may pay what is due, plus costs and recoup the home. Once the home is sold they have no further rights, and no way to prevent the loss of good credit or equity in the home.