What Happens in Foreclosure

Real Estate Sales Representative with DIR-USA.com

We Buy Houses PA: When you fall behind on your mortgage payments, things are set in motion that are hard to reverse. Once you are behind by two payments your lender may begin foreclosure proceedings. The first communication you will receive is a letter of pre-foreclosure. It is simply a notice to you that you are behind in your payments and that you can have a short time period to attempt to catch up before they begin foreclosure.

What happens in ForeclosureIf you are already behind by two payments, chances are very slim that you will be able to come up with the past due payments, plus any fees that arise, and the current month’s mortgage payment. Getting an opportunity to set things right before the lender acts is something that doesn’t work for most, but there are some who get family members or friends to come to the rescue and help to bail them out.

When the deadline for catching up isn’t met, the lender must begin the process to take the property back from you since you can no longer pay for it. Whatever the reason, the lender is accountable to investors in the lending institution and must recover as much of their money as is possible. Imagine yourself with a large savings account. If the bank lent you r money out you would expect to get it back with interest. This is very similar but on a much larger scale. The bank does not want your house and don’t think they get any satisfaction from taking it away. It is to their advantage to keep you in it and repaying the loan. When you can no longer do so, they have no choice but to take it back.

Once it has been determined that you will leave the pre-foreclosure phase without satisfying the requirements, you will receive another notice from the lender. This one will notify you that they are beginning the foreclosure process. If you live in a state that requires it, the lender will have to file suit against you to get the property back. You will receive court documents and information.

When the foreclosure is in process, you can still sell the house and pay the lender the balance owed on your mortgage. This is best done quickly before it becomes too late. It’s easy to find a real estate investor to buy it from you for cash and it only takes a week or two.

What Happens in ForeclosureCreativeRealEstateNow.com is a Real Estate Investor that buys houses and helps prevent foreclosure in the following counties of Pennsylvania: Northumberland | Union | Columbia | Montour | Juniata | Perry | Dauphin | Snyder | Mifflin | Centre | Lycoming.

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Comments (1)

John Pusa
Berkshire Hathaway Home Services Crest - Glendale, CA
Your All Time Realtor With Exceptional Service

Thank you for the detailed quality information on the foreclosure process. Excellent blog.

Apr 14, 2011 05:08 PM