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Mortgage Foreclosure Article
Knowing the Basic Mortgage Foreclosure Procedure Can Help You
Knowing and understanding the basic mortgage foreclosure procedure can help you if you ever find yourself in this situation. I hope that you'll never have to experience the emotional and financial devastation that mortgage foreclosure can cause. However, if you do, it will be beneficial to you and your family if you know the basic mortgage foreclosure procedure.
Your home is not going to be foreclosed and repossessed because you've missed one payment. However, when you've missed a couple of consecutive mortgage payments, you're at a real risk of having your home repossessed. When you take out your mortgage to purchase your home, you sign a loan document, which is a legal binding agreement. You're agreeing to make monthly payments of a designated amount every month until the loan is paid in full. Many people believe this is all they are agreeing to because they don't read the fine print. This fine print is telling you what the bank can do if you fail to make your payments as promised. When you fail to make these payments, you are putting your loan in default and risking losing your home.
The basic mortgage foreclosure procedure consists of certain steps that are routinely followed. When you've missed one payment, the bank will send you a notice in the mail, call you or do both. They'll want to know what that problem is and when they can expect your payment. When you receive this phone call, this is the time to talk with your lender about any financial difficulties you may be having. The worst mistake you can make is to avoid your lender's calls. This goes in your record as being uncooperative with the bank when they tried to help.
If you've missed two or three consecutive payments, the bank will start the basic mortgage foreclosure procedure. The bank will send a Notice of Intent to Foreclosure along with a court date. You will have thirty days from the date of the notice until your court date. During these thirty days, you can still contact the bank and try to arrange to bring your loan current and save your home. Banks will usually work with you, as they don't like doing foreclosures because seldom do they get their money owed them.
If you don't contact them or can't come up with an agreeable solution, the court date will determine the date your home goes up for sale at public auction. You will be given so many days to leave the home or you will be evicted. This is all part of the basic mortgage foreclosure procedure. When the home is sold at auction, it is sold to the highest bidder. Proceeds will go to the lender to pay off the loan and all court and legal costs. Any balance left will go to the borrower, with your debt being paid in full.
Mortgage Foreclosure News
Borrowers in foreclosure prevention plan losing mortgage aid - Washington Post
 ABC News | Borrowers in foreclosure prevention plan losing mortgage aid Washington Post About 90000 distressed borrowers have lost their mortgage aid under the government's foreclosure prevention plan, and many more are at risk ... Realities of Real Estate: Federal homeowner assistance programs Months of limbo, then foreclosure? Underwater homeowners leave behind mortgages, but lenders can still come calling |
5 states rush plans for $1.5B in housing funds - The Associated Press
 Boston Globe | 5 states rush plans for $1.5B in housing funds The Associated Press PHOENIX — The five states hardest hit by the foreclosure crisis have been given only weeks to plan how to spend $1.5 billion in federal funding announced by ... Housing Slump May Be Over: but More Homes For Sale Across the US |
Foreclosures Leveling Off But Still Adding To Housing Supply - NuWire Investor
Foreclosures Leveling Off But Still Adding To Housing Supply NuWire Investor US mortgage foreclosure filings dropped for the second straight month in February and posted the smallest annual increase in four years as government ... Md. foreclosure filings skyrocket in February |
RPT-US foreclosures drop 2nd straight month in Feb-RealtyTrac - Reuters
 Los Angeles Times | RPT-US foreclosures drop 2nd straight month in Feb-RealtyTrac Reuters NEW YORK, March 11 (Reuters) - US mortgage foreclosure filings dropped for a second straight month in February, and notched the smallest ... Foreclosures Dropped in February, Helped by Rescue Programs and Poor Weather US Mortgage Foreclosures grow by 6% in February Weather, Mortgage Redos Slow Foreclosure Filings in February |
Bank of America: Polly wants a lawyer - Boston Globe
 New York Daily News | Bank of America: Polly wants a lawyer Boston Globe The lawsuit may seem dramatic, but with all the mortgage foreclosures underway, it's not that rare for lenders or their contractors to mix-up addresses as ... Woman loses parrot, has house ransacked by Bank of America in mortgage ... Owner of Parrot Stolen by Bank of America (NYSE: BAC) To File Lawsuit Foreclosure Victims Becoming More Common |