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Louisville Kentucky foreclosure homes

What is a foreclosure? – A foreclosure is a legal process where the bank or other creditor takes control of the collateral for a promissory note in default. This collateral is a parcel of real property, and the lender either sells or repossess this property. The process is slightly different from state to state, but there are basically two types of foreclosure, judicial and non-judicial. The type of foreclosure depends on the state. In a mortgage state, the foreclosure used will be a judicial foreclosure and in a deed of trust state, non-judicial foreclosure is used. Florida is a mortgage state, therefore judicial foreclosure will be used. We

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Wichita Kansas foreclosure homes

What is reinstating the loan? – This is when a borrower can “cure” the loan before the date of sale. Many states permit this. This requires the borrower to pay the amount in arrears, plus attorney

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Des Moines Iowa foreclosure homes

What are redemption rights? – These is when the borrower has the right to “redeem” what is owed and get title to their property after the sale. This is not available in all states and the length of this period varies. When the redemption period is long, investors purchase the junior liens on the property so that they may have the right to redeem the property from foreclosure. Whoever holds the most junior lien has the last right to redeem the property by paying the underlying liens. The highest right is reserved for the owner. By obtaining a quitclaim deed for the owner, you have the right to redeem the property yourself.

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Indianapolis Indiana foreclosure homes

Question: Who can foreclose on my property? – Answer: Mortgage holders and other lien holders who have a vested interest in loans on your property, which is used as collateral, can foreclose on you.

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Chicago Illinois foreclosure homes

Question: When do foreclosure proceedings start? – Answer: In most cases, foreclosure proceedings are started when payments become delinquent.

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Boise Idaho foreclosure homes

Question: What is foreclosure? – Foreclosure is a legal process in which the rights to a property is taken away from the owner and the property is then sold to satisfy unpaid mortgages and liens against the property.

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Honolulu Hawaii foreclosure homes

Question: What about tax liens? – Answer: A tax sale can take place if you get behind on your property taxes. The tax sale can be initiated by federal, state or local taxing agencies.

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Atlanta Georgia foreclosure homes

Question: If I lose my property through foreclosure, can I get any money from the foreclosure sale? – Answer: Yes. But first, any remaining balance on the mortgage will be paid along with all outstanding property taxes and court fees. In most cases, very little, if any money, will be left for you to get.

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Jacksonville Florida foreclosure homes

Question: If I file bankruptcy, how will that help me? – Answer: Bankruptcy will stop the foreclosure proceedings and give you time to work out a plan through the courts.

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Wilmington Delaware foreclosure homes

Question: How will I know when the foreclosure process begins? – Answer: Once foreclosure proceedings are initiated, a Notice of Default will be recorded at the County Recorders Office in the county in which the property is located and you will be notified by regular mail and by certified mail.

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