What is a Notice For Foreclosure
The U.S. government has recently passed a bill to stop Home foreclosures and give people time to restructure their finances. As a result, the federal government has begun to send out notices of foreclosure to those who are in the middle of a foreclosure. In this post, we explain what the notices are and the steps you can take to make sure you are not affected by foreclosure.
If you have been unable to make payments on your home mortgage to your lender and or received a Notice For Foreclosure, you may have to file bankruptcy. Although you can keep your house if you file, it is not always a good idea.
More about Notice of Foreclosure
Notice For Foreclosure occurs when you cannot make payments on your home mortgage. After you default on the mortgage, your lender begins the foreclosure process. This means that they will send you notices, telling you that you are in default. If you cannot make the payments, then you should consider filing bankruptcy. If you file a Chapter 13 bankruptcy, you can keep your house as long as you don’t have a second mortgage. However you must have enough income to make the payments that you outline in your bankruptcy plan. When filing a Chapter 7, the majority of people have to sell their homes. However, that depends largely upon your personal situation. Contact a bankruptcy attorney to understand the difference in your particular situation.
The Notice For Foreclosure Process
Foreclosure is the legal process by which a lender takes possession of a property due to the owner not paying their mortgage. The foreclosure process can take anywhere from a few months to a few years. The first step in the foreclosure process is a notice of default and intention to foreclose. This is a notification to the borrower that the lender intends to foreclose. The borrower has a certain amount of time to either come up with the payments to bring the loan current or to make a decision to sell the property. Contact a qualified Realtor or Foreclosure Specialist to assist you.
Foreclosure Auction Process
The foreclosure auction process begins when the bank or lender notifies you that your home will be sold at the public auction. The time between the foreclosure sale date and the actual auction date will be a stressful time for you. During this time, you will be trying to figure out what you should do and what options you have available. In some states, the foreclosure auction process begins after the foreclosure sale date. At the foreclosure sale, the home may not sell. If the home does not sell, the foreclosure auction process begins. The lender will then list the home for sale. The foreclosure auction process then begins when a potential buyer makes an offer.
Foreclosure and Eviction Process
Foreclosure and evictions are two sides of the same coin. Eviction is the legal process by which a landlord can remove an unwanted tenant from a rented property…
While foreclosure proceedings is the legal process by which a homeowner can remove an unwanted debtor from a mortgaged property. The eviction process and the foreclosure process are very similar, but the underlying causes and circumstances of each are quite different. The eviction process begins when the owner of the property/the lender, files a complaint with the court, stating that the tenant is in violation of one or more of the terms of the lease or rental agreement. The landlord can also file a complaint for any violation, even if it is not in the agreement.
Are Foreclosure Notices Public Record
There are many reasons why someone might want to know whether or not a foreclosure notice is public record. Foreclosure notices are public records that are filed in the local recorder’s office in the county where the property is located. Foreclosure procedures usually include details about the homeowner’s mortgage, the name of the bank or lender that holds the mortgage, the property’s legal description (i.e. lot and block number), the amount of the homeowner’s loan, and the mortgage balance. These documents may be requested from the county recorder’s office in person, or by mail. Fees are generally required for a written copy of the foreclosure notice, and some county recorders allow you to search their offices for foreclosure notices by computer.
If you have more specific questions regarding a Notice of Default you have received, please reach out to a highly recommended foreclosure specialist. Remember you don’t have to wait until a foreclosure notice is in place, call as soon as you know you have to miss your next month of Mortgage Payments.