Foreclosure is the legal proceeding in which
a mortgagee, or other lienholder, usually a
lender, obtains a court ordered termination
of a mortgagor's equitable right of
redemption. Usually a lender obtains a
security interest from a borrower who
mortgages or pledges an asset like a house
to secure the loan. If the borrower defaults
and the lender tries to repossess the
property, courts of equity can grant the
owner the right of redemption if the
borrower repays the debt. When this
equitable right exists, the lender cannot be
sure that it can successfully repossess the
property, thus the lender seeks to foreclose
the equitable right of redemption. Other
lienholders can and do use foreclosure, such
as for overdue taxes, unpaid contractors'
bills or HOA fines.
The foreclosure process as applied to
residential mortgage loans is a bank or
other secured creditor selling or
repossessing a parcel of real property
(immovable property) after the owner has
failed to comply with an agreement between
the lender and borrower called a "mortgage"
or "deed of trust". Commonly, the violation
of the mortgage is a default in payment of a
promissory note, secured by a lien on the
property. When the process is complete, the
lender can sell the property and keep the
proceeds to pay off its mortgage and any
legal costs, and it is typically said that
"the lender has foreclosed its mortgage or
lien". If the promissory note was made with
a recourse clause then if the sale does not
bring enough to pay the existing balance of
principle and fees the mortgagee can file a
claim for a deficiency judgement.
We can assist with any of these items you
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frequently mispelled as Forclosur,
Foreclosur, and Forclosure.
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Short Sale
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Foreclosure Options
Mortgage Loan Negotiation
Stages of Foreclosure
The foreclosure process is not very
difficult to understand. There are several
stages during which the homeowner has an
opportunity to bring the loan current and
avoid foreclosure.
After about three to six months of missed
payments, the lender orders a trustee to
record a Notice of Default (NOD). At the
County Recorder’s Office. This puts the
borrower on notice that he or she is facing
foreclosure and starts a reinstatement
period that typically runs until five days
before the home is auctioned off.
If the default isn't corrected (the loan
must be brought current) within three
months, a foreclosure sale date is
established. The homeowner will receive a
Notice of Sale, and this notice will also be
posted on the property. In addition, the
Notice of Sale is recorded at the County
Recorder’s Office in the county where the
property is located. Finally, this Notice of
Sale is also published in newspapers local
to the county in question over a three-week
period.
The foreclosure Trustee Sale typically
occurs on the steps of the county courthouse
in which the property is located. The time
and location of this sale are designated in
the Notice of Sale. At the Trustee Sale, the
property is auctioned in public to the
highest bidder, who must pay the high bid
price in cash, typically with a deposit up
front and the remainder within 24 hours. The
winner of the auction will then receive the
trustee’s deed to the property.
Foreclosure Auction
At auction, an opening bid on the property
is set by the foreclosing lender. This
opening bid is usually equal to the
outstanding loan balance, interest accrued,
and any additional fees and attorney fees
associated with the Trustee Sale. If there
are no bids higher than the opening bid, the
property will be purchased by the attorney
conducting the sale, for the lender.
If this occurs, and the opening bid is not
met, the property is deemed a REO or Real
Estate Owned. This typically occurs because
many of the properties up for sale at
foreclosure auctions are worth less than the
total amount owed to the bank or lender.
A foreclosure occurs when a property owner
cannot make principal and/or interest
payments on his/her loan, typically leading
to the property being seized and sold.
Do not let your home go into foreclosure.
We can stop foreclosure in any state
including California, Arizona, Nevada,
Florida and Colorado.
Do you have options? Yes a Loan
Modification from a Loss Mitigation or Real
Estate Attorney can help.
A modification to an existing loan made by a
lender in response to a borrower's long-term
inability to repay the loan. Loan
modifications typically involve a reduction
in the principal balance, interest rate or
an extension of the length of the term of
the loan. In some cases a different type of
loan or any combination of the three. A
lender might be open to modifying a loan
because the cost of doing so is less than
the cost of default or foreclosure.
A loan modification agreement is different
from a forbearance agreement. A forbearance
agreement provides short-term relief for
borrowers who have temporary financial
problems, while a loan modification
agreement is a long-term solution for
borrowers who will never be able to repay an
existing loan.
Loan modification is a term very unfamiliar
to homeowners but not for very long. What
most people are coming to realize is that
losing their house to foreclosure is
becoming a real possibility. Home
foreclosure in America today is at an all
time high and is affecting many homeowners
that never believed they could lose their
home to foreclosure. Homeowners are feeling
the crunch of higher interest rates and a
slowing economy. A loan modification may be
the only way for a homeowner to save the
biggest investment of their life, their
home. Negotiating with the bank for a
modification of your home loan can be an
overwhelming process for many homeowners.
That is why retaining the services of an
experienced law firm or real estate attorney
rather than a loan modification company is
of extreme importance.
The reality of today's market is one of
steep drops in real estate values nationwide
coupled with tighter credit requirements.
The combination of the two makes a
formidable opponent for someone facing an
upcoming adjustment in their payments due to
an adjustable rate mortgage (ARM). It’s not
a good idea to take on your lender alone, as
they would prefer. A Loss Mitigation / Loan
Modification Company will represent you in
bringing your mortgage lender to reasonable
terms that make sense in today’s volatile
economy. They will fight to save your home
and get you a payment you can afford. No
matter what the reason, the sad truth is
that millions of people are in the same
boat. People are struggling to make their
mortgage payments and live worry free lives.
The first thought most people have is to
refinance their high interest rate mortgage.
During normal times this would be the
correct answer, although it’s always painful
to pay the associated fees with doing the
refinance. In today’s market this formula
doesn’t work, between the drop in real
estate value and the tightening of credit
you cannot recreate your past deal. The Loss
Mitigation / Loan Modification Company will
work to alter the terms of your mortgage to
fit a workable solution between you and your
lender so it’s a win-win for all involved.
There is no more time to waste, now that you
have a viable solution to your mortgage
problem. Save your home and protect your
family. A licensed real estate attorney is
the solution. A loan modification company
may not be the answer if you are in fear of
losing your home. Save your mortgage and
families life today. Make sure you contact a
Loss Mitigation / Loan Modification Company
today and get started on restructuring your
mortgage.
Our consultation is FREE there is no
obligation to hear how we can save your
home and mortgage with out
refinancing and with out losing your home. Don't be the next victim at
least hear what we can do to help.
Disclaimer
The information contained herein is provided for general information purposes only and is not intended to convey a legal option nor legal advice for any particular case or situation. Nothing contained in this website shall be construed to be a guarantee or prediction of result. MyLoanSavers.com is not a legal firm or
loan modification company, only a
website to collect your information and
request. You will be contacted directly
by a qualified loan modification
company, foreclosure attorney or real
estate attorney. You consent to be
contacted by phone or email.
