Provide Details for Home Foreclosure Process?
Question:
Answer:
Foreclosure is started by the bank or by the state. It start when you either stop making payments to the bank or your taxes. First they will contact you to try reach an agreement of whatever quantity you are late. If you cannot reach that agreement or if you fail to that agreement then it will be referred to a law office which in turn will contact you also. Then they'll go to the court. Only after the court reaches a decision that the property can be claimed by the bank. Once that happens you are evicted from the property. Then the property is put into the foreclosed listing of the bank and resold. Years ago banks priced properties for the amount owed but nowadays they use market value for pricing purposes.
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