Foreclosure? Please answer this question only if you really know it and not just asuming you do?
Question:
Answer:
Foreclosure - The entire legal process in which the bank repossess the house.
Auctioning off - The last step of the foreclosure process in which the courthouse sells the home to the highest bidder.
How long does it take - It varies from state to state.
Foreclosure is the process of the lender repossessing a home. The process ends with the bank auctioning off the house. The new owner generally then starts eviction proceedings against the residents.
Just curious, why didn't you just look up the term in a dictionary or encyclopedia? Spending 5 seconds with google would've done it as well.
foreclosure is the process in which the bank takes legal possession of the property, IE title, once the bank has legal possession the bank attempts to sell the asset, this can be by listing in a mls with an agent or typically the bank will hold an auction to sell the property where it is open to all bids, once the bank sells the house to a third party that's it the third party owns it and you must leave, if you do not they usually take you to landlord/tenant court and evict you
I was a foreclosure officer for a national bank in the 70's.
A foreclosure and "the bank auctioning off your house" are the same thing. If you do not move volunatrily after the sale, the new owner of the property, the bank or other successful bidder, must pursue eviction pursuant to your state's statutes.
A forclosure is when you have defaulted on your mortgage or tax payments and the bank or taxing authority say they are going to reclaim your home so they can recoupe their losses.
A forclosure sale is when they auction off your house, so there is no difference.
A forclsouser does not necessarily need to be done by your bank that holds the mortgage, it can be done if you don't pay your propertey taxes as well.
If your house goes up for sale due to late mortgage payments, once the sale is complete you have 6 months to meet with the banks terms (usually bringing the payments current, paying the fees they incured selling it, paying penalties and interest ect...this is usually very expensive and if you have gotten to the point of forclosure then you usually can't get thru this step because it usually calls for requalifyig for the mortgage).
After the 6 months (or when they realize you have no way to pay them) they can evict you from the house. Once that is done they complete the sale with they buyer who won the house at auction. Usually there is a deficiancy balance (the house doesn't sell for what you owed, so you are required to pay the balance that is left) that if you do not pay they get a judgment and garnish your wages up to 25%. This process usually takes another 6 months to a year.
I'll add to the pile. As far as how long one gets to stay after the bank auction, that varies from state to state. Some states allow a 'redemption period' of up to six months AFTER the auction for the original owner to find the cash and make good on the mortgage default, thusly keeping the house. To further complicate it, some states allow the owner to stay (some require rent and others do not) during said redemption period.
a foreclosure is when you are 6 months late on your mortgage payment. the bank takes your house away from you to auction it off so that they can get there money that you owe them... they first give you notice that you have 30 days to pay them. then after that you will have 6 months to either file bankruptcy or try to sell your house before Auction. you will have 6 months after notice to find somewhere else to live(unless your trying to save your house then you will have that time to come up w/ $$$) then after auction they will most likely give you 30 days to move, i think, i'm not exactly sure-when my house was foreclosed on i moved right after the notice of foreclosure...
Don't miss out on what many people are doing to save up to 80% off your new home. Many listings available in this area! Now is the time to buy!
www.govntforeclosures.blogspot...
More Related Questions & Answers...