Home foreclosure?
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Answer:
looks like you got some good answers, so I'll just add some thoughts you might want to keep in mind. Yes, there's a basic foreclosure process involving the party(ies) in default and mortgage company as mentioned above. If the lenders' attempts to collect or negotiate payment of note from the party(ies) in default are to no avail, then the lender will proceed with forclosure of the home --this depends on state guidelines AND can vary vastly according to the type of financing/mortgage currently held on the property (VA, FHA, etc...) The lender (or it's legal representative) must abide by state guidelines which will include a set number of publications of the notice of forclosure to run in the local newspaper (usually once a week for 3 - 4 weeks), including the property description, mortgage co., borrower in default, and date and time of home auction. If the property is not transferred or otherwise sold at public auction, then the mortgage company and the department of Housing and Urban Development will sometimes contact a realtor for a BPO (broker's price opinion) to achieve an accurate market value for the subject property. In a situation where the default mortgage was VA, these homes are listed on the Dept. of Veterans Affairs website, and the same applies to other financing in working with HUD. Depending on all circumstances, there can actually be a "right of redemption" awarded to the borrower in default which can last up to a year... back taxes must be paid on the property... HUD has very strict regulations and guidelines that must be followed in all aspects of any transaction of transfer of forclosures... headache headache headache...there's alot more involved which will depend on each individual situation... bankruptcy issues arise at times, just a bunch of things that can change the standard proceedures up a bit... depending on if you are facing forclosure or looking to invest in these properties, there is a vast amount of information online which will be suitable to each state's proceedures and of course... all lenders have their own way of doing things. hope I've helped a little more.
they take your house
Owner stops paying mortgage. Bank bugs them for a bit and builds up fees, then files with county to start foreclosure process. Process winds around the courts a bit and finally house is foreclosed on and sold on the courtroom steps. Assuming nobody buys it there (if they do the process continues but the buyer takes the banks place) the bank begins process to evict the owner if they are stil in the house. Eventually the sheriff comes by and evicts them (ie sheriff watches on as bank or company hired by bank moves onwers stuff to curb. New owner (or bank) changes locks and start calling police if old owner shows up on property. New owner may fix up property or not, but tries to sell property for whatever they can get (or possibly rents it out in an investor bought it).
here is a website that outlines the foreclosure laws and timelines for each state.
simpley click on your state.
http://www.foreclosures.com/pages/state_...
good luck :)
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