Foreclosure process?
Question:
Answer:
The foreclosure process for trust deeds or mortgages are very state specific in how they are handled.
For example in California once a homeowner misses a few payments the lender can file a Notice of Default. Then 90 days later if that default is still not paid, they file a Notice of Trustee Sale & schedule an auction. 21 days later if the debt hasn't been paid the property is auctioned off to the highest bidder.
In Texas the process is much quicker. If a homeowner misses a few payments then a Notice is filed & 2 months later on the 1st Tuesday of the month, the property is auctioned off.
There are 2 distinct types of foreclosure 1) Judicial 2) Non-Judicial
Basically a judicial foreclosure involves an actual suit filed in the court system. Typically that is a longer & most costly process.
A non-judicial foreclosure does not require using the courts for the lender to get relief.
This is the most typical process used by government guaranteed loans. Other processes vary depending on the lender when they do not use government guaranteed loans.
Foreclosure requirement by HUD guaranteed loans: http://www.hudclips.org/sub_nonhud/cgi/n...
Best of luck to you
here is a website that details the foreclosure process for any state, and the timeline for each part of that process.
simply click on your state.
http://www.foreclosures.com/pages/state_...
also announced by the Federal Government earlier this week is a National Foreclosure Hotline to assist homehowners
1-888-995-4673
this number was publicized on CBS.
good luck ☺
Have you received a notice of default? Do you have at least 30% equity in the home? You have about 6 options but in order to go into detail I would need more information. I'm sure everyone else here who would like to help would need some more information as well.
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