What is the process for foreclosure?
Question:
Answer:
In most states if you fall behind 90 days your lender will begin the foreclosure process. You will receive a notice posted on your house(and sometimes in the paper)of the "Trustees Sale" (depending on which state) This will recorded in the county where the property resides. It will list the scheduled date of the Trustees Sale, the last date you can redeem and for how much. If you are in this situation and you have any equity in the property you should do anything you can to save your home and your credit. There are investors/buyers all over advertising that they pay cash for homes. Interview them and find the best deal for your situation. You may be able to sell your house, pay off the mortgage and walk away with some cash.
Good Luck
3 months for most lenders. have you called themto try to make out a payment plan option , some lenders will do this
it will depend on your contract. and what state you are in..
try selling something and catch up.
some states let you redeem the property between six to 12 months after foreclosure depending on the type of property..
try to find a buyer just to take over verse letting it go into foreclosure...it will be better on the long run..and oh course this depends on your equity.
contact your lendering and sometimes they will renegotiate with you, plus they will inform you if and when they plan to take action.
Contact me I can help you keep your house and keep you out of forclosure. put forclosure in your subject line so i know who it is from
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