Understanding The Home Foreclosure Process

The bank will not come and forcibly evict you from your house

. The bank will get a court order for foreclosure of your home and another court order for eviction from your home.

The basic steps in the process are pretty simple, straightforward, and mostly universal from state to state. However, there are some variations between states, and its crucial that you know your homeowner rights in foreclosure. Follow this guide to have a good understanding of the particulars of what happens during a foreclosure.

A homeowner misses a mortgage payment, and a subsequent late notice is issued from the bank. The customer then misses a lot more payments. The bank will try to resolve the situation by phone or mail to get the customer to pay his bill so that the bank can get a better deal out of the situation and fulfill the obligations of the loan between the customer and the bank. The customer will then find that he is unable to reach an agreement with the bank, and no more payments are issued. The bank will then demand payment in full, and this is part of an acceleration. They will no longer accept monthly payments. The bank will then send a notice through a sheriff or certified mail the Notice of Intent to Foreclose. The bank will simultaneously begin action in the courts to make the foreclosure official. The legal notices are then published in local payers because this is just part of the law. The customer will still make no payments, and the notices and waiting periods will expire eventually. The court will have some hearings on the foreclosure. The court will then issue a court order that allows the bank to foreclose. There is a further legal notice of the real foreclosure sale and advertisements are published in local papers all over again. If there are no payment arrangements or established settlements with the bank, the house will be sold at an auction to the highest bidder. The bank can then recuperate its funds, at least partially.

You will probably have at least six months from the time you miss your initial payment to the time that the bank forecloses and takes your house. Some states have a more gradual process, and other states are more expedited. Some states do the whole process in as little as a month. Another factor is your particular mortgage holder. The new owner will have to instigate eviction proceedings to get you to leave. You can be a squatter and remain in your house for as long as you want.

There are also some phone calls you might be receiving from several different groups that try to take some part in your foreclosure. They range all the way through from mortgage brokers, chapter 13 attorneys, private financiers, the mortgage holder, and crooks, villains, and con artists that want to make some money off of you.

What happens during foreclosure can be very scary, and it helps to have all the steps in place so that you know what is going to befall you over the period of 30 to 6 months in which it takes place.

by: Rudy Haynes

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