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How The Foreclosure Process Works

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									Presented by Daniel Toriola
Real estate has turned more ordinary people into wealthy people than anything else. One of the most profitable areas of real estate investing is foreclosures. Foreclosures result when people cannot afford to make the payments on their house Click here to know more

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How The Foreclosure Process Works By Gray Rollins

I don’t know about the rest of the world, but there have been times in my life when I have felt as though I was one paycheck away from serious financial peril. Too bad Superman doesn’t come to the rescue for matters such as this. One of my greatest fears has been losing a home because I lost my job or had an injured child (or injured self) that required me not to work for an extended period of time that exceeded my savings, or any of nearly a thousand reasons. The recent movie “Fun With Dick and Jane” struck a chord of sheer terror in my heart because bad things sometimes happen to good people. Good people have their lives ruined through circumstances that are completely and totally beyond their control. With a foreclosure, there really isn’t a bad guy. There is no mad banker waiting greedily in the wings to throw your family out on the street. The truth is most of these people have a great amount of compassion and come across as harsh because the decision to foreclose generally isn’t up to them. Besides we signed on the dotted line when we decided to purchase a home. A home is, for most people, the single largest investment we make in our lives. The process of foreclosure can be frightening if you are armed with knowledge; it is absolutely terrifying if you are uninformed throughout the process. Here are some things you should know about the foreclosure process. 1) First of all, a home does not go into foreclosure until you have become 3 months behind on your payments. Of course the goal is to never get behind at all, but we all know that stuff sometimes happens and some things are beyond our control. This means you do not have to exist in constant worry that if you are a few days late on your mortgage payment for a couple of months that the sky will fall. This is unlikely to be the case unless you are seriously behind. Be proactive and don't let yourself get that far behind, or start working with the bank beforehand if you know it's inevitable. 2) Once you are three months behind you will either go into what is called judicial foreclosure or non-judicial foreclosure. In a judicial foreclosure, a lawsuit is issued to the homeowner who can elect whether or not to respond. If the owner doesn’t respond the home is auctioned off to the highest bidder unless the bid doesn’t exceed the total amount owed on the home. In a non-judicial foreclosure the lending institution would issue a statement of default and notify the owner of its intent to sell the home. The owner at this time can possibly work to arrange an agreement and payment plan that is acceptable
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Presented by Daniel Toriola
to the financial institution, or file a chapter 13 bankruptcy in order to stop the foreclosure. If this does not happen then the property will be sold. 3) Here is where it gets tricky. If the sale of the home doesn’t result in a sum of money that is at least equal to the amount owed on the home, the original homeowner is responsible for the difference. Failure to pay the difference can be just as detrimental to your credit as the foreclosure itself. The process of foreclosure is not fun; it is not meant to be. Don’t overextend yourself credit wise. Buy a house you know you can afford and live below your means. Gray Rollins is a featured writer for NatForeclosure. To learn more about foreclosures, visit us at http://www.natforeclosure.com/ and http://www.natforeclosure.com/avoidingforeclosure/

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Presented by Daniel Toriola
5 Things You Need to Know About the Foreclosure Process By Jill Borash

What you do not know about the foreclosure process can hurt you and it can mean the difference between saving your home and losing it to foreclosure. There are 5 things that you must know about the foreclosure process in order to stop it. The foreclosure process can be a scary and emotional process. There are terms being thrown around that you do not understand and paperwork being mailed to you constantly that is just as confusing. The two most important things that you can do right now is get yourself educated and keep the lines of communication open with your bank. Here are five important things that you need to know about the foreclosure process in order to understand how to avoid it. 1. Know when your bank will start the foreclosure process. The best way to find this out is simply to call them and find out what their policies are. When the process will start depends entirely on your bank. Some will start foreclosure proceedings after 90 days of no payments. Some will take longer. Talk to your bank to know when that process will start for sure. It also depends in large part on your willingness to work with the bank. If they know that you are trying to work with them, they may not even start foreclosure at all. Some banks will work with you to help you figure out the best solution for your specific situation. If you keep them informed of what is going on with you, you have a much better chance of working something out with them. 2. Know how long the foreclosure process will take with your bank. It varies from bank to bank and again, the best way to find out this information is by calling your bank and talking to someone in the foreclosure department. And again, it depends largely on your bank on how quickly this process will move. Some banks will get it done as quickly as 6 months and some will take longer. 3. Know what alternatives you have to foreclosure. There are always ways to avoid foreclosure. What your alternatives are will depend on your situation. This includes things like whether or not the changes to your financial situation are temporary or permanent, if you want to stay in the house or not, how much money you owe on the house and many other factors. Talking to your bank and a foreclosure attorney will help you figure out what your options are and what the best solution is for your situation. 4. Know who you need to be talking with at your bank. This may change during the foreclosure process. If you start working with your bank before your home goes into foreclosure, then you will probably start by dealing with the workout department. If your home goes into foreclosure, your file may get transferred to a foreclosure department. Keep in contact with your bank and make sure that you have the correct contact at all times. Faxing paperwork to the wrong person or repeatedly calling the wrong person ends up wasting your time. And time is one thing that is never on your side during the foreclosure process. 5. Know what the legal paperwork you are getting means. During the foreclosure process, you will paperwork from the mortgage company’s lawyers. If you can, getting a foreclosure attorney so that you understand what the paperwork means is a good idea. If you cannot get a foreclosure attorney, do some research yourself to understand what the paperwork you are getting means. Understanding the paperwork is vital to understanding where exactly you are at in the foreclosure process.

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Presented by Daniel Toriola
The foreclosure process does not have to be scary and confusing. All you have to do is keep yourself informed and educated about the process. For more help on understanding foreclosure, go to http://www.stopping-home-foreclosure.com/ForeclosureProcess.html

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Presented by Daniel Toriola

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