How well do you understand the foreclosure process? Here we have compiled some information that will help you understand how and why foreclosure happens.
The fact is hundreds of thousands of people are in the foreclosure process right now. Short sales are still rampant, even though the media doesn't cover it like they once did.
If you want to know what the timeline is for foreclosure? The answer is the process and timeline of mortgage foreclosure depends and varies from state to state.
1. 5 states exploit only Non-Judicial foreclosure process
2. 20 states exploit only Judicial foreclosure process
3. 25 states exploit both types of foreclosure Judicial and Non-Judicial
Judicial foreclosure Vs Non-Judicial Foreclosure:
The first and most important difference between judicial foreclosures Vs Non-Judicial Foreclosure is there are two classes of foreclosure is the involvement or non-involvement of the court system. As you might have guessed, Judicial Foreclosures are processed through the courts And Non-Judicial Foreclosures are not processed through the court.
Regardless of the type used, the timeline for foreclosure is always preceded by a borrower defaulting on their mortgage payments. Most lenders typically won't threaten homeowners with foreclosure until two or three payments have been missed. However, once the lender concludes that the mortgage is in default and the homeowner is not going to catch up on their overdue payments, a legal filing is made by the lender and the timeline for foreclosure begins.
Negotiate a "Forbearance Agreement" with the lender that revises the loan terms to the satisfaction of both parties. Most lenders do not want to foreclose because it can cost them a lot of money.
• Sell the home
• Refinance the loan.
• Declare bankruptcy.
Sell the home.
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