2006-11-24 02:49:44 · 3 answers · asked by Linda M 1 in Business & Finance ➔ Renting & Real Estate
Are you asking to purchase a foreclosed home or are you asking on a process that may be used on your home? It depends on the state you are living in for the foreclosure process. You can check with a lawyer or if you know someone in the banking business, especially collections, in that state and they will be able to explain the process to you
2006-11-24 02:59:22 · answer #1 · answered by MsTerious2 1 · 0⤊ 0⤋
Non payment causes the bank to start collection activity to bring the account current. If this effort fails, the bank will start the foreclosure proceedings which starts with several intent to sue certified letters, then a filing of a civil complaint which leads to a court date for the purpose of suing you for arears and/or full payment of the mortgage. Bank goes to court on a civil complaint to secure a judgement on the mortgagee.
Once a judgement has been granted, the sheriff will hold a sheriff sale to sell the property to recover the money. If the property does not sell, ownership reverts to the bank.
The whole process, depending on the bank and the location can take anywhere from 6 weeks to 6 months.
If you are in a foreclosure situation, I would sell for what is owed.....this will show a good faith effort to the courts that you are trying to make good on the mortgage and the court may give you more time if this were to go to court.....the judge may grant you a grace period of 60-90 days to effect a sale instead of forcing a foreclosure.......
2006-11-25 08:44:21 · answer #2 · answered by Jeffrey F 6 · 0⤊ 0⤋
You don't pay......
.......you don't stay.
2006-11-24 05:27:38 · answer #3 · answered by teran_realtor 7 · 0⤊ 0⤋