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The Foreclosure Process
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The term "foreclosure" is not a single event, but a process that begins as soon as homeowners miss two payments. What happens during a foreclosure begins with that first late payment notification, and unfortunately often ends with the property being seized and sold at government auction. If after the first late payment notification, the homeowner ignores it and misses another payment, another notification is sent out. If this is ignored as well, banks generally then demand payment ini full, as stipulated in the acceleration clause present in standard mortgage contracts. If the homeowner is unable to pay in full, the lender will then send out a certified letter of foreclosure through a processor or the sheriff's department. At this point the lender also publishes a legal notice in the newspaper of the pending foreclosure. The homeowner has the option of trying to work out payment with the lender, but oftentimes unless the owner has the full payment, the foreclosure process will proceed. Following this a court date is set, at which time the courts will likely issue the foreclosure to the lender. What happens during a foreclosure from here is well understood by many people, as real estate investment through foreclosed properties is very popular. Once the court has issued the foreclosure, the lender issues a foreclosure notice in the paper, including the date of auction. On the day of the auction, anyone can bid on the property. When the auction is over, purchase contracts are issued and closing dates are set. Money from the sale first goes to pay off real estate taxes, followed by mortgages and any other liens. If there is any money left over, it will go to the original homeowner. If there isn't enough money to cover the mortgage, the original homeowners will be responsible for the difference. No homeowner wants to know this process, but foreclosure does happen. Knowing what happens during a foreclosure ahead of time can mean the difference between halting a foreclosure in the event that it ever happens to you.
When homeowners stop paying their mortgage, generally getting payment restarted is simply a matter of the lending institution sending out a late payment notification. Many times, a missed payment is due to simple things such as a homeowner forgetting to mail the payment or not having enough money on hand that month. If the late payment is made in a timely fashion, nothing else happens and the event is soon lost to memory. If, however, payment is not made, lending institutions begin what is known as pre-foreclosure.
For more information, please follow the link =>Foreclosure. Dr Thoriso Mashego is a successful real estate investor/trader, an online business owner and a medical doctor with his own private practice in Cape Town South Africa.
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