Jasz
VIP Contributor
Foreclosure is a legal process that allows a lender to take possession of your property after you have fallen behind on the mortgage, or failed to meet other requirements. The process of foreclosure can be lengthy and complex. In some cases, it can take months or even years before the foreclosure sale is finalized.
Real estate owners who are about to file for foreclosure should avoid making any repairs or improvements that could delay the sale, as this can raise their costs and increase the amount of time it will take to sell the property. The sooner you get in touch with your lender after filing for foreclosure, the better off you'll be once it's complete.
The foreclosure process takes time because there are many steps involved, including:
Serving the foreclosure notice on your mortgage holder (the bank)
Serving another legal notice called a quitclaim deed to the foreclosure trustee (a third party who will handle all of your property as if it were his own).
Selling your house at auction
Purchasing an exemption certificate from the court clerk, which makes it impossible for you to be foreclosed upon again after the auction.
Getting rid of any personal belongings in your house that may be considered "redlining" by the lender (for example: things like family pictures, heirlooms, etc).
Real estate owners who are about to file for foreclosure should avoid making any repairs or improvements that could delay the sale, as this can raise their costs and increase the amount of time it will take to sell the property. The sooner you get in touch with your lender after filing for foreclosure, the better off you'll be once it's complete.
The foreclosure process takes time because there are many steps involved, including:
Serving the foreclosure notice on your mortgage holder (the bank)
Serving another legal notice called a quitclaim deed to the foreclosure trustee (a third party who will handle all of your property as if it were his own).
Selling your house at auction
Purchasing an exemption certificate from the court clerk, which makes it impossible for you to be foreclosed upon again after the auction.
Getting rid of any personal belongings in your house that may be considered "redlining" by the lender (for example: things like family pictures, heirlooms, etc).