Foreclosure Glossary

foreclosureWilson County’s tax foreclosures are handled through a contract with Zacchaeus Legal Services For a listing of properties that are currently being processed, please click on link (above) to view their website. If you begin to fall behind in your monthly mortgage payments, your lender may have the right to foreclose on your home. Property owners have a right to reinstate a defaulted mortgage within ninety days of the personal service of the foreclosure complaint.

When the entity (in the US, typically a county sheriff or designee) auctions a foreclosed property the noteholder may set the starting price as the remaining balance on the mortgage loan. You can apply for Legal Aid representation by calling 1-866-219-5262 or applying online See the Find an Attorney Help Topic for additional organizations that represent homeowners in foreclosure and more information about finding an attorney.

Payment in the amount of $60, which includes $50 for conveyance of the property and $10 for the notary stamp. The bank knows they do not have it. It will cost them more money to begin the lawsuit and try to collect than the banks will ever be able to get out of the homeowners.foreclosure

Where it is available, foreclosure by power of sale is generally a more expedient way of foreclosing on a property than foreclosure by judicial sale. This may include looking for a private investor, working with the mortgage company to put together a repayment plan or loan modification, or going through our list of foreclosure loan specialists.

When you purchase property at a foreclosure sale, all junior liens other than property taxes are wiped out. Banks will shut off credit and send foreclosure notices to millions. Essentially, the conclusion after speaking with developers, property consultants, a bank source and two auctioneers is that the chickens have come home to roost”.