It’s really a matter of fact that you are in danger. With one of the largest, exclusive selections of real estate owned (REO), short sale, foreclosure, luxury, and commercial properties available at auction, Xome makes it easy to discover, bid on, and buy your next asset. Probably 20% to 35% of the time when a foreclosure takes place, there is equity in the property and there are no second or junior liens in place.
A foreclosure is a method of enforcing payment of a debt secured by a mortgage, deed of trust, or lien on real property by selling the real property and applying the proceeds of the sale to satisfy the debt. This does not necessarily mean the home is in bad condition or not worth investing in. It is marked down because the bank wants to get rid of any foreclosed property they own as quickly as possible through a quick sale.
To complete the process on judgment of foreclosure, there is a confirmation hearing scheduled about 30 days after the Sheriff’s Sale. A deed of trust is a legal document whereby the owner of real property conveys legal title of the real property to a trustee held to secure a debt (loan) for a third party (beneficiary).
The time and location of this sale are designated in the Notice of Sale. If the cash is not sufficient to pay the amount of the debt, the person who owes the money secured by the lien will be responsible for the difference. If the homeowner cannot sell the home in a short sale, make up the late payments, or pursue a deed in lieu of foreclosure, the home will then go to public auction.
Earliest time lender may foreclose – 111 days from the date the Notice of Default was filed. Our site provides a wealth of helpful information regarding upcoming sales and the sheriff sale process for litigants and their legal counsel, as well as county officials and real estate investors.