Being Sued In Foreclosure

foreclosureThe Foreclosure process begins if the homeowner fails to make payments of the money due on the mortgage at the appointed time. When investing in the foreclosure real estate market for the first time, you don’t want to lose your shirt. More commonly, lenders pursue a process called mortgage possession (or alternatively, “repossession” in cases where the bank originally sold the property too).foreclosure

In a non-judicial foreclosure, the process follows the procedures spelled out in the mortgage (or deed of trust) that allows a trustee—the bank or mortgage company—to foreclose on and sell the property. If you don’t cure the default by paying the amount specified in the breach letter, the lender or loan servicer will officially start the foreclosure process.

All notices for the sales must be posted 21 days prior to the sale (i.e., 21 days before the first Tuesday of each month). Sometimes, a borrower may intentionally …