Foreclosure Filings Have Fallen Nationwide, But They’re Rising In These Markets

foreclosureForeclosure can cause people to become overwhelmed with emotions. If the buyer does not notify the seller of his inability to obtain a loan within that time frame, he will forfeit his earnest money to the seller. Judgment—The final decision of a court in a case, usually ordering that one party gets a legal remedy, including getting a money recovery, against the party who lost the case.foreclosure

The Lis Pendens gives public notice that the house is the subject of foreclosure proceedings and implements the legal timeline for foreclosure. Especially with the declining real estate market right now, second mortgages may have loaned tens of thousands of dollars more than the home is currently worth, which guarantees they will not receive anything from a sheriff sale.

Ignoring your lender’s call and letters is the worst thing you can do. If you do not make contact, the bank will have no …