The most important issue in the entire foreclosure process is that of how long it will take from the first payment being missed to the eviction of the homeowners. Essentially, when a homeowner fails to make his or her agreed upon mortgage loan payments, the mortgage servicer will try to avoid any additional loss by taking possession of the home, which is the collateral that had secured the loan. Summary judgment can be used in foreclosure cases if the facts of the mortgage and the default are clear, and there are no legal defenses.
At the sale the bank will likely make a credit bid If no one makes a higher bid on your home at the foreclosure sale, the bank wins ownership of the property. The homeowner should submit the Request for Mediation form as soon as possible with the $50 fee to their county Circuit Court.
However, when the foreclosure is by “advertisement and sale,” the owner does not have to pay a deficiency, either, if the property is residential property. You may want to ask for a delay of the foreclosure sale so that you can negotiate a workout agreement with the lender.
The lender files proof with the court that it properly served the homeowner with notice of the lawsuit. On the day of the auction, the highest bidder is sold the home, however higher bids or upset bids can be placed by filing them with the court clerk for 10 days following the sale.
That’s the reason most experts suggest you to call your lender as soon as you know you’ll have trouble making a payment. Foreclosed retail shopping centers and obtained court appointed receivership to collect rents and manage the properties during the foreclosure process.