Most foreclosure relief companies offer one, two, or maybe a handful of various options that homeowners can use to stop foreclosure. Lenders may also accelerate a loan if there is a transfer clause, obligating the mortgagor to notify the lender of any transfer, whether; a lease-option, lease-hold of 3 years or more, land contracts, agreement for deed, transfer of title or interest in the property.
The destruction of a borrower’s rights in mortgaged property, except as may be allowed under statutes giving a post-foreclosure right of foreclosure process varies among states,but generally segregates into judicial foreclosures and nonjudicial foreclosures.
Especially if the homeowners have not responded to any of the bank’s motions in court or filed an answer to the foreclosure lawsuit or appeared (on their own or through an attorney) at the scheduled foreclosure hearing, the bank may just assume that they have decided to walk away from the house.
How you purchase the home and who you purchase it from will depend on if you are buying a home in foreclosure or buying an REO property Because of this, there are specific factors to consider when purchasing from the homeowner (stages 1 -3), at the auction (stage 4) or from the bank (stage 5).
If done by filing a lawsuit, it is called “judicial foreclosure.” In some states, the lender can foreclose without going to court, and that is called “non-judicial foreclosure.” State foreclosure processes require that the borrower(s) be notified regarding the foreclosure proceedings.