Learn the five stages of foreclosure: missed payments, public notice, pre-foreclosure, auction, and post-foreclosure. Facing a foreclosure can be daunting prospect for people in trouble with their mortgages, especially when they are unsure of what to do. Across the country, six out of 10 homeowners questioned said they wished they understood their mortgage and its terms better.
If someone offers to negotiate a loan modification for you or to stop or delay foreclosure for a fee, carefully check his or her credentials, reputation, and experience; watch out for warning signs of a scam; and always maintain personal contact with your lender and mortgage servicer.
If you wish to bid on a property at an upcoming auction, please print and fill out the LINKED REGISTRATION FORM and bring it with you on the morning of the auction along with a deposit of $1,000 in cash, certified check, or bank draft (per property that you wish to purchase).
However, if the sale proceeds do not pay off the existing mortgage on the property plus costs and the foreclosure lawsuit did not sue on both the mortgage and note, then the lender must file a separate lawsuit on the note to obtain a deficiency judgment.
The first judgment, for the foreclosure, was a waste of their time, since they just got stuck with a property that may be worth far less than what they had loaned on it, and many homeowners face foreclosure because of a financial hardship that seriously alters their income.