5 Ways To Stop The Foreclosure Process
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 …
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A foreclosed home is one in which the home owner was unable to pay his home loan so that the lender took over home ownership through the foreclosure process. You own your property until the title goes to a new owner, usually the foreclosing lender, as a result of a foreclosure sale. If you are unable to make your mortgage payment or have already missed one payment, call your lender NOW. A lien is usually held as security for payment of a debt.