"We were pretty shook up about losing our home. After all, we have been here over 30 years. But we refinanced our home to help our son buy his. Then he lost his job and went into foreclosure and had to move in with us. We were about to go through the same foreclosure process and then we'd have nowhere to go. We called 1st Foreclosure Prevention and then helped us understand a few things about how to stop foreclosure. I wish my son had called him as this could have helped him. But it did help us and we were able to keep our home, thanks to them. Our son is getting back on his feet, but he would have done better had he called them and not gone through foreclosure. We're pretty happy with the service they gave us."
"We were really behind on our mortgage and getting calls all of the time from the lender who wanted their money. We didn't know what to do and thought that we would have to go through a foreclosure. We knew that this happened to other people, but didn't think it would happen to us. But I had been sick for a while and off work. The medical bills took all of our savings and we even had to refinance to pay off the hospital. We contacted 1st Foreclosure Prevention and were really impressed with their service. They were able get the calls to stop as well as the foreclosure process while we worked with them on all of our options on what we wanted to do. We decided to sell our home and move on. Thanks to them, we have another home and are not struggling any more."
"We were like most other folks, I guess. Facing the foreclosure process and losing our home because we were out of work and owed too much on the property. You always hear about this happening to other people but never think it would happen to you. We were just going along with everything, trying not to think about it, but then my husband got an idea to call 1st Foreclosure Prevention - a company he had heard about that could stop foreclosure from happening. I figured it was a scam of some sort, but after we both got their free foreclosure consultation and found out about their company, we were impressed. We weren't like most other folks, at that point. We had foreclosure help and were able to stop foreclosure from happening to us."
"We didn't want to go through the foreclosure process. We were so embarrassed that we were facing a foreclosure and knew that all our neighbors would find out. A couple down the street had a foreclosure and they posted a sign on the property. It was so embarrassing. But we knew that it was coming. My husband lost his job and we were really struggling to make ends meet. We didn't want to lose our home, but felt we had no choice. We were really ashamed of what happened to us. Then we talked to 1st Foreclosure Prevention and they made us feel so much better. They didn't make us feel ashamed and actually gave us the foreclosure help we needed. Thanks to them, we didn't have to go through the foreclosure process that would have pained the entire family."
"We were headed for the foreclosure process and knew that it would really mess up our credit. But we didn't think we had a choice. We tried to reason with the bank and pay them less but they didn't listen. They kept calling and sending us notices. We went to a lawyer who told us to file bankruptcy and wanted a lot of money to do this. If we had that money - we would have paid our mortgage! So finally, we called 1st Foreclosure Prevention after we saw them online. They were able to get us the foreclosure help that we needed and got us a good loan modification to prevent foreclosure."
"I struggled so hard to buy my home for me and my children and thought I got a good deal on a loan. But then I found out that the loan amount was going to go up each month. I wasn't able to afford the new payments. I had gotten a new job after being laid off, but my new job didn't pay as much as the old one. I was really figuring that I was in trouble. I wanted to save my home from foreclosure, but didn't know how. I called 1st Foreclosure Prevention and they treated me with compassion and respect. They knew all about the law, too, and how to stop foreclosure. They gave me a totally free foreclosure evaluation and explained all my options to me. Because of them, I was able to save my home from foreclosure."
Home / Foreclosure Process
Foreclosure Process
Every state in the union has a different foreclosure process. Some states allow a non-judicial foreclosure. This is when the lender can proceed with the foreclosure process without having to go through the court system. Some states allow only a judicial foreclosure process where the lender has to go through the court system and sue you for foreclosure. This generally takes longer. In states that allow the non-judicial foreclosure, there must be a Power of Sale clause in the securing document. This gives the lender the right to sell your property if you default on the loan.
In order to stop foreclosure, you need to understand how the foreclosure process works. This is a basic outline of the foreclosure process in both judicial and non judicial foreclosures. If you feel that you are falling behind in your mortgage and may be heading for foreclosure, or even if you are already in the foreclosure process, it is not too late to get foreclosure help. You can contact 1st Foreclosure Prevention to get a free foreclosure evaluation. Loss mitigation specialists can go over your case and decide which options are best for you to stop foreclosure based upon your mortgage and the foreclosure process in your state.
Judicial Foreclosure
A judicial foreclosure is basically a lawsuit against you and instituted by the lender for breach of contract. You have defaulted on your loan and now the lender seeks relief from the court. The relief that they will seek is a Judgment of Foreclosure that will allow them to sell you property at public auction.
The first thing that the lender has to do is to file a complaint with the court in the county where the property is located. A Lis Pendens is filed and this is made public. You will be served a summons notifying you of the proceedings. In most states, the lender has to prove that you are in default of your mortgage before the court will issue a Judgment of Foreclosure. There are some states in which the burden of proof is on you to prove that you are up to date on your mortgage. If you are behind in your mortgage payments, you will not have much redress with the court. The court will determine a breach of contract in most cases and issue the Judgment of Foreclosure. In some states, the lender must also pursue a court order for the sale of the property at public auction. In others, this is entered automatically with the foreclosure judgment. Your loss mitigation specialists will be able to tell you the foreclosure laws in your state and more about the foreclosure process, depending on where you live.
In some states, the judge will determine the amount of the sale and the lender, in some states, can also obtain a deficiency judgment if the amount is less than the amount owed. Every state has different rules when it comes to the foreclosure process. It is imperative that you understand the foreclosure process in your own state. The best way to do this is to get a free foreclosure consultation from a certified loss mitigation specialist.
Non-Judicial Foreclosure Process
The Non-Judicial foreclosure process can normally commence once you are behind on your mortgage. Most lenders will wait until you are 30 days late before they commence foreclosure proceedings. In order for the Non-Judicial foreclosure to take place, the lender must notify you with a Notice of Default. In some states, the lender must also file the notice of default with the county where the property is located.
A Non-Judicial foreclosure commences because of a Power of Sale clause in your securing instrument, usually the Deed of Trust. This gives the power to the lender to sell the property without having to go through the court system if you default on your mortgage. In some states, the lender must still use the court system and file the Notice of Default through the court. Others require that the lender get an Order of Sale from the court before the property can be sold. Each state is different when it comes to the foreclosure process - again, get a free foreclosure evaluation so that you can stop foreclosure as soon as possible.
When you miss a payment on your mortgage, the lender will most likely call you. If you do not respond, they will send you a letter stating that you are late and a late penalty will be issued. They will tell you that you have to make your loan current or they will commence foreclosure proceedings. If you do not take action to stop foreclosure, they will proceed with the foreclosure process.
Notice Of Sale Foreclosure Process
Once the court has issued a Judgment of Foreclosure, as is the case with the judicial foreclosure, or if the lender has followed all of the proper procedure in the non-judicial foreclosure process, a Notice of Sale will be filed in the county where the property is located. This will give the date, time, location and property that will be sold to the highest bidder in public auction. Your name, the name of the lender and the name of any other lien holders will be included in the Notice of Sale.
Most states also require that the lender publish the Notice of Sale in publications that are circulated in the county where the property is located. The number of notices that have to be published, the time prior to the date of the sale for publication and the number of publications where the notice has to be published varies from state to state. You will get a Notice of Sale and it will be on public record in the court. In some cases, the Notice of Sale will be affixed to your property.
The Foreclosure Sale
The foreclosure sale can take place in the court, on the property and in many cases, the steps of the county court where the property is located. It can be conducted by the Sheriff of the county, which is always the case in a Non-Judicial foreclosure. In the case of a judicial foreclosure, the judge may appoint a trustee, usually an attorney for the lender, to oversee the foreclosure sale. The foreclosure sale consists of bids for the house that are presented as offers. The highest bidder gets the property. The law regarding when they have to come up with the full payment for the property as well as the amount of cash that has to be part of the deal differs from state to state. In most states, the lender can bid on the property. In some states, the borrower can also bid on the property.
Right Of Redemption
In some states, the borrower has the Right of Redemption. They can redeem the property after the foreclosure process has been completed an the property sold. Many states do not offer the Right of Redemption. The amount that you have to pay to redeem the property differs from state to state as well. In some cases, the borrower only has to pay the amount of the highest bid to redeem the property. In others, they have to pay the amount of the original lien. The time limit for the Right of Redemption can be anywhere from 3 days to 3 years, depending on the state in which the foreclosure takes place. Many states do not offer the Right of Redemption for the borrower and eviction proceedings commence upon the foreclosure sale.
Deficiency Judgment
A deficiency judgment may also be part of the foreclosure process. If the property sells for less than what you owe during the foreclosure sale, the lender can go to court for the difference. The court will issue a deficiency judgment for the difference and in some cases, legal fees. This can cost you to not only lose your home, but also end up paying the judgment for years to come. A deficiency judgment, when enforced by the lender, can be attached to your wages or even a bank account.
The foreclosure process is something that no one should have to endure. It can be damaging to your credit, not to mention the toll it takes on your finances and even on you emotionally. It is also stressful for your family. You should try to do what you can to stop foreclosure from happening to you before you get too embroiled in the foreclosure process. The best way to do this is through loss mitigation.
Get a free foreclosure evaluation from loss mitigation agencies that can help you decide what is right for you, based upon the foreclosure process in your state. In some states, the foreclosure process can take as little as 60 days. In others, it can take nearly a year. Each state is different. It is important that you understand the foreclosure process in your own state and get a free foreclosure consultation as soon as possible.
1stforeclosureprevention.com can help you stop foreclosure, even if you are already into the foreclosure process. Our team of loss mitigation experts can get you a free foreclosure consultation and give you the right foreclosure help that you need in accordance with your circumstances as well as the foreclosure laws of your state.
Remember, every state has a different foreclosure process. Get someone to give you the foreclosure help that you need to stop foreclosure so that you do not have to go through this difficult process. Contact 1stforeclosureprevention.com right away for your free foreclosure consultation so that you can learn how to stop foreclosure before it begins.
1stforeclosureprevention.com services all 50 states as well as Washington, DC. If you need foreclosure help, you can get it based upon your individual needs. You do not have to just allow the foreclosure process to take control of you - you can stop foreclosure by seeking foreclosure help today.
