Losing one’s home can be extremely devastating. Just considering what one will do without shelter and the thought of losing the one prized possession that you have worked so hard and long to obtain is a horrible feeling. Yet each year many people are faced with foreclosure.
Many wait too long to take action to prevent [...]
These days we’re seeing more and more home loan foreclosures. This is due in part to the economy, and in part to the sub-prime lending fiasco of the past few years. Sometimes it’s simply due to borrowing beyond one’s means, or unexpected financial setback such as losing a job.
When a home is foreclosed on, it [...]
Foreclosure is a process and therefore you need to understand what it entails first. By definition, it’s the process applied to mortgage by the financier when the borrower is unable to repay the loan. Therefore, it is the process of repossessing the property.
The real estate owner is given a grace period before the process begins. [...]
What happens after foreclosure will vary and depends in large part on what state you live in. Some states have a redemption period , which allows the original home on or to buy back their property. This is after the house has been auctioned and the homeowner will have to pay the auction price. Depending [...]
By Melanie Ullman
Homeowner rights on a foreclosure will vary by state, and depend in part on your mortgage or sale agreement. Keep in mind that banks and lenders don’t really want your house. They may have options to help borrowers through difficult financial times.
Homeowner rights can often be found by searching your state’s official government [...]