Your Questions About Foreclosures | foreclosureorder.com

Your Questions About Foreclosures

Your Questions About Foreclosures

Charles asks…

What is the bank’s role in the foreclosure process?

I am writing a paper with a solution to the current foreclosure problem, but I need to know what role the banks play in the process of foreclosure, in order to have a counterargument to my solution.

Your Questions About Foreclosures

The Expert answers:

The banks role is simply to collect funds from the buyer until the mortgage is paid off. Until the mortgage is paid in full or another person buys the property and rewrites the loan in their name or refinances with another bank, the lender (bank) owns the property, as it was used as a pledge for the repayment of the loan.

Your Questions About Foreclosures

Nancy asks…

Is anyone familiar with Chase Banks foreclosure process?

After how many missed payments do they initiate the foreclosure process? How long does the whole process take? Interested in how they compare with other banks. Thanks

Your Questions About Foreclosures

The Expert answers:

The time is getting shorter. At one point, many owners were 12 payments behind before Chase took the house. Now it is more likely to be 6 months after your last payment…. That you will no longer be the owner.

In some states Chase must take you to court to foreclose. That could take 6-8 months.

Your Questions About Foreclosures

Ken asks…

foreclosure process?

Your Questions About Foreclosures

The Expert answers:

The foreclosure process for trust deeds or mortgages are very state specific in how they are handled.

For example in California once a homeowner misses a few payments the lender can file a Notice of Default. Then 90 days later if that default is still not paid, they file a Notice of Trustee Sale & schedule an auction. 21 days later if the debt hasn’t been paid the property is auctioned off to the highest bidder.

In Texas the process is much quicker. If a homeowner misses a few payments then a Notice is filed & 2 months later on the 1st Tuesday of the month, the property is auctioned off.

There are 2 distinct types of foreclosure 1) Judicial 2) Non-Judicial

Basically a judicial foreclosure involves an actual suit filed in the court system. Typically that is a longer & most costly process.

A non-judicial foreclosure does not require using the courts for the lender to get relief.

Your Questions About Foreclosures

David asks…

how long does the foreclosure process takes in florida?

I am 4 months late I tried to get my payment deferred but they denied it, I want to know if my foreclosure process starts in february how long it would take to move out of my house??

Your Questions About Foreclosures

The Expert answers:

Your mortgage company will send you papers, stay as long as you can and save money for moving. Good luck.

Your Questions About Foreclosures

Steven asks…

I am in the process of a foreclosure and I really need to know if there is any way that i can purchase a home?

I am in the foreclosure process and I have no choice but to quick sale. With the money I receive I plan to pay off the loan and put a deposit on another home. I know that it will be hard to get another company to finance me but I have to have a roof over my head. i need to know of any programs or companies that can help

Your Questions About Foreclosures

The Expert answers:

First, if you are selling the house and paying off the loan, then there is no foreclosure. If the matter is settled before the foreclosure sale completes, then the home was never taken from you.

Consider renting for a while.

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Your Questions About Foreclosures
Your Questions About Foreclosures
Your Questions About Foreclosures
Your Questions About Foreclosures
Your Questions About Foreclosures

Your Questions About Foreclosures

Your Questions About Foreclosures