Your Questions About Foreclosures | foreclosureorder.com

Your Questions About Foreclosures

Your Questions About Foreclosures

Donna asks…

How does the foreclosure process work for the potential buyer?

I’m potentially looking for a foreclosed property but I’m not quite sure how the complete process works. Any suggestions?

Your Questions About Foreclosures

The Expert answers:

This is a tricky arena that can be very restrictive on you as a buyer. Many states have special laws designed to preotect homeowners from fraud. It is very helpful overall, but can mean a lot of extra research and precaution for you as a buyer.

I write a blog that touched on this a while back…check it out for more info. Hope this helps.

Your Questions About Foreclosures

Mark asks…

How long does the foreclosure process take from “Notice of Foreclosure” to your house going up for auction?

I live in Las Vegas. I just received a Foreclosure Intent notice by certified mail. How much longer can I stay in my house?

Your Questions About Foreclosures

The Expert answers:

THESE ARE THE STEPS.
1- ONCE LENDER FILES (notice of default) YOU HAVE 90 DAYS FROM THE FILING DATE TO PAY ALL BACK PAYMENTS PLUS PENALTY,PLUS FORECLOSURE FEES..IF YOU DO NOT PAY OR REACH SOME FORM OF AGGREMENTS WITH YOUR LENDER,THEY CAN FILE(notice of election to
sell).THIS NOTICE IS USUALLY FILED 100 DAYS AFTER ORIGINAL FILING OF NOTICE OF DEFAULT.ONCE YOU ARE INFORMED(register mail) ABOUT
FILING,YOU HAVE 21 DAYS TO PAY THE ENTIRE AMOUNT YOU OWE.
IF YOU FAIL TO PAY THE ENTIRE AMOUNT BEFORE THE 21st.DAY,THEN
YOUR HOME WILL GO ON AUCTION. ONCE YOUR HOME HAS BEEN AUCTIONED OFF,YOU MAY REMAIN THERE,UNTIL ,NOTIFIED BY MARSHAL
AS TO WHEN YOU MUST LEAVE.

A BANKRUPCY WILL STOP ALL OF THESE FOR UPTO 8 MONTHS.AT THE END THEY WILL TAKE IT.YOU MAY ATTEMPT TO SHORT SALE THE HOUSE,
WHICH COULD KEEP YOU THERE FOR A LONG TIME.
NEED MORE INFO,EMAIL ME.

Your Questions About Foreclosures

Susan asks…

How long does the foreclosure process take?

How much time to you have to leave the house, once in foreclosure or default?

Your Questions About Foreclosures

The Expert answers:

Depending on your location and/or court back log it could be anywhere from 3 months to a year. You need to leave by the time a final judgment is rendered and a courthouse sale is scheduled.

Realtor.sailor

Your Questions About Foreclosures

Mandy asks…

How long does the foreclosure process take in Ohio?

I have not yet received papers, but I was wondering how long it usually takes and how long I can stay in my house after foreclosure.

Your Questions About Foreclosures

The Expert answers:

The following information is from Ohio’s Save the Dream Project, which you can access at http://www.savethedream.ohio.gov/

Foreclosure Timeline
All times below are APPROXIMATE

Day 1: You fail to pay the mortgage payment by the due date today, the first of the month.

Day 16-30: Late charges are assessed on the payment. The mortgage servicer attempts to make contact with you to find out what happened.

Day 45-60: The servicer sends you a “demand” or “breach” letter pointing out that terms of the mortgage have been violated.

Day 90: The servicer refers the loan to the foreclosure department and hires a local attorney or other firm to initiate the foreclosure proceedings.

The servicer then files the proper legal documents at the Court of Common Pleas. This is called a “complaint.” Once the case is filed, the court will send you a copy of the lawsuit by certified mail and/or through delivery by a sheriff’s deputy.

What happens next depends on what, if any, action you take. If you do nothing, the process may move swiftly. The servicer may file a motion with the Court for a “default judgment.” This could happen one month after you receive court papers. The court may give the servicer a judgment quickly, setting up the house for a sheriff’s sale.

If you take action in response to the complaint, you must do so within 28 days. An attorney can help you through this process. Contact Ohio State Legal Services Assocation or the Ohio State Bar Association to find an attorney.

Day 150+: Once a court grants a judgment to foreclosure, the sheriff will appraise the value of your house and it is then sold at foreclosure sale or auction. Again, this may happen sooner or later, because times are only approximate. The property must sell for at least two-thirds of its appraised value. There may still be a chance to save your home. Contact a housing counselor immediately.

After the Sale: You have the right to buy back your home prior to the sale being confirmed. This “right to redeem the property” allows you to pay the amount you owe against the house in full. You will also owe any additional fees and costs incurred as a result of the foreclosure. Typically, it will take 30 days to “confirm” the sheriff’s sale.

Confirmation: You will be given a notice by the sheriff to leave. The amount of time varies by county. Call your local sheriff to check or to try to negotiate for more time.

Source: Ohio State Legal Services Association

Good luck,

http://www.foreclosure-fight.com

Your Questions About Foreclosures

Chris asks…

What is a Notice of Filing in Florida regarding the foreclosure process on a home I’m renting?

I just received a “notice of filing” in the mail and I’ve searched for that term on the web but can’t find it. We’ve been renting the house for 5 years and the home is apparently going into foreclosure.

Your Questions About Foreclosures

The Expert answers:

They just filed notice with the courts that the mortgage payment is late.

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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