Archive for the 'Foreclosure Process' Category

What Happens When You Foreclose on a House?

There are a lot of things to consider when you are facing the possibility of a foreclosure. The effect that the foreclose will have on your credit, how much time you will have to move, and whether the bank can come after you to collect if the house doesn’t sell for a high enough price are just a few. Before you can decide what you are going to do about your situation, you need to know what happens when you foreclose on a house.

The Timeline for Foreclosure

The foreclosure process can take anywhere from one to ten months, depending… Read more »

4 Different Stages of Foreclosure

When people buy properties by taking outĀ mortgage loans, the lender gets an ownership interest in the property. That is, the property serves as collateral. This means that if you borrow money on a house and are not able to make the mortgage payments, the lender has the legal right to take possession of your property and evict you. This process is called foreclosure.

Foreclosure is a legal process and it does not allow your lender to take possession of your property very quickly. There are four stages in the foreclosure process. All the stages or the steps are set according… Read more »