Disclaimer: I am not a lawyer. I am
only publishing my interpretation of my situation. You should seek your
own legal representation for your own particular
situation. Do not rely on my
opinions or statements for your own purposes as state
and local law varies as do individual circumstances.
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Foreclosure
is the process whereby a lien holder gains ownership of a
property once a borrower defaults on the financial obligation
placed against that property. The lien holder may then hold,
sell or use that property as they are allowed by state law.
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Foreclosure laws vary from state to state. In general, though,
the state laws revolve around whether or not a state allows real
estate transactions to be based on mortgages or deeds of trust.
Depending on state laws, foreclosures may involve judicial
foreclosures or non-judicial foreclosures or both. States that
allow mortgages typically involve judicial foreclosures. Deeds
of trust states generally involve non-judicial foreclosures.
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The time
period required by the different foreclosure methods have widely
varying requirements as well. Some states have a foreclosure
processing period of less than one month. Some states have a
foreclosure processing period which may come closer to ten to
twelve months. There is a wide disparity between all the
different states in the time period required to close a
foreclosure.
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Most
states require foreclosure sales to be publicized. The period of
publication may vary from zero to four months. The means of
publication vary from state to state as well.
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Most
states allow a certain period of time in order for the prior
owner to redeem their property from whoever purchased the
property. Some states do not allow any time for redemption,
thereby making any foreclosure sale final with no means for
redemption. Redemption periods typically range from no
redemption to a one-year redemption to up to four years for
redemption in other states.
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For all
foreclosures, there are varying degrees of negative impact on
individual credit reports. Individuals may also face liability
for foreclosure sales that do not cover the full amount of the
original mortgage(s). Other negative obligations may arise as
well for a foreclosure.
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There are several companies that work to help homeowners stay in
their homes. HomeAssure.com is one of them.
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Or you might be in the situation where you just need to sell the
house. You might consider ForSaleByOwner.com as a means of
selling before the banks foreclose on your property.
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