If you are in foreclosure, facing foreclosure, or just falling behing on mortgage payments, it’s crucial that you understand the foreclosure process – its procedures, your defenses, ways to avoid foreclosure, and consequences after foreclosure. Ø The filing of any bankruptcy action under Chapter 7 or Chapter 13 automatically stays a foreclosure proceeding, regardless of type. Tax Lien foreclosure can be taken by the Government by forcing / pressurizing the defaulted owner and if required they will take the ownership of the property with police warrant.
Securitization has no relevance to whether the borrower owes and must pay the debt or the mortgagee may force a foreclosure sale. There have been instances where homeowners have had their homes sold at foreclosure while their modification applications were still pending.
So property noted on cheap homes list may not be all that cheap considering the maintenance cost. If a payment is not made after a certain time period, the mortgage property is then sold through an auction to the highest bidder, carried out by a local court or sheriff’s office.
If you are thinking of selling your home, don’t underestimate the role a real estate professional can play in the process. The legal Foreclosure process for a property, on average, takes 9-12 months from start to finish. However, in some cases, the mortgage holder may seek permission from the bankruptcy judge to resume foreclosure proceedings.
The mortgage, which the borrower signed, plainly gives the lender or nominee (mortgagee) the legal right to force a foreclosure sale for no-payment of the note. In most cases, no. Under federal and state law tenants may remain in their homes until their leases expire, or for 90 days, whichever is later.