The Basic Steps of Foreclosure
Fannie Mae has publicly assured homeowners going through foreclosure that they will be protected from losing their homes while applying for a federally funded loan modification. They can apply for a modification at any point before or during the foreclosure process. If a modification is approved, homeowners can keep their homes if they make their adjusted payments. Absent that, here are the stages of a typical foreclosure:
1) In default: A loan is in default when a mortgage payment is 30 days late.
2) Warning: When a loan is 60 days past due, the bank, credit union or mortgage company warns that foreclosure is the next step.
3) Proceedings begin: After 90 days, the lender refers the loan to its foreclosure department, and hires a trustee (foreclosure company typically Tittle companies) to begin foreclosure proceedings.
4) Sale advertised: The lender’s lawyer advertises the property for sale for four consecutive weeks in a local newspaper. The sheriff’s sale date is listed in the advertisement.
5) Sale held: The sale is held on the published date. A sheriff’s employee conducts a courthouse auction and the highest bidder wins, usually the bank that owned or serviced the mortgage.
If you have equity in your home, we will sell your home and get top dollar in this challenging market, go to County Properties Marketing Homes. If you do not have enough equity, and you must sell your property as a short sale we have the expertise to do so also and close escrow in 45-60 days or less. Learn more about mortgage relief options and how to take advantage of our FREE REALTOR (R)  CONSULTATION for loan modification and or selling .  or go to www.ShortSaleRealtors4U.com
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