Phoenix, AZ -- (SBWire) -- 07/11/2013 --The home foreclosure process varies a bit from one state to another, but there are some common steps to all of them. Credit-yogi.com would like to share its familiarity with this subject, such as:
- When Banks begin Foreclosures
- Judicial Sale
- Power of Sale
- Preventing Foreclosure
Easy Process to Stop Home Foreclosure, Get Easy Solution for Home From Being Foreclosed!
Beginning the Process
If the bank is going to take one’s house for foreclosure, there is a method to the procedure. Generally, a bank won’t really make a move toward filing for foreclosure until one is two months behind. At that point, phone calls will be made to one’s residence. After three missed payments, the bank will send letters and a Notice of Intent to Foreclose. If one does not respond to them, the bank will then go forward with the foreclosure process.
Judicial Foreclosure Sale
The judicial sale must be done through the courts. In this part of the home foreclosure process, the financer will file suit with the court system. Once the court has that, it will send a demand for payment to one’s home. Usually, a homeowner has 30 days to take action to this demand to prevent foreclosure. If no attempt is made to pay the demand, the judge finds for the lender, which can request an auction sale of the property. The sale is handled by the county sheriff’s office within a few months of the court’s finding, and if the home sells, the sheriff’s office will evict one from the house. At that point, the former homeowner must leave his house immediately.
Power of Sale Foreclosure
A power of sale foreclosure does not involve the court system. Rather, the lender serves the homeowner with demand papers. If the mortgage holder wishes to reclaim one’s house for foreclosure, it must pursue the payment demand. Should the owner ignore the demand, a deed of trust is drawn up which temporarily places the home in the hands of a trustee. On behalf of the lender, the trustee will then sell the house at auction. Often, this type of foreclosure is subjected to judicial review to ascertain that everything was done legally.
Ways to Stop Foreclosure
Rather than going through the entire home foreclosure process, be proactive and take some steps to stop it. One can meet with his lender to see if there is a way to work out a repayment schedule. There are government programs through HUD and the FHA that can help prevent foreclosure. HAMP (Home Affordable Modification Program) and HARP (Home Affordable Refinance Program) are also federally sponsored foreclosure prevention plans. Apply for any of this help through a participating lender.
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Best Home Foreclosure Process - Easy Step to Stop Foreclosure