Political Question About Foreclosures

How in the heck do foreclosures of single family homes work? Having never been foreclosed on or ever bought a foreclosure property directly from the bank, I am curious as to the timeline and what exactly happens. I hear our presidential candidates talk about allowing people to stay in their homes with a 90 day moratorium on foreclosures, judges reducing mortgage rates, buying up the bad mortgages, etc. I would like to know how the process works before a property in foreclosure can be bought/occupied.



How many months do people typically go without paying their mortgage before their house is truly foreclosed?



Once their house has been foreclosed, isnt there a period where the original owner can continue to stay in the house?



All I hear about on the news is how terrible it is because people are being kicked out of their homes, banks are greedy, etc. I would like to hear from investors about the specifics of how a foreclosure works. Correct me if I am wrong but I am sure that there are a whole lot of people who decide not to pay their mortgage when they can actually afford it and then live payment free for a considerable length of time before the sheriff finally kicks them out. How accurate is that statement?

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