What Are The Steps In Foreclosure?
I understand that there are several steps in the foreclosure process (Notice of Default, Lis Penden, Notice of Trustee's Sale, Notice of Foreclosure Sale and Real Estate Owned). What is the order that these steps are taken, and what happens in each step?
You have to understand that each state administers their process differently. It is only up to you to find out the exact procedures or you can secure a lawyer to do it for you. No need to worry about legal fees/costs, becouse the delinquent taxpayer (hope is not you) will have to compensate you if he redeems at this point.
1st: Notice of Defult; (NOD) A notice is send out by the lender when a mortgage payment is late in an attempt to cure or make the loan current.
2nd: Lis Pendens; A term meaning legal action pending that gives a notice of an action or proceeding affecting the tittle of the property.
3rd: Trustee's Sale; The auction where the trustee may sale the property that has defaulted in effort to pay the outstanding debt that is owed.
4th: Foreclosure Sale; The legal procedure in wich the property used as security for a debt is sold to satisfy the debt in the event of the defult payment of the mortgage note or defult in other terms in the mortgage document.
5ft: Real Estate Owened (REO); Where then the property is aquired back by the lender after it has gone to auction.
*Board Hustler*[ Edited by JohnLocke on Date 09/28/2004 ]
Himam:
I have one in foreclosure, give me some tips.....how can i save the property?
Dont , blow it, I know firsthand how easy it is to get into this kind of hot water and from what I read on some other postings they have given you 4? extensions.
I assume the bank is gonna play hardball now. What state are you in and is it an fha foreclosure or what? also if its your principal residence you may have some help in delaying it via bankrupcy (last resort) I am sure there are others more knowledgable than myself in this forum so let us know what the numbers look like and what exactly happened. good luck and save what you can sometimes losing equity is hard but saves your credit let us know! :-(