The Basic Foreclosure Process

Posted on December 3, 2010


The process of foreclosure is a frightening one, but quite predictable. When the bank sees that the homeowner is missing payments, they will file a public default, beginning the pre-foreclosure grace period.
The borrower ideally should try to pay off the default or possibly sell the property. If the bank sells the property, they will probably be much more hurried about it, and the property will go for less money than if the borrower sells it.
The bank can also take over the house with cooperation from the borrower, a “Short Sale” and then the dwelling is known as a  Real Estate Owned by the lender or REO property.
Bank foreclosures are taken over by the government in the case of a federally backed loan such as a Department of Housing and Urban Development, or the Department of Veterans Affairs.

Call Axsmith Law for help. For foreclosure, real estate and elder law legal help, call Christine Axsmith at Axsmith Law