Where are You in Your Foreclosure Procedure

Posted on February 24, 2010
Filed Under free foreclosure listings |

You need to have a clear idea of where you are in foreclosure in order to understand how you can stop foreclosure. All foreclosure procedures are different because all banks are different and all states have different laws that govern the foreclosure process. So where are you and how do you get to where you want to be?

When did you get the foreclosure notice from your bank? Take a look at these documents and see when they are dated. That will tell you when your foreclosure procedure began. My foreclosure notice came from my bank’s attorneys.

When did you get the foreclosure documents from the courts? Shortly after the bank sends you the foreclosure notice, they will file papers with the court. You will get copies of these that tell you exactly when your foreclosure was filed with the court. These documents are vital and the dates on them are very important. Every state has a different foreclosure timeline and that is what determines how long you have to save your home. As soon as your bank’s lawyers file papers with the court, the clock is ticking and you have a very limited timeframe in which to stop foreclosure on your home. In order to know exactly where you are at in your foreclosure procedure, you need to have these documents and you need to know exactly what date they were filed.

What is your state’s foreclosure timeline? Find out how long the timeframe is from when your bank’s attorneys file the foreclosure paperwork until the sale date of your home. Like I said, every state is different so you have to understand what the foreclosure procedure is for your state. It could be anywhere from a couple of months to up to a year. It all just depends on the state. Do whatever you need to do to find this information.

So now you know all of this and you know where you are at in your state’s foreclosure timeline. How do you get to where you want to be? As with most things in life, it is always good to have a plan. Even if it is a very brief plan. Part of that plan definitely needs to include talking to your bank. You will not stop foreclosure unless you talk to them. Create your own “getting out of foreclosure” timeline. Every foreclosure procedure can be stopped, you just have to know how you are going to do it.

Jill Borash
http://www.articlesbase.com/real-estate-articles/where-are-you-in-your-foreclosure-procedure-724159.html

Comments

5 Responses to “Where are You in Your Foreclosure Procedure”

  1. John on February 24th, 2010 9:31 am

    Where can a 1st Homebuyer (or anyone) find a list of bank foreclosures in NY?
    thanks everyone.

    And is the loan procedure different for foreclosures?

    I appreciate your responses.

  2. I Buy And Sell Houses on February 24th, 2010 2:33 pm

    Any Realtor can get you a complete list.

    And, no, the loan procedure isn’t different. However, you do have to be (at a minimum) prequalified, and preferably preapproved. And work with a lender that can close quickly. Sometimes, once a bank OKs a foreclosure sale, there’s a real short (10 day to two week) window of opportunity to buy; otherwise, they move on to the next buyer.
    References :

  3. dcoumbs on February 24th, 2010 2:35 pm

    Start with this link:

    http://www.hud.gov/homes/homesforsale.cfm

    You can also - and this would be best - look for a local realestate agent who deals in repos. You will need an agent to bid on most repos.

    Remember that lots of agencies reposess homes and they all market them differently. The link I gave you will get you to most government homes, but private banks mostly use brokers.

    All the above types of homes will sell just like a normeal home, closeing agent, title insurance, the works. There are also the options of buying at auction on the court house steps and directly from distressed people. You need a lot more savvy and a much thicker skin to do those types of purchase. I have bout a hud repo and several fixers, but I just won’t kick people out of their homes - so I leave the rough stuff to the lender.

    If you chose to do as I do and look for REO - lender owned properties -then the loan process is just like normal except that the house may not qualify for a first class mortgage because of condition.

    Good luck
    References :

  4. badgolfer828 on February 24th, 2010 2:37 pm

    This is a Connecticut website but the mini course he has is applicable anywhere to find foreclosure listings for free.

    http://www.cthousehunting.com/foreclosure.html

    The loan process from your end is no different. The attorneys will take care of anything out of the ordinary.
    References :

  5. yep on February 24th, 2010 2:39 pm

    http://infoonforeclosures.blogspot.com
    References :

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