Even if your home has been sold at auction, many states will allow you to reclaim it if you can pay the outstanding balance and additional costs incurred during the foreclosure process. The length of this redemption period and its availability vary greatly,according to HUD, and is often tied ...
Plan Ahead Lenders are required by law to notify homeowners when they are in default, as well as if and when foreclosure proceedings will begin, and when the homeowner is required to vacate the property. If you are unable to bring your mortgage loan current to avoid foreclosure, or if you ...
What happens after deed in lieu of foreclosure Once the deed is issued, the lender will own your home and you will need to move out immediately unless you've made other arrangements. In some cases, the lender will permit you to lease the property for an additional month or two if you...
Sometimes, the entire process is just called "foreclosure." At any rate, the borrower has opportunities to pay the overdue amounts or work out a loss mitigation option before a foreclosure sale happens. After the foreclosure auction, in most cases, the borrower can get the house back only ...
if you later find it impossible to make payments on your mortgage after signing a reaffirmation agreement, the lender may be able to file a lawsuit against you for any remaining balance owed after a foreclosure sale. Signing a reaffirmation agreement is, therefore, an important decision to weigh...
After Dismissal If the judge dismisses a foreclosure case because the lender made an error or doesn't have the ability to sue you, the lender must typically start the process again. However, it's possible to dismiss a case with prejudice in some states, which means that the plaintiff can'...
A short sale lets struggling homeowners sell their home before facing foreclosure. If you’re having trouble making payments, see if a short sale works for you.
Issued by a court, a decree of foreclosure and sale is a declaration that states the borrower's property will be sold to satisfy an outstanding debt that is indefault. After the property is sold, the proceeds are used to pay off all or a portion of the debt. These court orders are re...
Michelle Singletary
What Happens After the Appraisal? If all goes well, the appraisal gets slipped into the pile of paperwork and the closing process takes one step forward. The next step is mortgage underwriting. The underwriter reviews the entire loan file to make sure everything is in order and that all the...