Homeowner Challenge Involving PostSale Redemption Foreclosure Fraud

Foreclosures is a situation in which a homeowner is unable to make full principal and interest obligations on his/her mortgage, which allows the lender to seize the property, evict the homeowner and sell the home, as agreed in the mortgage deal. One month after the homeowner misses a home loan payment, he/she is in default and will be notified by the lender. Three to six a few months after the homeowner does not show for a mortgage payment, presuming the mortgage is still delinquent, and the house owner has not made up the missed payments inside a specified grace period, the financial institution will commence to foreclose. The particular farther behind the debtor falls, the more difficult it becomes to get up since lenders add fees for payments that are 10 to 15 days past due.

Each state has their own foreclosure laws covering the notices the lender must post publicly and/or with the homeowner, the homeowner's options for bringing the loan current and avoiding property foreclosure, and the method for marketing the property. In twenty-two states – including California, Illinois, and New York : judicial foreclosure is the norm, meaning the lender must go through the courts to get agreement to foreclose by demonstrating the borrower is delinquent.

If the foreclosure is approved, the local sheriff online auctions the property to the maximum bidder to attempt to recoup what the bank is due, or the bank becomes the owner and sells the home through the traditional route to recoup the loss. The entire contencioso foreclosure process, from the borrower's first, missed repayment through the lender's sale for the home, usually takes 480 to 700 days and nights, in accordance with the Mortgage Bankers Organization of America.

The other 28 states – including Arizona, California, Georgia and Texas – mainly use non-judicial foreclosure, also known as the power of sale, which is commonly faster and does not go through the courts unless the house owner sues the lender.

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Homeowner Challenge Involving PostSale Redemption Foreclosure Fraud

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