Search Bank REO39;s and Foreclosures in Spanish Fork, Utah

Foreclosure is a situation in which a homeowner is unable to make full principal and interest repayments on his/her mortgage, which allows the lender to seize the property, evict the homeowner and sell the home, as specified in the mortgage agreement. One month after the homeowner misses a mortgage payment, he/she is in default and will be notified by the lender. Three to six a few months after the homeowner misses a mortgage payment, supposing the mortgage is still delinquent, and the home owner has not comprised the missed payments within a particular grace period, the lender will commence to foreclose. The particular farther behind the borrower falls, the more difficult it becomes to get up since lenders add fees for payments that are 10-15 days past due.

Each state has its own foreclosure laws in the notices the lender must post publicly and/or with the homeowner, the homeowner's selections for bringing the loan current and avoiding foreclosure, and the process for marketing the property. In 22 states – including California, Illinois, and Nyc ~ judicial foreclosure is the norm, meaning the lender must go through the courts to get permission to foreclose by showing the borrower is overdue.

If the foreclosure qualifies, the local sheriff sales the property to the greatest bidder to try and recoup what the bank is due, or the bank becomes the owner and sells the house through the traditional route to recoup their loss. The entire judicial foreclosure process, from the borrower's first, missed repayment through the lender's sale of the home, usually takes 480 to 700 days, based on the Mortgage Bankers Relationship of America.

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

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