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Real Estate Tips
Foreclosures >5. What Happens During the Foreclosure
- Missed payments. The first sign that foreclosure is coming is when a homeowner gets behind on their house payments. Lenders usually understand if a homeowner falls behind on one or two payments and will offer repayment plans so the homeowner can get back on track. However, if they don’t, the foreclosure process will continue.
- Lender notices. After a homeowner misses payments, the lender will get in contact with them either by mail or phone. (The timeframe depends on the lender.) The lender will most likely want to avoid foreclosure as much as the homeowner, so this dialogue can benefit the homeowner in finding alternatives to foreclosure.
- Options are discussed. The homeowner and the lender can brainstorm ideas on how to rectify the situation. If the homeowner and the lender can come to an agreement on payments to get the mortgage back on track, the situation is resolved and foreclosure is avoided.
- Foreclosure filing. If there is no solution to the process, the lender will begin filing a lawsuit to foreclose on the home. This brings the question of foreclosure before a judge. During this process, a title search must occur to make sure if the lender is permitted to foreclose and is not engaging in unjustified foreclosure. In some jurisdictions, court-ordered mediation must take place between the lender and the borrower after the borrower is served with the foreclosure suit, but before the final foreclosure decision, as a last-ditch effort to avoid foreclosure.
- The home is foreclosed on. The lender resumes all rights and responsibilities of the property. The previous homeowner no longer owns the home.
- Foreclosure auction. Usually, the house will then go to a foreclosure auction to be sold. In order to get rid of the home fast, the lender can sell the home at a lower price.
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Real Estate Trivia
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What is the world's largest palace?
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The Imperial Palace (Gugong) in the center of Beijing, China covers over 178 acres and dates back to the early 1400s. |
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The Don Lawyer Real Estate Team Keller Williams Realty 1301 South Bowen Road, Suite 125 Arlington, TX 76013 Office: 817-213-6510 Toll Free: 1-877-515-9089 Fax: 817-764-0482 Email: donlawyer@NUMBER1EXPERT.com Email: realestatebyjoyce@gmail.com
As Tarrant County's top real estate agents, Don Lawyer and his team have made a name for themselves by providing exceptional service and expert advice. With over two decades of experience and expertise, members of The Don Lawyer Team are proven performers. If you desire the very best in personalized service, you will appreciate the reassurance of knowing there is someone to take your call if you have a question. The Don Lawyer Team stays in touch with their clients, and they do the little things right. Call or email them today! 
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