Below is a general description of the foreclosure process to help you understand the chain of events involved in a home foreclosure as well as your options to avoid a foreclosure. Timelines and actual events will vary from home owner to home owner.
What is Foreclosure?
Foreclosure is a process that allows a lender to recover the amount owed on a defaulted loan by selling or taking ownership of the property that secures the loan. The foreclosure process begins when a borrower defaults on loan payments and the lender files a public default notice, called a Notice of Default (NOD).
The foreclosure process usually ends one of four ways:
The borrower/owner avoids foreclosure using a foreclosure prevention program during a grace period (pre-foreclosure). Two main solutions are possible with many variations:
A. A loan refinance or new loan is obtained to pay off late payments and bring the loan current.
B. A mitigation specialist works out new payments with the lender to avoid foreclosure.
An expert can help you with these options here
The borrower/owner sells the property to a third party during the pre-foreclosure period. The sale allows the borrower/owner to pay off the loan and avoid having a foreclosure on their credit history.
A third party buys the property at a public auction at the end of the pre-foreclosure period.
The lender takes ownership of the property, usually with the intent to re-sell it on the open market. The lender can take ownership either through an agreement with the borrower/owner during pre-foreclosure or by buying back the property at the public auction. These are also known as bank-owned or REO properties (Real Estate Owned by the lender).
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The content provided here is a general description of services. Actual benefits and features of services will vary. It is up to you, the consumer to consult with the end service provider to educate yourself on all the details of their program.
By completing a form on this website you
are requesting a home foreclosure service to contact you, in some cases by telephone, regardless
of your status on the do not call list (DNC). Forms on this website
are for information requests only, they are never
an application or pre-qualification for services. By comleting a information request form on this website you have NOT saved your home from foreclosure. iHomesaver
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iHomesaver is not providing legal, financial, investing or any other professional advice. Although we believe the content on this website to be acurrate it is general in nature and does not fully describe the complex details of every debt or foreclosure situation or the program you may ultimately choose to use. It is recommended that you always contact a professional in the appropriate field for advice before making any final decision.
In no case should you, the visitor, believe that there is any gaurantee that a you will not have to file bankruptcy in the future or that you will not have to foreclose on your home. This type of claim is not possible since these decisions are made by you and or you lender.
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for a mortgage loan, nor is it used to pre-qualify you with any
lender. If you are contacted by a lender or broker advertising within
our network, your quoted rate may be higher, depending on your property's
location, your credit score, your loan-to-value ratio, debt-to-income
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