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).
iHomesaver is a referal service that puts
you in touch with companies offering services you have expressed an interest
in receiving information from by sumbitting a request form. iHomesaver is not an end provider
of home mitigation, modification, or any financial services, we are not counselors of any kind, and are not part of any agreement or contract of services you may commit to with another company you have found using the ihomesaver.com or affiliated websites. iHomesaver is not a Government owned, backed or operated website or debt relief program. Most current Government debt relief programs can be found here.
The content provided here is a general description of the industry and services they offer. Actual benefits and features of services will vary. It is up to you, the consumer to consult with the end service provider and professional advisors to educate yourself on all the details of their program and legal licensing requirements for your state.
By completing a form on this website you
are requesting a home foreclosure, or debt relief 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
evaluates carefully the service providers we put you
in touch with, however we do not endorse nor are we responsible for the actions taken or services provided by
any particular company that may be found by using the iHomesaver.com
website.
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.
Nothing on this website is intented to lead visitors to 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.
iHomesaver. is not acting as a lender or broker.
The information provided by you to iHomesaver is not an application
for a mortgage loan, nor is it used to pre-qualify you with any
lender. Programs described in your consultation are not available in all states. Homeowners should only do business with services licensed to provide foreclosure prevention services in their state.
iHomesaver.com is not liable for any loss resulting from a business relationship formed by you the consumer and an end service provider found throught the iHomesaver.com or iHomesavers.com or affiliated websites.
