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Knowing the Basic Mortgage Foreclosure Procedure Can Help You
from:Knowing and understanding the basic mortgage foreclosure procedure can help you if you ever find yourself in this situation. I hope that you'll never have to experience the emotional and financial devastation that mortgage foreclosure can cause. However, if you do, it will be beneficial to you and your family if you know the basic mortgage foreclosure procedure.
Your home is not going to be foreclosed and repossessed because you've missed one payment. However, when you've missed a couple of consecutive mortgage payments, you're at a real risk of having your home repossessed. When you take out your mortgage to purchase your home, you sign a loan document, which is a legal binding agreement. You're agreeing to make monthly payments of a designated amount every month until the loan is paid in full. Many people believe this is all they are agreeing to because they don't read the fine print. This fine print is telling you what the bank can do if you fail to make your payments as promised. When you fail to make these payments, you are putting your loan in default and risking losing your home.
The basic mortgage foreclosure procedure consists of certain steps that are routinely followed. When you've missed one payment, the bank will send you a notice in the mail, call you or do both. They'll want to know what that problem is and when they can expect your payment. When you receive this phone call, this is the time to talk with your lender about any financial difficulties you may be having. The worst mistake you can make is to avoid your lender's calls. This goes in your record as being uncooperative with the bank when they tried to help.
If you've missed two or three consecutive payments, the bank will start the basic mortgage foreclosure procedure. The bank will send a Notice of Intent to Foreclosure along with a court date. You will have thirty days from the date of the notice until your court date. During these thirty days, you can still contact the bank and try to arrange to bring your loan current and save your home. Banks will usually work with you, as they don't like doing foreclosures because seldom do they get their money owed them.
If you don't contact them or can't come up with an agreeable solution, the court date will determine the date your home goes up for sale at public auction. You will be given so many days to leave the home or you will be evicted. This is all part of the basic mortgage foreclosure procedure. When the home is sold at auction, it is sold to the highest bidder. Proceeds will go to the lender to pay off the loan and all court and legal costs. Any balance left will go to the borrower, with your debt being paid in full.
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Mortgage Foreclosure Utah News
Report: Foreclosure filings slow in Utah, U.S.
Report: Foreclosure filings slow in Utah, U.S. STAFF AND NEWS SERVICES Published May 18, 2012 12:03AM MDT Foreclosure activity in Utah has fallen sharply over the past year, a new report shows. The number of foreclosure-related filings — ranging from notices that a homeowner is behind on a mortgage to repossession by a bank — fell by 21 percent from April 2011 to last month, foreclosure listing ...
Read more...Utah Senator Forced to 'Short Sell' His House
The nation's housing crisis has hit another member of Congress. Utah Sen. Mike Lee was forced to sell his home in a short sale , resulting in a $400,000 loss, The Salt Lake Tribune reports.
Read more...Senator Lee forced to sell ‘dream home’ in short sale
Senator Lee forced to sell ‘dream home’ in short sale By Thomas Burr The Salt Lake Tribune Published May 19, 2012 09:02PM MDT Washington • Less than two years into office, Sen. Mike Lee was forced to sell his dream home in Alpine with his mortgage bank taking a significant loss — up to $400,000 — in a “short sale” as the housing bust in his neighborhood drained his house’s value. Lee purchased ...
Read more...Sen. Lee forced to sell ‘dream home’ in short sale
Sen. Lee forced to sell ‘dream home’ in short sale By Thomas Burr The Salt Lake Tribune Published May 17, 2012 06:31PM MDT Washington • Less than two years into office, Sen. Mike Lee was forced to sell his dream home in Alpine with his mortgage bank taking a significant loss — up to $400,000 — in a “short sale” as the housing bust in his neighborhood drained his house’s value. Lee purchased the ...
Read more...Democratic Attorney General Candidates Talk Foreclosure, Republican Rivals Remain Silent
NEW YORK -- The nation's attorneys general flexed their legal muscles earlier this year when they signed off on a $25 billion national mortgage settlement. Often overlooked in the commotion of the presidential contest, attorney general races in 10 states this year will decide who continues the work, at least at the state level, of investigating banks for financial misdeeds.
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