For plaintiffs needing a cash advance to stave off foreclosure – it is a good idea to know the process the forclosure entails. As more fully described in a Forbes article recently – housing forclosure follows the six steps outlined below Step 1: Payment Default A payment default occurs when a borrower has missed at least one mortgage payment. After two payments are missed, the lender may send what is known as a Demand Letter. This is more serious than a missed payment notice. The borrower would normally have to remit the late payments within 30 days or receiving the letter. Step 2: Notice of Default An NOD is sent after 90 days of missed payments. In some states the Notice of Default is placed prominently on the home. At this point, the loan will be handed over to the lender’s foreclosure department in the county where the property is located. The borrower is informed that the Notice will be recorded. The lender will usually give the borrower another 90 days to settle the payments and reinstate the loan. This is referred to as the reinstatement period. Step 3: Notice of Trustee’s Sale If the loan has not been made up to date within the 90 days following the Notice of Default, a Notice of Trustee’s Sale will be recorded in the county where the property is located. The lender must also publish a notice in the local newspaper for three weeks indicating that the property will be available at public auction. All owners’ names will be printed in the Notice and in the newspaper, along with a legal description of the property, the property address, and when and where the sale will take place. Step 4: Trustee’s Sale The property is placed for public auction and will be awarded to the highest bidder who meets all of the necessary requirements. The lender (or firm representing the lender) will calculate an opening bid based on the value of the outstanding loan, any liens and any unpaid taxes, and any costs associated with the sale. Once the highest bidder has been confirmed and the Trustee’s Sale is completed, a Trustee’s Deed Upon Sale will be provided to the winning bidder. The property is Step 5: If the property is not sold during the public auction, the lender will become the owner and will attempt to sell the property on its own, through a broker or with the assistance of an REO Asset Manager. These properties are often referred to as “bank-owned.” The lender may remove some of the liens and other expenses in an attempt to make the property more attractive.
Phase 6: Eviction The borrower can often stay in the home until it has sold, either through a public auction or later as a REO property. At this point an eviction notice is sent demanding that any persons vacate the premises immediately. Several days may be provided to allow the occupants sufficient time to remove any personal belongings, and then typically the local sheriff will visit the property and
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