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 (repossession) of the property securing the loan. The foreclosure process begins when a borrower/owner defaults on loan payments (usually mortgage payments) and the lender files a public default notice, called a Notice of Default or Lis Pendens. The foreclosure process can end one of four ways:

 

The borrower/owner reinstates the loan by paying off the default amount during a grace period determined by state law. This grace period is also known as pre-foreclosure.

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 his or her 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 properties are also known as bank-owned or REO properties (Real Estate Owned by the lender).

 

 

If you can answer yes to any one of these questions below:


 


 

  • Are you behind on your mortgage payments.
  • Have you or your spouse experienced reduced hours at work.
  • Have you experienced a sickness, divorce, death, or financial hardship.
  • Are you currently active in the United States Armed Forces.
  • Do you owe more on your home than it is worth. 
  • Business failure.
  • Damage to property.
  • Incarceration.
  • Medical Bills.
  • Military Services.
  • Payment Increase.
  • Job Relocation.
  • Separation.
  • Too much debt.
  • Unemployment.

 


 

You may qualify for a Loan Modification or will be able to sell your home for FREE  CALL NOW !!!


 

Crum & Associates Residential Group does not charge any fees for services. All fees are paid by your lender to sell your home FAST. 


 

Call 562-881-4985 to learn about your financial options to SAVE YOUR CREDIT...........FOR FREE