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A Glimpse At The Foreclosure Process

Published February 3, 2011 in Bank America Short Sales - 0 Comments

Foreclosure only minimizes loss and does not give any profit according to real estate experts.   Actually, people have different ideas about the foreclosure process because some think it happens instantly. However, this is not the case|Moreover, it has been widely held that evictions happen instantly but this is not the case  .  In fact, delinquent home buyers can stay in their Draper Homes for years before they finally find a new home to stay.

The process starts after the first missed payment and after 15-30 days the lender will send a reminder.  Your lender will start calling you once you continually miss you paymnets and when you take no proper action on the notices that they sent If the home owner missed the second, third, and more payment; notices or reminders will be continuously sent by the lender .   Then after several reminder or notices which could last for 3-6 months, the lender will send the acceleration notice which says, ‘the entire borrowed amount is now due’ .  However, you can still negotiate this with your lender.  You just have to be ready to pay more.  If you will not take appropriate action on this, your lender will finally send a foreclosure notice, but if your state does judicial review then you receive a foreclosure hearing. Attending the hearing is a prerogative though for a home buyer who is invited to a foreclosure hearing.

Since turning over the key of Canton Ohio Homes For Sale takes months or years, you don’t have to wait for this long especially if you really like to get your house back. Ignoring your lender’s calls and notices will just cause you much trouble. There is no harm if you try negotiating with your lender regarding your missed payments.

{Data from LPS Applied Analytics showed that New York holds the title of the longest average in the nation| LPS Applied Analytics revealed that New York has the longest average delinquency in mortgage loans in the foreclosure process}.  Mortgage loans in the foreclosure process in New York have been delinquent for 600 days on average; Florida, New Jersey, Hawaii, and Maine have been delinquent for an average of more than 500 days; and California and Nevada’s home loans have been delinquent for 461 and 427 days.  Conversely, Nebraska and Wyoming were found to be the two fastest states with an average of 358 days.

Are you curious as to why there are still delays even if lenders say foreclosure is a very costly process?  Well, here are very common reasons why| There are several reasons why there are still delays in finishing the foreclosure process and these are: temporary moratoriums, mandatory mediation sessions, loan modification or assistance programs, mortgage service companies not wanting to take on the legal and financial responsibilities of owning any more Home for Sale in Gainesville Georgia, or lack of qualified judges to handle foreclosure cases.

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