The Foreclosure Process

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If you don’t work to find an alternate solution to your mortgage problems you will eventually find yourself in foreclosure. The legal process of foreclosure varies from state to state but follows two basic processes, judicial and non-judicial foreclosure.  A judicial foreclosure is handled as a civil lawsuit and is conducted entirely under the supervision of the court, while a non-judicial foreclosure takes place without any formal court proceedings.

In either Foreclosure process you can expect one or all of the following to occur:

Non-Judicial Process

  1. The borrower is notified that the foreclosure process has begun.
  2. A notice of default is recorded.
  3. A notice of sale is recorded and mailed, and legal notices may be published in local papers.
  4. The house is sold at public auction.

Judicial Process

  1. The borrower is notified that the foreclosure process has begun.
  2. Foreclosure papers are filed with the court and served on the borrower and all other parties with an interest in the property.
  3. Hearings are held with the court regarding the foreclosure.
  4. The court issues a judgment and a foreclosure sale date is scheduled.
  5. The house is sold at public auction.
  6. Legal notices may be published in local papers.

WHAT ARE MY OPTIONS TO PREVENT FORECLOSURE?