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Ken Auletta: 10 things Google has taught us - Oct. 26, 2009 ( http://ping.fm/zKS8H )

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Ken Auletta: 10 things Google has taught us - Oct. 26, 2009 ( http://ping.fm/zKS8H )

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The rich bail faster on mortgages - MSN Money ( http://ping.fm/YVfeN )

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The rich bail faster on mortgages - MSN Money ( http://ping.fm/YVfeN )

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Loan Modification Company Stopping Foreclosure Sale: Foreclosure Process (http://ping.fm/gTUr1)

Loan Modification Company Stopping Foreclosure Sale (http://ping.fm/c4YOA)

Foreclosure Process

Understanding the Foreclosure Process and How to Stop Foreclosure
Foreclosure is a process that homeowners will dread going through. It is the final step your mortgage lender accomplish when homeowners has stopped paying back their monthly mortgage payments. After homeowners have begun the foreclosure process, there are not many options available that they can do to save their home. The process of foreclosure starts after the mortgage lender attempts of collecting the past due mortgage payments had failed. Your mortgage lender has the right to protect their interest in your home by the foreclosure process as fore mentioned in your mortgage contract. This is primarily to protect the mortgage loan where your home is placed as the collateral.
After the foreclosure process started the foreclosure sale can take about 45-60 days in a non-judicial and 6 months to a year in judicial foreclosure until the house is sold and completed. The first step of foreclosure is the mortgage lender files a record complaint at the local, county courthouse were the property resides and then the homeowners are sent a notice of default papers. In case the homeowner does not respond to notice the court would grant the start of foreclosure sale in favour of the lender. Even when the homeowner responds back to the court or serves a response to the complaint, the court usually do not accept any hearings unless the homeowner do not owe any money. After the proceedings of foreclosure sale the home is auctioned off. Here the lender takes over ownership and will file a right to vacate the property.

However, the most recommended process to stop foreclosure is a loan modification and another but rarely used alternative to prevent foreclosure is filing bankruptcy. If bankruptcy is the option homeowners file, then make sure bankruptcy is filed before the sale starts. Beware that filing bankruptcy can jeopardize your credit and leave a damaging mark for up to 10 years. When homeowners find themselves in the foreclosure process make sure to try other methods to avoid foreclosure and leave bankruptcy as your last resort. When your mortgage payments reaches foreclosure it is exceedingly difficult to get back on track to keep your house, if homeowners in need of a loan modification then call a loan modification company to help save your home.

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Mortgage Rates Dip Below 5 Percent, Time to Refinance? - The Home Front (usnews.com)

Mortgage Rates Dip Below 5 Percent, Time to Refinance? - The Home Front (usnews.com)

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