Comments on: Understanding The Foreclosure Process http://www.westvalleypros.com/2009/08/understanding-the-foreclosure-process/ Phoenix Short Sales - Phoenix Short Sale Experts - Phoenix Realtor Mon, 04 Oct 2010 16:21:00 +0000 hourly 1 http://wordpress.org/?v=3.1.3 By: loanmasterone http://www.westvalleypros.com/2009/08/understanding-the-foreclosure-process/comment-page-1/#comment-4285 loanmasterone Mon, 10 Aug 2009 20:33:59 +0000 http://www.westvalleypros.com/2009/08/understanding-the-foreclosure-process/#comment-4285 The chapter 7 and the foreclosure are two different things, even though they will interact and over lap with each other because of the bankruptcy. The foreclosure will run it's course as well as your bankruptcy. Most of the things you want to accomplish will take place during your bankruptcy. There are two type foreclosure procedures used in the United States #1 Non-judicial Foreclosure- Your lender would file a “Notice of Foreclosure/Default with the county in which the property is located and the foreclosure will take place. You will be sent a copy of this notice as well as a copy will be placed on the property being foreclosed on. Once you have received this notice you then have 90 days in which to bring your foreclosure current. You current lender might entertain the idea of refinancing your mortgage during this stage. Failure on your part to take any action to cure your foreclosure the lender would now file with the county a “Notice of Sale” again you will be mailed a copy and copies will be placed on the foreclosed property. A sale or auction date would be established by this notice. Failure to act on this “Notice of Sale” will cause the lender to complete the foreclosure sale. The opening bid price on the property will be the balance of the loan plus any fees incurred during the foreclosure process. Under this foreclosure procedure the lender will not come after you for any deficiency judgment or other property not listed on your loan docs when you signed for your loan. So any property your purchased before or after would not be affected. This foreclosure procedure is used by the majority of lenders in the United States. #2 Judicial foreclosure- Under this procedure the lender would partition a court to issue a foreclosure notice. You would be summon to appear in court to protect yourself from your property being foreclosed on. Under this procedure the lender could seek a judgment through the court for a deficiency judgment. Under this procedure you normally would have a right to redeem your property. This right of redemption could be anywhere from 30 days to 1 year depending on the state in which you reside. Most lenders do not use this procedure of going through the court system. Going through the court system is long and time consuming, plus the right of redemption would keep them from selling the property until after all the legal action is complete When you signed your loan docs the collateral for the loan you were getting was outlined. So if you own another home or house and it was not listed on your loan docs as collateral then the lender will not come after that property. I hope this has been of some use to you, good luck. “FIGHT ON”<br><b>References : </b><br> The chapter 7 and the foreclosure are two different things, even though they will interact and over lap with each other because of the bankruptcy. The foreclosure will run it’s course as well as your bankruptcy. Most of the things you want to accomplish will take place during your bankruptcy.

There are two type foreclosure procedures used in the United States

#1 Non-judicial Foreclosure- Your lender would file a “Notice of Foreclosure/Default with the county in which the property is located and the foreclosure will take place. You will be sent a copy of this notice as well as a copy will be placed on the property being foreclosed on. Once you have received this notice you then have 90 days in which to bring your foreclosure current. You current lender might entertain the idea of refinancing your mortgage during this stage.

Failure on your part to take any action to cure your foreclosure the lender would now file with the county a “Notice of Sale” again you will be mailed a copy and copies will be placed on the foreclosed property. A sale or auction date would be established by this notice.

Failure to act on this “Notice of Sale” will cause the lender to complete the foreclosure sale. The opening bid price on the property will be the balance of the loan plus any fees incurred during the foreclosure process.

Under this foreclosure procedure the lender will not come after you for any deficiency judgment or other property not listed on your loan docs when you signed for your loan. So any property your purchased before or after would not be affected.

This foreclosure procedure is used by the majority of lenders in the United States.

#2 Judicial foreclosure- Under this procedure the lender would partition a court to issue a foreclosure notice. You would be summon to appear in court to protect yourself from your property being foreclosed on. Under this procedure the lender could seek a judgment through the court for a deficiency judgment. Under this procedure you normally would have a right to redeem your property. This right of redemption could be anywhere from 30 days to 1 year depending on the state in which you reside.

Most lenders do not use this procedure of going through the court system. Going through the court system is long and time consuming, plus the right of redemption would keep them from selling the property until after all the legal action is complete

When you signed your loan docs the collateral for the loan you were getting was outlined. So if you own another home or house and it was not listed on your loan docs as collateral then the lender will not come after that property.

I hope this has been of some use to you, good luck.

“FIGHT ON”
References :

]]> By: punkinbutt'smama http://www.westvalleypros.com/2009/08/understanding-the-foreclosure-process/comment-page-1/#comment-4284 punkinbutt'smama Mon, 10 Aug 2009 15:31:58 +0000 http://www.westvalleypros.com/2009/08/understanding-the-foreclosure-process/#comment-4284 <b>Filing chapter 7 and surrendering home, can you help me understand foreclosure process?</b><br>We will be surrendering our home in our Chapter 7 bankruptcy due to my husband being unemployed, and we can not afford the house any longer. Our lawyer briefly explained the foreclosure prcoess to us, but my question is, do we have to go to court for the foreclosure as well? Or is everything taken care of through the bankruptcy? Filing chapter 7 and surrendering home, can you help me understand foreclosure process?
We will be surrendering our home in our Chapter 7 bankruptcy due to my husband being unemployed, and we can not afford the house any longer. Our lawyer briefly explained the foreclosure prcoess to us, but my question is, do we have to go to court for the foreclosure as well? Or is everything taken care of through the bankruptcy?

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