Understanding the Foreclosure Process:
When you borrow from a lender you are obligated to pay back that entire loan, usually through monthly installments. The foreclosure process will start whenever you start to fall far behind on those monthly payments.
Typically, your lender will issue a notice after missing three or more monthly payments. If you ignore the notices or continue to fall behind on payments, the lender will begin the foreclosure process which can take from the six months to a year.
Unless the foreclosure is stopped or postponed the lender will take back the house and auction it to the highest bidder in an attempt to recover their losses.
Your lender is not in the real estate business, so they don’t want to take back the property, deal with repairs, or anything else that comes with property ownership.
We can help with this process and will explain it more below.