Foreclosure is a process that allows a lender to recover the amount owed on a defaulted loan by selling or taking ownership of the property securing the loan. Foreclosure Lawyer in Hialeah, Andres Montejo, offers you the information and knowledge of the foreclosure process.
What is the foreclosure process?
When a borrower or owner defaults on loan payments, and the lender files a public default notice.
Stages of Foreclosure:
After about three to six months of missing payments, the lender orders a trustee to record a Notice of Default. The borrower then starts the reinstatement period that lasts about five days before the home is auctioned off.
If the default has not been corrected within three months, the foreclosure date is established. The homeowner then receives a Notice of Sale which will be posted on the property. The property is auctioned in public to the highest bidder, who will pay the high bid price in cash. The auction winner receives the trustees deed to the property.
The Foreclosure Auction:
A foreclosure auction is an opening bid on the property set by the foreclosing lender. If there are no bids higher than the opening bid, the property will be purchased by the attorney conducting the sale for the lender. If this happens, the property is deemed Real Estate Owned.
When you purchase property at a foreclosure sale, all junior liens other than property taxes are wiped out.
Foreclosure Defense with Foreclosure Lawyer in Hialeah
For the majority of people, their house is their most valuable asset as well as their beloved residence. Unfortunately, real estate speculation and the huge number of foreclosures in the past years has impacted the entire real estate market. Even people who never took out a sub prime mortgage have found themselves owing more on their home than they could get if they were to sell it. The prospect of losing your home to foreclosure is extremely frightening. Fortunately, there are things you may be able to do to stop foreclosure — or at least limit the damage to your credit. I can also help you understand the tax consequences of your options. Call Foreclosure Lawyer in Hialeah today!