Christian, Foreclosure Revelations Part # 1 of 4
Foreclosure is a legal action initiated and filed by the borrower(s) mortgage lender(s) to bring suit upon the borrower(s) in an effort to force the borrower(s) to bring the loan(s) current or in most cases to legally gain back the property that is being used as collateral to secure the mortgage(s). This action usually occurs when the borrower(s) is generally four months behind on the mortgage(s) payments. By this time the lender(s) has tried unsuccessfully by repeated phone calls, visits and mailings trying to workout some type of repayment plan and has now escalated to more serious legal initiatives. The lender(s) really do not want the borrower(s) property; the lender(s) just want paid as the borrower(s) agreed to.
If the borrower(s) has multiple mortgages, generally only the primary lender files a foreclosure action, unless the second lender has a higher balance and there is substantial equity in the property or other assets. Typically after the borrower(s) is generally behind four months of mortgage payments, the lender(s) has prepared and serves lawsuit paperwork regarding a foreclosure action. Upon receipt of the paperwork the borrower(s) has 20-30 days (area dependant) to file an answer to the complaint. Note, if the borrower(s) are not physically served the lawsuit paperwork, the attorney for the lender(s) will in do time prove to the court all their efforts and the lender(s) will get a default judgment as if the borrower(s) had received and had not answered the complaint.
To learn more about the foreclosures, please visit our website or contact us for more in depth information. Have questions...please contact us.
http://www.truthofrealestate.com clint@truthofrealestate.com
Related Tags: mortgage, equity, attorney, assets, borrow, lawsuit, lender, default, complaint, delinquent, collateral, legal action, behind, defendant, loan current
Your Article Search Directory : Find in Articles
Recent articles in this category:
- 5 Reasons to Buy Jasper Real Estate
Jasper is a small town in North Georgia and it is growing rapidly. Since North Georgia Foreclosures - Ellijay Real Estate
Ellijay Georgia has always been known for it's outdoor activities and seasonal festivals. Downtown E - How to Deal With Blocked Drains
A blocked drain is an occurrence that happens eventually to all households. You may have experienced - The Benefits of Hiring a Plumbing Consultant
Your dream home may not always be brand new, with fresh paint and home essentials. There are certain - The Worst Mistake You Can Make When You Apply to Rent a Home
A whole new class of people has become renters and potential renters in America during the last thre - State of Individual Real Estate Markets
Everybody is well aware of the hit that the real estate market has taken over the past three years. - Thoughts on Avoiding the Landlord Trap
I've heard several people say they would never invest in a multifamily rental property because they - An Idea to Increase the Bottom Line of Your Investment Property
Are you pretty sure that you've already maximized the income coming from your property? If you've cl - Finding the Value of a Piece of Investment Real Estate
There is a lot of confusion about how much investment property is really worth. We'll look at three - Arkansas Land For Sale - Search Engine Optimization and Your Website
If you have Arkansas land for sale and are interested in advertising it on your website I have a few
Most viewed articles in this category:
- How High Did Home Prices Really Go
The U.S. Census Bureau released data on Tuesday that revealed where the nation's hottest markets wer - New Homeowners Tips for Household Safety
With so many items on their ¡°buying a home¡± checklist, few homeowners take into considerati - Truth About VA Foreclosures
Many people now days are finding themselves out of work and not being able to make the mortgage paym - Avoid Rookie Real Estate Investing Mistakes
When Robert Kiyosaki, author of the Rich Dad book series, bought his first property he was, of cours - Finding The Perfect Roommate On Craigslist
Craigslist, Roommates, and The Concerns Craigslist is "great" when it comes to looking for housing - The Forgotten Secret To Selling Property - Simple, Quick And Cheap
Why spend big dollars trying to get people to drive a long way to see your house, when your best pro - Get Amazing Results Selling Real Estate Online
This is the age of the internet. Why not take advantage of the widespread use of the internet to ad - Dallas Real Estate Information
In the United States, Dallas is considered as the second leading state according to the area. If any - The Largest Private Equity Indian Real Estate Deal
In the largest private equity deal won by the real estate sector, Morgan Stanley Real Estate has inv - Fractional Real Estate Ownership
Fractional ownership of vacation ski condos is growing in popularity. Park City Utah a popular ski t
