Foreclosure is a catch-all term for the processes used by mortgage-holders , or mortgagees , to take mortgaged property from borrowers who default on their mortgages Foreclosure, like mortgages generally, is governed by the law of the place where the mortgaged thing is. Provides a vast database of foreclosed homes located throughout the country and much effort is put into researching a home before it is listed. This process involves the sale of the property by the mortgage holder without court supervision (as elaborated upon below).
The second type of foreclosure, foreclosure by power of sale, involves the sale of the property by the mortgage holder not through the supervision of a court. Each state has its own foreclosure laws covering the notices the lender must post publicly and/or with the homeowner, the homeowner’s options for bringing the loan current and avoiding foreclosure , and the process for selling the property.
An agent may act on your behalf, but MUST so note it on the registration form while signing in. Your deposit will be refunded if you are not a successful bidder the following work day after the sale. It may be best to explore other options to foreclosure with your mortgage company before making a decision to leave your home.
This opening bid is usually equal to the outstanding loan balance, interest accrued, and any additional fees and attorney fees associated with the Trustee Sale. Cities with eviction or rent control laws prohibit new owners from using foreclosure as a reason for evicting tenants.
Note: If you are a tenant and want to find out if the place you rent is in foreclosure, you can record, in your county recorder’s office , a form called a Request for Notice, asking that you be notified of any foreclosure proceedings. Connect with one of Dave’s real estate Endorsed Local Providers in your area who will guide you through the process and work hard on your behalf.