The Foreclosure Process

I hear the word "exclusion" of all times in the news. They know that means that you lose your home for not paying the mortgage. But you know what really happened during the process of foreclosure? The exclusion is really the final step of a long process, in which he aims to get their money. It begins with a pre-foreclosure. Once a person loses the first payment, the lender sends a notice of STANDARD. If these warning propriétaireRio ignored and qudann you lose contact with another payment to the creditor, another request for payment made. If the owner does not even with your lender, the lender may be a payment in full. This is the loans under the acceleration clause, which is the norm in most mortgage contracts. Not only property devezona balance of the loan, but any delay inof the payment, honorarios lawyers and late payment penalties. Once the acceleration clause was invoked, the bank will not accept anything but full payment and the formal beginning of the process of eviction.

The lender is now a letter from the exclusion for the owner of the house. This can be done by a processor or local sheriff. The lender is a legal opinion presented to outstanding loans and Hyplibrary (depending on local laws). Meanwhile, the owner of a house can provare to work with the creditors, but unless you have the full payment, the lender can not work with them at all. A hearing is the date on which the owner, and another part prestamistany with financial interests in the property to participate. The judges after graduation to the lender. The lender grade public  Lists of exclusion and the date of the auction in the document. The owner peutet try again to work for an agreement with the BANKN this time.

Then comes the auction day. May this auction, sheriff sale or the sale of exclusion. Anyone may attend auctions, but would need a deposit check whether the minimum and financing primeraipulated to propostaRieti. In most auctions, the lender will be sufficient to cover its costs und autresPas property so that, unless the owner had a good amount of capital at home, he usually won the auction. After the auction is closed, the purchase contracts were signed between the winners of the auction and the mortgagee. If a person other than the lender is the highest bidder, a day of sWhen was closing.

GOES money by auctioning the first top priority. First, because foncièrestoux taxes, and then the mortgage loans and mortgages and other creditors who have filed in court. If there is no more money, they really go home to the original owner. If there is not enough money from the auction to cover the mortgage, the owner is responsible for the difference, even if they pray unsecured debt, because it is no longer their homeland. After the auction, there is usually a period (quevaría a report l '), in which uroriginal owner can buy the house if they can receive funds. Meanwhile, the owner does not leave the house until l 'auction is finished and that the closure took place. If the owner has not yet been released, so the new owner can Depository expulsions. The process of pre-lock on the closure of the auction is usually over six