<!DOCTYPE HTML PUBLIC '-//W3C//DTD HTML 4.01 Transitional//EN' 'http://www.w3.org/TR/html4/loose.dtd'>; <html><head><title>Article Directory Online : Free Online Article Submission - Articleonlinedirectory | Foreclosure Process Questions And Answers And How It Will Effect Your Family</title></head><body><h3>Foreclosure Process Questions And Answers And How It Will Effect Your Family</h3><br /><br />By: <br /><br /><p>If you are looking at foreclosure, you are going to have many types of questions on your mind about what exactly is going on. In this article, I’m going to go over some of the most frequently asked questions that people have when it comes to the foreclosure process.<br /> <br /> <br /> What is Foreclosure? <br /> <br /> <br /> Foreclosure is when a lender begins to collect money that you acquired from them in order to buy or refinance your home. The foreclosure process starts when you do not have the money to pay them back and you have missed a couple payments on your mortgage. The bank you borrowed money from will then take back what you borrowed money for, like your home.<br /> <br /> <br /> Can the Bank Kick me out of my home?<br /> <br /> <br /> Yes and no. They won’t just come and kick you out at once. There are guidelines within the court system that the mortgage holder must follow. Before they will come and evict you out of your home, they must go through the entire foreclosure process. But eventually this can and will happen if you don't do something to stop the foreclosure.<br /> <br /> <br /> How do I know if the mortgage company will starting the foreclosure process?<br /> <br /> <br /> There is a process known as pre-foreclosure. This is the time where you will have evidence that the bank is getting ready to take your home. <br /> <br /> The process usually goes like this:<br /> <br /> 1. Homeowner misses mortgage payment<br /> <br /> 2. Lender sends late notice<br /> <br /> 3. Homeowner misses additional payment<br /> <br /> 4. Lender makes an effort to resolve the situation in a notice or phone call<br /> <br /> 5. No arrangements are agreed upon or homeowner does not make contact with lender<br /> <br /> 6. Homeowner does not make another payment<br /> <br /> 7. Lender then may demand that the entire mortgage is paid in full<br /> <br /> I just was late on a couple payments, how can the lender demand that the whole mortgage be paid in full?<br /> <br /> <br /> Under the Acceleration Clause, the bank can and will insist that payment be made in full if you was late on a couple mortgage payments. Most mortgages say that if you fail to pay the bank under the terms agreed upon, they can accelerate the mortgage, meaning the total amount due. If you do not make the mortgage payments, you will not only owe the amount in full, but also any interest and late fees.<br /> <br /> <br /> I have already have not paide a couple payments, what is the exact legal foreclosure process?<br /> <br /> <br /> 1. The lender mortgage holder will send a notice of intent to foreclosure delivered by a county sheriff or certified mail<br /> <br /> 2. The lender mortgage holder then goes to the court system to ask for a foreclosure<br /> <br /> 3. Legal notices are required by law to be published in local papers<br /> <br /> 4. The period during which you could have paid the lender mortgage holder back to avoid foreclosure expires<br /> <br /> 5. The court holds a hearing regarding the bank’s claim that you have not paid them<br /> <br /> 6. The court then issues an order allowing the lender mortgage holder to foreclose<br /> <br /> 7. Legal notice of the actual foreclosure sale and advertisements will then be published in the local papers<br /> <br /> 8. If no settlements have been reached by the homeowner and lender mortgage holder the house will go to auction and be sold to the highest bidder<br /> <br /> <br /> Hopefully this answered some of your foreclosure questions, if you have more feel free to leave a comment and I will answer them.</p> <br /><br /><b>Author Resource:-></b> Nick writes daily articles specializing in how you can <a href=http://www.yousaveforeclosure.com/>save your home</a> from foreclosure while there is still time left before a trustee sale or eviction. Learn to defend the banks attempts to take your home, find a reputable lawyer, delay a sheriff sale or eviction, qualify for a foreclosure refinance program, and put together a reasonable alternative that will let you keep your property from being auctioned out from under your feet. Visit his site to read more about your options to prevent the loss of a house and understand more about how and why the housing market has been collapsing for several years now: http://www.yousaveforeclosure.com/<br /><br /><b>Article From</b> <a href='http://www.articleonlinedirectory.com/'>Article Directory Online : Free Online Article Submission - Articleonlinedirectory</a><br /></body></html>
