Foreclosure information:

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Guide to Avoiding Foreclosure - HUD
Housing Discrimination and Foreclosure. Whether you're in foreclosure now or worried
about it in the future, we have information that can help. Get Help Now! Keep Your Home. Find out your refinance options. In general, mortgage companies start forclosure processes about 3-6 months after the first missed mortgage payment. Late fees are charged after 10-15 days, however most mortgage companies recognize that homeowners may be facing short-term financial hardships. It is extremely important you stay in contact with your lender within the first month after missing a payment.

Three types of foreclosures may be initiated at this time: judicial, power of sale, and strict foreclosure. All types of foreclosure require public notices to be issued and all parties to be notified regarding the proceedings. Once foreclsoure properties are sold through an auction, families have a small amount of time to find a new place to live and move out before the sheriff issues an eviction.

A new HUD study of alternatives to mortgage foreclosure urges greater uniformity among State foreclosure laws and calls for agencies to provide better incentives for loan servicers to initiate loan modifications and forbearances. Providing Alternatives to Mortgage Foreclosure: A Report to Congress, from HUD's Office of Policy Development and Research, reviews current foreclosure laws, investigates the use of various avoidance procedures, and cites areas for continued improvement. Stay in contact with your lender and get assistance as early as possible. All forecolsure process dates are estimated, and vary according to your state and your mortgage company.
www.hud.gov/foreclosure/index.cfm

How foreclosure works. Foreclosure proceedings vary from state to state. Foreclosrue & Short Sale. Offers & Negotiations. Financing Advice. Finding a Lender. Buyers have this picture in their mind of a cute little house, surrounded by a white picket fence that is owned by a widowed mom who fell on hard times, but that scenario is generally far from reality.
homebuying.about.com/od/4closureshortsales/qt/foreclosures.htm

Foreclosure is the legal and professional proceeding in which a mortgagee, or other lienholder, usually a lender, obtains a court ordered termination of a mortgagor's equitable right of redemption. Usually a lender obtains a security interest from a borrower. If the promissory note was made with a recourse clause then if the sale does not bring enough to pay the existing balance of principal and fees the mortgagee can file a claim for a deficiency judgement.
en.wikipedia.org/wiki/Foreclosure

• Foreclosures
• Foreclosure Prevention
• Deed in lieu of foreclosure

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