The Foreclosure Process

Normally after a borrower misses three consecutive months of their mortgage responsibility, the lender will send a Notice of Default (NOD) to the buyer in written form, this notice states that the borrower is in default. If the borrower can pay the overdue amount and the pending payment after the N.O.D. is recorded no more than a few days before the properties scheduled sale, than the borrower is able to keep the property. However it is not paid, the lender can request a trustee’s sale or a judicial foreclosure where the property will be sold at a public auction. At some auctions, the winning bidder is able to take possession of the property immediately, If at this point, the former owner refuses to leave the property, the court can and will issue an unlawful detainer that allows the sheriff to come out and evict them. As a borrower it is recommended that anything you can do to avoid foreclosure be done, as this is one of the most damaging events one can have on their credit history. Not to mention the hardships that this puts on ones family.