Guiding You Through the Process
When you reach out to us, we will guide you through the process, explore potential alternatives, and offer assistance with transitioning out of your home if necessary.
Understanding Foreclosure
What is a foreclosure?
Foreclosure is a legal process in which your property is sold at a public auction to recover amounts owed to the lender holding the lien. This includes the remaining loan balance, debt collection costs, and foreclosure expenses. Foreclosure can occur if loan payments are missed, the property is transferred without the mortgage lender’s consent (with certain exceptions), or the loan terms are violated. If no buyer bids above a certain amount, the lender may take ownership of the property.
Responding to Foreclosure Notices
If you receive a foreclosure notice, contact us immediately to see if we can help you. We start by evaluating what we can offer for you in your house when we review the property ourselves in person.
The Foreclosure Process
The foreclosure process varies by state but generally follows two basic procedures: judicial and non-judicial foreclosure. Both result in the property being sold at a public auction.
Judicial Foreclosure:
This process is handled as a civil lawsuit under court supervision. It involves filing papers, holding hearings, and scheduling a foreclosure sale date. Legal notices may be published in local newspapers.
Non-Judicial Foreclosure:
This process does not involve formal court proceedings. A notice of default is recorded, followed by a notice of sale, which is both recorded and mailed.
Exploring Foreclosure Alternatives
If you want to avoid foreclosure, contact us immediately to discuss your options. Here at Real Property Professionals, we can discover the options together. We have a team of lawyers that we work with to communicate effectively with banks and other financial institutions.