3. What happens when they foreclose?
4. They sold my house for more than I owe,
do I get any money?
5. Who can bid on my home at the auction?
6. What happens if no one bids on my
7. How many people actually lose their home
8. What is the redemption period for buying
my house back?
9. What's the difference between a
foreclosure and a sheriff's sale?
10. Where does USBANKFORECLOSURES get it's information
11. Can USBANKFORECLOSURES help me
with a Mortgage?
1. What is
The legal process that a bank or mortgage
company uses to force the sale of your home to repay a debt; usually the
mortgage on your home. Even if one payment is missed the lending
institution can take the property back and then sell it to repay the
money owed them. Typically, a foreclosure notice is filed after three or
four payments are missed.
2. What is the
foreclosure process and how long does it take?
Each state governs the foreclosure
process differently. As a minimum, the law requires that the borrower
receive sufficient warning or notice before the foreclosure can take
place. Other rights and responsibilities may be outlined in the mortgage
or loan documents you signed when you purchased the home. Each States
process varies but usually takes 3-12 months from the time the first document is
filed in the Superior Court.
3. What happens
when the bank forecloses?
While the actual process may vary from
state to state, the Trustee/Lien holder announces the sale, informs the public who
the lending institution is, who the borrower(s) is (are), the amount of
overdue debt, and your total indebtedness. Then the trustee/lien holder
opens the bidding, Either
someone purchases the property or it reverts back to the lending
institution. Once the property is sold or reverts back to the lender,
the eviction process begins!
4. They sold my
house for more than I owe, do I get any money?
Yes! Any amount over the total debt owed
will be paid to you upon the transfer of ownership (closing).
However, if they sell it for less, the
balance is called a deficiency and your bank can use whatever means they
deem necessary to collect the outstanding balance. Most states treat
this as an unsecured debt (just like credit card debt) and give the bank
(or creditor) the same legal rights to pursue you, usually by suing you
5. Who can bid on
my home at the auction?
Anyone, including yourself can bid at the
auction. However, some states require a cashier’s check in the amount of
the purchase price or bid, some states require a deposit and the ability
to fund within a specified period of time as required under the terms of
6. What happens if
no one bids on my property?
The bank simply takes title to your
property then possession via eviction if necessary, and then hires a real estate
agent to sell the property.
7. How many people
actually lose their home to foreclosure?
About 3% to 6% are unable to save their
homes! Most people either refinance or file a chapter 13 bankruptcy.
About 18-20% are able to reinstate their their existing mortgage.
8. What is the
redemption period for buying my house back?
This varies by state. Many do not have a
redemption periods. Some states have a redemption period of 10 days
after the sheriff's sale. This means the homeowner has 10 days to
pay off the debt in full in order to save their home.
9. What's the
difference between a foreclosure and a sheriff's sale?
Foreclosure sales are auctions held by
the mortgage holder while a sheriff's sale is held by a lien holder or
attaching creditor. The end result is the same.
Where does USBANKFORECLOSURES get its information
Our information comes
directly from our experience in the real transactions we have performed throughout our
years in business. We do not solicit real estate
agents, brokers or Realtors for property foreclosure information.
Our foreclosure purchases have come from many years of dealing with sources
that include: banks, mortgage companies, insurance
companies, credit unions, savings & loans, auction companies, asset
management groups, consumer finance organizations, IRS, FDIC, SBA, GSA,
HUD, VA, Fannie Mae, Freddie Mac and various housing authorities.
11. Can USBANKFORECLOSURES help me with a
We are not Mortgage Brokers, however we can refer you to various
Mortgage Brokers that we have personally worked with over the last 20