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By William Noel
Understanding Foreclosure
If youre reading this, odds are that you or someone you know is facing a foreclosure. The good thing about this is, you are being proactive, instead of leaving in a state of denial.
Far too many homeowners loss their homes to foreclosure for the simple fact that they refuse to do something to stop it.
Every month, thousands of families receive notices that their house is going to be foreclosed on. Instead of finding out their options, they simply ignore the calls and letters for the bank or mortgage company, and hope that things will get better. And, as you can imagine, things usually dont get better. They get worse!
The first thing you need to do in order to prevent a foreclosure is to understand what foreclosure is.
Foreclosure is defined as the legal process of a bank or lending agency to repossess and sell a homeowners property, due to their failure to make payments according to the terms of their promissory agreement.
There are two kinds of foreclosure: Judicial Foreclosure & Non-Judicial Foreclosure.
The Judicial Foreclosure is when the bank or lending institute take possession of the property. Usually the property is sold at an auction by the county sheriff, or to an investor, so as to recoup the balance owed by the homeowner. In Judicial Foreclosures the lender must take their intent to foreclose on a homeowner before the courts.
Below is a list of states that have Judicial Foreclosures: Alabama, Arizona, Arkansas, Connecticut, Delaware, Florida, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maryland, Michigan, Montana, Nebraska, New Jersey, New Mexico, New York, North Dakota, Ohio, Oklahoma, Pennsylvania, South Carolina, South Dakota, Utah, Vermont, Washington, and Wisconsin.
Below is a list of the states that have Non-Judicial Foreclosures: Alabama, Alaska, California, Colorado, District of Columbia, Georgia, Hawaii, Idaho, Maine, Maryland, Massachusetts, Nevada, new Hampshire, North Carolina, Oregon, Rhode Island, South Dakota, Tennessee, & Texas,
Although already listed above, here is a list of state that offer both, Judicial and Non-Judicial Foreclosures: Alabama, Maryland, Michigan, South Dakota, & Washington.
By understanding the law pertaining to foreclosure, you will be better equipped to negotiate the foreclosure process, and hopefully prevent it all together.
William Noel
www.William.KeyFR.com
William Noel serves as an independent associate of Key Financial Resources, and is authorized ot assist homeowners in Foreclosure Prevention, as well as Purchase and Refinancing of Residential and Commercial properties.
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