What Happens After Foreclosure? Homeowners Guide and Foreclosure Process
March 1st, 2010 Filed under: Uncategorized — Foreclosure Author
What happens after foreclosure depends on the state laws in which the foreclosure process took place.
From a homeowner’s point of view, the foreclosure process can seem overwhelming, but it can be easily understood with a little direction.
The reason that it varies from state to state is because each have a different way of processing foreclosures. Some use the court system (judicial) and some do not (non judicial) and some use both. In addition, some states have redemption rights. Redemption rights is a certain time frame that allows the homeowner to avoid foreclosure by paying off the entire loan due. This time frame can be as short as 30 days or as long as a year. The lender cannot officially deed the house to a new bidder until that redemption period is over. If a redemption period is after the auction, then it is possible to stay in your home for a period of time.
If your state doesn’t have a redemption period, then eviction is soon to follow after your house has been sold to a new buyer at public auction.
If you learn about how the foreclosure process works in your state, you will know not only what to expect after foreclosure, but during foreclosure as well. And if you knew exactly what to expect, then that would ease your mind and bring great relief wouldn’t it?
There are ways to delay, avoid, and prevent foreclosure altogether if you understand how foreclosure works. It is possible and well worth investigating.
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