What Happens To a Home Lost in Foreclosure

Introduction

With many people losing their jobs, home lost foreclosure is on the rise. Did you know that last year over 1 million homes were foreclosed on. These homes are lost due to various events such as loss of jobs, loss of income, or maybe just having too many bills so that person was not able to afford their home. Foreclosure is a sad situation, however you may wonder what happened stay home once it goes into foreclosure. Here we will discuss the details of what exactly happens to any home once the foreclosure has taken place to the homes owner.

History

Home lost foreclosure can sometimes be A long and lengthy process. Foreclosure process maybe even be determined up on certain events such as why the home is being foreclosed on. Was it caused by divorce, or a loss of income. Some home loan companies may be willing to work with the homeowner to prevent her from being foreclosed on, however some companies are just not willing to work with the homeowner and may just want to go ahead and get the house foreclosed on and be able to get any proceeds out of the home that they nay be able to collect.

Features

There are many steps that take place for a home to go into the foreclosure process. First the homeowner must be behind on their payments and be unable to work with the loan company to get the loan repaid to them in a timely fashion. Once the homeowner has decided they want to let their home be foreclosed on they may try to sell the home on what is called a short sell. A short sell is where the home loan company agrees to take less than is owed on on the loan. If the home does not sell they will then take the home into foreclosure. Typically the loan company will try to sell the home for a set price either on the court house lawn or in an auction through a local real estate agent in the area. If the home doesn't sell, they will then contact an agent to try and sell the home for a good price that is fair to them in comparison to the fair market value of the home. Once the home has been sold, any collateral that is leftover the old homeowner will be responsible for paying for. This may be set up in payments through the court system or may be kept between the person who lost home when it was foreclosed on.

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