Home Foreclosures

A foreclosure is the legal process that allows the lendor to recover the money owed on a loan defaulted by the home buyer. Foreclosure is in effect, "repossession" of the property that's securing the loan.

Home Foreclosure Process

• The foreclosure process starts when the buyer or home owner stops paying the mortgage.
• The lender files a public default notice (Notice of Default or Lis Pendens)

Preforeclosure Period

Once the Home Foreclosure begins, the pre-foreclosure grace period begins. During this time, the following three opportunities exist for finding bargains on foreclosure homes. events may occur:

1. Reinstatement: The Borrower can pay off default amount within grace period determined by State Law; or
2. Property Sold by Borrower: The Borrower may sell the property to a third party to pay off the loan and avoid the stigma of foreclosure on his or her credit report. A third party may also by the Foreclosure Home at public auction.
3. Lender Takes Ownership: The Lender can take ownership of the property through agreement with the Borrower during the Pre-Foreclosure period or by buying the property back at public auction. Such properties are considered to be bank-owned or REO properties (Real Estate Owned by the lender).
   
   
   
   
   

Current Foreclosure News

Battle Lines Form Over Mortgage Plan Wall Street Journal December 7, 2007
In unveiling a plan to help more than one million struggling homeowners, the Bush administration and the mortgage industry have embarked on a controversial project: picking winners and losers from the rubble of the subprime-mortgage meltdown.

Foreclosures up 34% in California - (October 2007) San Jose Mercury News says Foreclosures highest since 1988.

Housing Slump Likely to Worsen - (October 2007 ABCNEWS.com) The current housing slump, which began in late 2005, probably has another year to go before things turn around.

New Home Sales Rebound in September - (October 2007 - ABC NEWS.com) The Commerce Department reported Thursday that sales of new homes rose by 4.8 percent last month to a seasonally adjusted annual rate of 770,000 units. That level of activity was still 23.3 percent below a year ago, indicating that housing remains in a steep downturn.

1.1 Million Homeowners to Face Foreclosure - (Oct. 2007 - Orange County Record) The United States likely will see 1.1 million foreclosures during the next six to seven years on adjustable-rate mortgages issued when home prices were at or near the peak of the market, a study released today by First American Corp. of Santa Ana says.

Foreclosures in McKinney TX - The Het Group specializes in McKinney Foreclosures and Collin County HUD Homes in Allen, Plano, Frisco and McKinney.

HUD & FORECLOSURES

FHA Lender Search Engine - Find a Lender backed by the Federal Housing Administration.

About the FHA - FAQs about the FHA.

McKinney TX Foreclosures - The Het Group specializes in assisting buyers to purchase Foreclosure Properties, and helps sellers find those interested in buying Foreclosure Properties and HUD Homes in Collin County.

Arlington TX Foreclosures - Margarita Leslie works withe residential real estate investors in Dallas and Tarrant County to locate HUD Homes and Good Foreclosure Deals.