A foreclosure is a legal event and there are benchmarks that must be met.
Online PR News – 20-March-2010 – – Once the case is turned over to attorneys, the impending foreclosure must be advertised, usually in both the local papers and in the largest and closest metropolitan daily. The entire process can take a very long time from initial default to the actual public auction of the property. The longer the foreclosure takes, the greater the debt that accrues and the larger the liability the homeowner has, something that will become critical down the road.
The law in most states gives the homeowner every opportunity to stop the process leading to foreclosure, right up to the minute that the auctioneer's gavel comes down and sometimes even beyond. In some states there is a period after the foreclosure during which the homeowner can redeem the property called right of redemption. It is important to know this, because less than ethical lenders and servicing companies will tell borrowers that, once default has occurred, the acceleration clause of the mortgage is invoked and the entire mortgage balance is due and payable. - in other words, if a borrower misses his payment for several months and now owes the mortgage payment plus late fees and legal expenses, they must come up with the entire mortgage balance in order to stop the foreclosure. "This may be technically true but it is rarely invoked in practice," says Lance Falow Partner at The Heathcote Group.
The actual foreclosure auction might be conducted in the front yard of the subject property or at the county courthouse. There are lots of ways, however, to put a halt to the process and to save one's home.
The Heathcote Group
The Heathcote Group is a real estate investment firm with a concentration in conveyancing, foreclosure and title issues.The Heathcote Group lends money on commercial property and non-owner occupied residential property and also buys defaulted mortgages and distressed property, both in New York and Florida.