East Dallas Home Foreclosure Information
“Are they going to foreclose on my home?”.
If you are not making principal or interest monthly payments, you will risk losing your home to foreclosure. This process will begin after you miss a few of your scheduled monthly payments in a row.
Once the foreclosure process begins, you will still have an opportunity to bring the loan current and avoid foreclosure.
Here are the step is the beginning of foreclosure on your home:The borrower is put on notice once the lender orders to record a Notice of Default. A NOD, or Notice of Default, is filed at the County Recorder’s Office and begins the reinstatement period before the home is auctioned.
At this point, the loan must be brought current or a foreclosure sale date will be established for your home!
A Notice of Sale will be delivered to the homeowner to post on the property and the County Recorder’s Office will record the sale. This Notice of Sale will be published in newspapers and on the Internet for a less than 1 month before the auction begins.
The auction will take place on the steps of the county courthouse where the property is listed, at the specified time and date listed on the Notice of Sale. The home will be sold to the highest cash bidder and a trustee’s deed to the property will be awarded.
How to avoid foreclosure.
Talk to your lender and explain the situation. Most lenders don’t want your home and have some options to work through difficult situations.
Open all your correspondence from the lender. If you don’t, you will miss an important deadline or an opportunity to work your loan back to current standings.
If you have extra assets, sell them. Get a second job. Show your good-faith to your lender that your are trying to keep your home.
Know your mortgage rights and understand the foreclosure process. Avoid foreclosure scams.
There are many foreclosure properties or Real Estate Owned properties listed for sale on the web. The ads on the right mostly contain either foreclosure homes or properties for sale or listed on the Internet. You will have to search several different sites to find all the actual properties because there is not a national database, like the MLS, listing all these properties together in the same place and in the same format.
There are two sites below that both offer searching for FORECLOSURES:
realtytrac.com link in here.