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Frequently Asked Questions
Construction Defects
Foreclosure is a legal process in which a lender attempts to recover the balance of a loan from a borrower who has stopped making payments to the lender by forcing the sale of the asset used as the collateral for the loan.
Depending on the court schedule and method of foreclosure, it usually takes approximately 60-75 days
to effectuate an uncontested strict foreclosure. This process may be delayed if the borrower contests the
action, seeks delays and adjournments of hearings, files for bankruptcy or files a motion for foreclosure
by sale.
to effectuate an uncontested strict foreclosure. This process may be delayed if the borrower contests the
action, seeks delays and adjournments of hearings, files for bankruptcy or files a motion for foreclosure
by sale.
In some states, foreclosures must go through court. Foreclosures take one of two major paths: judicial
(in court) or nonjudicial (out of court). If your home loan is secured by a mortgage, chances are excellent
you'll go through a judicial foreclosure.
(in court) or nonjudicial (out of court). If your home loan is secured by a mortgage, chances are excellent
you'll go through a judicial foreclosure.
Do not stop paying your bills, and do not wait until you cannot make payments before you act. Though you may feel scared or embarrassed, immediately begin working with your lender to avoid foreclosure on your home.