Posted on: 24th Dec, 2008 04:31 pm
Can you explain a little about the process of forclosure process for a mobile home? I am really in the dark about what will happen once they start the forclosure process. I do not want to stop the process, just want to know what to expect.
Hi snowball,
Once you miss on the mortgage payments for 2-3 months, the lender will send you a pre-foreclosure notice. If you still miss on the payments, the lender will start off with the Formal Legal Foreclosure Process. A Notice of Intent to Foreclose will be sent to you by the lender. Legal notices are also published in the local newspapers. The Court will hold a hearing regarding banks claim and then issues an order allowing bank to foreclose. The legal notice of actual foreclosure sale is published in local papers. The property is then sold at auction to highest bidder.
The whole foreclosure process will take six months or more to pass from the time you miss your first payment to the final foreclosure sale. However the time period may vary from state to state. As far as I know, in Texas, the foreclosure process completes in only around 45 days.
However, you should note that a foreclosure will badly affect your credit. So it is always better to stop the foreclosure process. There are various ways to avoid it. To know more about them, check out the following link:
http://www.mortgagefit.com/foreclosure/17ways-avoid.html
Wish you a merry Christmas.
Thanks
Once you miss on the mortgage payments for 2-3 months, the lender will send you a pre-foreclosure notice. If you still miss on the payments, the lender will start off with the Formal Legal Foreclosure Process. A Notice of Intent to Foreclose will be sent to you by the lender. Legal notices are also published in the local newspapers. The Court will hold a hearing regarding banks claim and then issues an order allowing bank to foreclose. The legal notice of actual foreclosure sale is published in local papers. The property is then sold at auction to highest bidder.
The whole foreclosure process will take six months or more to pass from the time you miss your first payment to the final foreclosure sale. However the time period may vary from state to state. As far as I know, in Texas, the foreclosure process completes in only around 45 days.
However, you should note that a foreclosure will badly affect your credit. So it is always better to stop the foreclosure process. There are various ways to avoid it. To know more about them, check out the following link:
http://www.mortgagefit.com/foreclosure/17ways-avoid.html
Wish you a merry Christmas.
Thanks