Charlottesville Real Estate, Charlottesville Short Sales and Charlottesville Foreclosures Explained
What is Foreclosure?
Foreclosure is to shut out, to bar, to extinguish a mortgagor's right of redeeming a mortgaged estate. It is a termination of all rights of the homeowner covered by a mortgage. Foreclosure is a process in which the estate becomes the absolute property of the lending institution.
Foreclosure numbers are growing daily. Of the one hundred twenty or so million homes in America, more than 4% or roughly 4.8 million of them are facing foreclosure. Some of these homeowners are able to work their way out of foreclosure, however, according to MBA there were about 500,000 homes that went through foreclosure last year. Foreclosure threatens these homeowners because they are late or seriously behind on their mortgage payments.
The Foreclosure process begins when the homeowner fails to make payments of the money due on the mortgage at the appointed time. This may be due to several reasons. Unemployment, divorce, medical challenges, terms of the loan, sick of property management, and even death.
Foreclosure is applied to any method of enforcing payment of the debt secured by a mortgage, by taking and selling the estate. Borrowers and lenders now face a challenging situation. Both seek a compromise that permits a win-win outcome. The borrower to keep his home or business, the lender to keep receiving mortgage payments.
Foreclosure proceedings typically start with a formal demand for payment which is usually a letter issued from the lender. This letter of notice is referred to as a Notice of Default (NOD). Depending on your state, the lender will issue this notice when the homeowner has been 3 months delinquent on the mortgage payments. Keep in mind that the notice is a threat to sell your property, terminate all your rights in that property and evict you from the premises.
Rob Alley, Realtor
Virginia Real Estate Solutions
Keller Williams Charlottesville
434-975-9000
roballeyrealtor@gmail.com
http://www.robsellscharlottesville.com/
http://www.forestlakesliving.com/
http://www.charlottesvilleshortsale.com/
Thursday, April 30, 2009
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April
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- Investing in Charlottesville Short Sales and Forec...
- Investing in Charlottesville Short Sales and Forec...
- Techniques on Financing Foreclosures.
- Techniques on Financing Foreclosures.
- 3 Stages of Buying Foreclosures
- 3 Stages of Buying Foreclosures
- How to Find Foreclosure Properties
- How to Find Foreclosure Properties
- What is Trust Deed Foreclosure?
- What is Trust Deed Foreclosure?
- What is Mortgage Foreclosure?
- What is Mortgage Foreclosure?
- What is Foreclosure?
- What is Foreclosure?
- How Short Sales Work
- How Short Sales Work
- What is a Short Sale?
- What is a Short Sale?
- Virginia Foreclosure Laws
- Virginia Foreclosure Laws
- MRIS to Add More Foreclosure Data!!
- MRIS to Add More Foreclosure Data!!
- New Policy on Short Sales Could Reduce Foreclosures
- New Policy on Short Sales Could Reduce Foreclosures
- Market Comment and Indicated Rates 4/16/2009
- Market Comment and Indicated Rates 4/16/2009
- Foreclosures rise 9% in the First Quarter
- Foreclosures rise 9% in the First Quarter
- 123 Foreclosure Notices In Charlottesville
- 123 Foreclosure Notices In Charlottesville
- Charlottesville REO Properties - Currently Availab...
- Charlottesville REO Properties - Currently Availab...
- Charlottesville Short Sale Experts
- Charlottesville Short Sale Experts
- Indicated rates and market comment
- Indicated rates and market comment
- Re-Defaults Still Rising
- Re-Defaults Still Rising
- Mortgage Industry Warms to Obama's Foreclosure Rel...
- Mortgage Industry Warms to Obama's Foreclosure Rel...
- M&I Extends Foreclosure Moratorium
- M&I Extends Foreclosure Moratorium
- Gov. Agencies Crack Down on Foreclosure Rescue Scams
- Gov. Agencies Crack Down on Foreclosure Rescue Scams
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