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Home Foreclosures

Real Estate Foreclosure

by Jill Morrison

The process of going through Real Estate Foreclosure is not necessarily quick. The Foreclosure process can take up to three months and goes through several stages. Though the time period is lengthy, it is important that you act fast when there is a Real Estate Foreclosure.

Steps to Take in Real Estate Foreclosure

When Real Estate Foreclosure begins, the home is entered into the Pre Foreclosure period. At this time, there are options that can benefit both the homeowner and the buyer. Once the Pre Foreclosure period has ended, the options change and do not work in the favor of the homeowner.

In Pre Foreclosure, the homeowner may want to sell their home so that a Foreclosure is not listed on their record and credit history. By selling, the homeowner also removes the responsibility of paying any Mortgage debt. A Buyer benefits by saving 20-40% of the market value on the home. This is a favorable situation for both parties.

If the home reaches Foreclosure status, a buyer can only purchase it at a public auction. The homeowner must take out a loan or employ an assistance program as a third party in settling the matter. Otherwise, the homeowner will lose the home in Foreclosure.

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