Where Can You Find Foreclosure Auctions?

Are you looking into buying a new home? If you are, you may be turned off by the
real estate prices you see on the market. This doesn’t mean that now isn’t the
time to buy a home, but it does mean that you may be looking in the wrong place.
Instead of visiting the online websites of realtors or flipping through their
brochures, place your focus on foreclosure properties. Foreclosure properties are
often considered a great buy, as they are easy to find and affordable.

One of the most popular ways that foreclosures are bought and sold is at an
auction. This auction typically takes place at a county, town, or village
government offices, such as the clerk’s department. As for how you can find these
foreclosure auctions, they are often advertised in local newspapers. You can also
search local court records, as foreclosures are public notice.

One of the few downsides to buying a home at a foreclosure auction is the
inspection, as you aren’t typically granted one. Most bidders are bidding on the
home as-is, as-is isn’t so bad, but it may be if you haven’t seen the property.
With that said, since foreclosures are public notice, you should be able to get
the address of the property in question. You will want to do a drive by, although
you should not judge a book by its cover, a drive by can give you an idea of what
to expect. When you have doubts, it may be best to move on and target other
auctions.

If you decide to attend a foreclosure auction, the last thing you want to do is
just show up unless you are scouting to see how an auction works. When you are
serious about purchasing a foreclosed property at an auction, you need to be
prepared. This preparation involves having financing lined up. Many will require
that you either have the money on hand or show proof that you do have the financial
resources needed to follow through with the sale. Contingency loans are generally
prohibited. Check deposits are sometimes required before you can even place a bid.

As for the auction itself it depends, it's not uncommon for bids to be sealed.
Once everyone has placed a bid, the highest bidder will be announced. For bids
that are not sealed, the auctioneer will start with a figure, often around $1,000
or less and the bidding will continue on. If you are the winner bidder, it is
important to know that you may not be able to move into your new home right away.
In fact, it is likely that you will be unable to do so. Many states give current
occupants a redemption period or a grace period, this is where they can still fight
to keep their home. After this point has passed, you can start the eviction process
if the current occupants don't leave voluntarily.

As was previously stated, you may want to attend a foreclosure auction and just sit
on the sidelines. You should be allowed to do so and if you are unfamiliar with the
buying and selling of real estate, foreclosures, or auctions, you can learn a lot.
This knowledge is important, as many bidders will be investors looking to turn a
profit, not buy their first home.

When You Need an Attorney

In the United States, foreclosures are hitting an all-time high. With the
uncertainty of the economy, businesses, companies and even the stock market
are suffering, and everyone is worried about whether or not they will have
a job tomorrow.

Most media attention surrounding foreclosures is focused on the property
owner. Yes, many of the individuals facing foreclosure are owners of single
-family homes that they live in, but not always. A large number of rental
property owners are finding themselves in foreclosure also. As a renter,
you may be curious as to what your rights are. If you want professional
assistance, an attorney should be contacted.

In keeping with renters facing eviction due to foreclosure, proper notice
must be given. Regardless of who is trying to have you evicted, whether it
be the bank or the new property owner, proper notification is a must. In most
states, a written, legal eviction notice is needed. Depending on your state,
you may be given a month or more to move. Generally, you will not be expected
to move out overnight. Also, until an eviction notice has been served, you
can't have your belongings moved from your apartment or have your utilities
shut off. If this occurs, contact an attorney right away.

If you are a homeowner facing foreclosure, it may be in your best interest to
consult with an attorney right away. As soon as your bank issues intent of
foreclosure, it's best to explore your legal options. Remember however, that
you may want to work out an agreement with your financial lender, as they too
want to avoid foreclosure.

One of the many reasons why you are encouraged to contact a lawyer, namely one
who specializes in foreclosure, is because they have legal tricks up their
sleeve. A lawyer can help you stop foreclosure proceedings in their tracks.
One of the ways this is done is by declaring bankruptcy. Bankruptcy can
temporarily put a hold on foreclosure proceedings. In some states, homeowners
can receive protection when filing for bankruptcy, meaning that their home can't
be touched. Since there are various rules and restrictions concerning this
exemption, professional legal advice is recommended.

Unfortunately, another issue that you face during foreclosure is having to deal
with foreclosure scams. There are individuals and companies out there who claim
to be professionals who can help you get back on track. They may offer to buy
your home or and draft up a new mortgage for you. Many times though, homeowners
end up paying more money than before. Do not let yourself become a victim and
if you do, contact an attorney immediately.

Better yet, companies implementing the above mentioned foreclosure scams will
require that you sign documents, which may essentially turn over ownership to them.
Never sign anything without reading it yourself, but have an attorney take a look
as well. When doing so, do not use the lawyer recommended to you. Instead, choose
a lawyer that is locally based and well-known and trusted throughout your community.
Ask those that you know for recommendations or find ratings and reviews online.

As previously stated, you may want to contact an attorney who specializes in
foreclosures as soon as you spot trouble on the horizon. This is important, as even
the best lawyers have their hands tied when the foreclosure proceedings actually
start. Remember that a warning of intend to start foreclosure, does not mean that
the process has already started. That is why it is vital that you seek professional
advice as soon as possible.

Why You Should Talk to Your Bank?

If you're a homeowner who is facing foreclosure, your first thought may be to
start packing. While this may be the only choice for some in foreclosure, it
doesn’t mean it's your only choice. Before you throw in the towel, make an
appointment in person to speak with your financial lender. You may be
surprised how much help, assistance, or advice they are willing to give you.

First and foremost, it's important to know that banks and other financial
lenders are not evil. It may sound silly, but this is how many homeowners
feel when facing foreclosure. Many want to know how another human being can
force them to leave their own home. In the heat of the moment, many do not
realize that banks want to avoid foreclosures just as much as homeowners do.
Financial lenders often lose money on foreclosure properties. That is why it
is imperative that you schedule an in person meeting with your lender.

As nice as it is to know that you should meet with your financial lender when
you feel that you are facing foreclosure or know for sure that it is looming,
you may be unsure how to start. Well, that is easily answered, the second you
know you will be late on a payment, or that you are late. It is best not to
wait until the foreclosure process starts. If you can make a payment, but
need a few weeks, be sure to make your actions known. This will prevent your
lender from even considering foreclosure right away. Most mortgage companies
won't start foreclosure proceedings unless you are 2 or more months behind in
you payments. You will usually get a notice in the mail that you are late and
to contact them immediately, don't ingnore this notice and don't avoid any
calls made to your home, speak with someone asap about your situation and they
will usually work out some sort of payment option with you.

One of the many reasons why homeowners are facing foreclosure is because of the
job market. Long-term employees are now finding themselves standing in the
unemployment line. If you are laid off from your job, schedule a meeting with
your mortgage holder immediately. They may be willing to work with you,
provided you will be taking proactive steps to find a new job. Often times, you
may find your monthly mortgages payments temporarily reduced.

When your home enters into foreclosure, you will see signs posted on the
building. With that said, this is not the first notice that you will receive.
As a reminder, banks want to avoid foreclosure just as much as you do, that is
why they will likely call and send regular notices to your home. As
embarrassing as it may be to admit that you can't make your mortgage payments,
it is important to answer the phone. Remember, your bank may be willing to work
with you and create a temporary payment plan. This is often the case when you
can prove your financial hardships are only temporary. For example, are you
temporarily unable to work due to an injury? Were you laid off, but looking for
a new job? If so, make it known.

It is also important to determine how much you need to pay to stop the
foreclosure proceedings in their tracks. Since banks want to avoid foreclosure,
they may accept a portion of the money that you owe. With that said, this is
where you need to proceed with caution. If the bank requires full payment the
following month, make sure you can make that payment in full. If not, the
process will simply just restart from the beginning all over again.

Finally, when discussing your options with your bank, it is important to do so in
person. You will want to show your lender that you intend to get back on track
financially, but this is difficult to prove over the phone. Walk into the bank
with your head held high, dress professional, and be very confident. You need to
prove to your lender that the words coming out of your mouth are true. Just
because you say you are looking for a new job, it doesn’t mean that you are.

Why You Should Talk to Your Bank?

If you're a homeowner who is facing foreclosure, your first thought may be to
start packing. While this may be the only choice for some in foreclosure, it
doesn’t mean it's your only choice. Before you throw in the towel, make an
appointment in person to speak with your financial lender. You may be
surprised how much help, assistance, or advice they are willing to give you.

First and foremost, it's important to know that banks and other financial
lenders are not evil. It may sound silly, but this is how many homeowners
feel when facing foreclosure. Many want to know how another human being can
force them to leave their own home. In the heat of the moment, many do not
realize that banks want to avoid foreclosures just as much as homeowners do.
Financial lenders often lose money on foreclosure properties. That is why it
is imperative that you schedule an in person meeting with your lender.

As nice as it is to know that you should meet with your financial lender when
you feel that you are facing foreclosure or know for sure that it is looming,
you may be unsure how to start. Well, that is easily answered, the second you
know you will be late on a payment, or that you are late. It is best not to
wait until the foreclosure process starts. If you can make a payment, but
need a few weeks, be sure to make your actions known. This will prevent your
lender from even considering foreclosure right away. Most mortgage companies
won't start foreclosure proceedings unless you are 2 or more months behind in
you payments. You will usually get a notice in the mail that you are late and
to contact them immediately, don't ingnore this notice and don't avoid any
calls made to your home, speak with someone asap about your situation and they
will usually work out some sort of payment option with you.

One of the many reasons why homeowners are facing foreclosure is because of the
job market. Long-term employees are now finding themselves standing in the
unemployment line. If you are laid off from your job, schedule a meeting with
your mortgage holder immediately. They may be willing to work with you,
provided you will be taking proactive steps to find a new job. Often times, you
may find your monthly mortgages payments temporarily reduced.

When your home enters into foreclosure, you will see signs posted on the
building. With that said, this is not the first notice that you will receive.
As a reminder, banks want to avoid foreclosure just as much as you do, that is
why they will likely call and send regular notices to your home. As
embarrassing as it may be to admit that you can't make your mortgage payments,
it is important to answer the phone. Remember, your bank may be willing to work
with you and create a temporary payment plan. This is often the case when you
can prove your financial hardships are only temporary. For example, are you
temporarily unable to work due to an injury? Were you laid off, but looking for
a new job? If so, make it known.

It is also important to determine how much you need to pay to stop the
foreclosure proceedings in their tracks. Since banks want to avoid foreclosure,
they may accept a portion of the money that you owe. With that said, this is
where you need to proceed with caution. If the bank requires full payment the
following month, make sure you can make that payment in full. If not, the
process will simply just restart from the beginning all over again.

Finally, when discussing your options with your bank, it is important to do so in
person. You will want to show your lender that you intend to get back on track
financially, but this is difficult to prove over the phone. Walk into the bank
with your head held high, dress professional, and be very confident. You need to
prove to your lender that the words coming out of your mouth are true. Just
because you say you are looking for a new job, it doesn’t mean that you are.

Can You Stop Foreclosure?

Have you a been ignoring the warning letters and telephone calls from your
bank? If you are, you may find yourself in the middle of a foreclosure
crisis. What will you do? Where you will live? Can you afford to move?
Before you let fear take over, it is important to know that foreclosures
can be stopped. Although this process is not easy, it can be done.

It is advised that you speak with your financial lender as soon as you find
yourself experiencing financial difficulties. For example, when you get
laid off or fired from your job, schedule an appointment to meet with your
lender and develop a plan, before any problems arise. At the very least,
communication should be made when you start receive intent to foreclosure
notices. Even if you have a sign on your home stating that the foreclosure
process has officially begun, you can still talk to your financial lender.
In this instance, the sooner you do so the better.

As for why you should talk to your financial lender, even at the last minute,
they want to avoid foreclosure as much as you do. Often times, lenders lose
a considerable amount of money on the sale of foreclosure homes. If you can
prove that your financial troubles are only temporary, your lender may give
you a reprieve. They may stop the foreclosure proceedings for you. As for
what can lead to this, you or your spouse getting a second job can help.

If you are dealing with a locally owned and operated bank, which you have been
a loyal customer of, it is important to outright ask what can be done. Offer
suggestions yourself, if you do not receive them. Could you continue making
all future mortgage payments on time, but develop a payment plan for your past
due amount? Can you only pay interest for the time being? Can you be given
time to sell your home, as opposed to simply just losing it? These are all
important questions that you should ask.

Another way that foreclosures can be stopped, in most states, is with a
declaration of bankruptcy. However, this step is one that should not be made
on a whim. It is first important to meet with an attorney specializing in
bankruptcy. If you file for bankruptcy will the foreclosure proceedings stop?
Can you make it so that your home is not considered an asset in bankruptcy
proceedings? If so, this is the avenue that you may want to take. However,
since bankruptcy can negatively influence your credit, it should only be used
as a last resort.

Before you take any action with the hopes of stopping foreclosure, you need to
closely examine the situation at hand. For starters, would you like to get out
from under your property? If it is a money-pit that needs constant repairs, it
might just be easier to go the route of foreclosure or even outright allow
your bank to sell the property. If you want to keep your home, make sure that
you can honestly do so. It is recommended that you take forty percent of your
income and apply that towards your living expenses, this includes mortgages and
taxes. If this isn’t possible for you to do, the avoidance of foreclosure now
may result in the process starting again in a few months.

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