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Call or email us: Las Vegas NV:  1-702-991-9868
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Foreclosure Information

To Stop Foreclosure Now or Avoid Foreclosure
Call us:  in Las Vegas NV:  1-702-991-9868    
in Los Angeles CA:  1-310-237-5771     
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How Foreclosure Starts

Foreclosure is a legal procedure which may take just over five (5) weeks in some states and over a year in others.  When a mortgage remains unpaid after the due date for a mortgage payment, the lender has the right to start a home foreclosure.  An exception is that your loan agreement or a law may require that the lender wait until a specific grace or “forbearance” period passes.

Home foreclosures start when the Lender or his representative files a legal notice with the county where your house or property is.  In some states, it may require a court action, but not in all states.  The Lender must notify the homeowner and all borrowers by personal service or by sending a certified letter stating that the mortgage is in default and telling the homeowner how much is owed in mortgage payments and fees.

How Foreclosures End

Home foreclosures end either when the loan is brought current (“reinstated”) or the house is sold at a foreclosure sale or foreclosure auction (also called a Sheriff or Trustees sale).

Bringing a Mortgage Current:  Reinstatement

Some states and some mortgages require the lender to “reinstate” your loan if the homeowner pays all the mortgage payments due, plus foreclosure fees and late fees.  This can often be done as late as five (5) days before the scheduled foreclosure sale.  Bringing the mortgage current in that way will stop home foreclosure and the mortgage continues as if there had been no interruption.  Most lenders will reinstate a loan up until the last day before the foreclosure auction, if they receive a cashier's check for the full amount of the mortgage payments and fees due.

Sheriff or Trustees Sale

After the required time has passed from the start of the home foreclosure, and if the loan is still in default, a foreclosure sale will be held by either the Sheriff or the Trustee.  This will be an auction, frequently held on the courthouse steps.  The minimum bid required is usually the total amount due to repay the loan, plus all mortgage payments and fees due, although the Lender can decrease this amount if they desire.  If the house sells for more than the amount owed on the foreclosing mortgage, any additional proceeds must then be used to pay other mortgages and liens.  Anything left over will go to the foreclosed homeowner.

Eviction

About five (5) days after the foreclosure sale, an eviction often takes place.  In certain circumstances, the former owner may be able to stay longer, especially if there are genuine legal issues in question.

Balance Still Owed --- Deficiency Judgment

In some cases, if the foreclosure sale does not raise enough money to pay all liens and expenses, the debtor may still owe money on those unpaid debts.  This will vary from state to state.  In some states, the law says the debt is forgiven if the loan was used for the sole purpose of buying a home which was originally the debtor’s primary residence.  However, any home equity loans or refinanced mortgages would not be forgiven in this situation.

Right of Redemption

In some states, a person who loses a property in a foreclosure sale may have up to two (2) years to buy the house back after the home foreclosure.

For specific information about your foreclosure:
Call or email us:  in Las Vegas NV:  1-702-991-9868    
in LA, CA:  1-310-237-5771     
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