If payment is not received, the lender can request that the property be sold through an auction. You have 30 days to respond to the notice with payment to avoid foreclosure proceedings. The mortgage lender files a suit through court, which triggers a letter that is sent to you demanding payment. The judicial sale is permitted in all states, while the power of sale is only allowed in 29 states. The judicial sale method works as follows: The judicial sale method is executed through the court system, while the power of sale is carried out completely by the mortgage lender. Lenders will typically use one of two methods to begin foreclosure proceedings. While the foreclosure process may vary from state to state, they generally follow a similar course of events. DoNotPay can also help you navigate removing foreclosure from your public records. PUBLIC RECORD OF FORECLOSED HOMES HOW TO
In this article, we will discuss what foreclosure is, how it affects your public record, and how to remove it from your record. Foreclosure can have a negative impact on your credit history and can stay on your public record for many years.
If you're unable to make your monthly loan payment, lenders have the legal right to take away and sell your home using this legal motion. Clean Credit Report How Long Does Foreclosure Stay on Public Record and How to Remove It How Long Does Foreclosure Affect Your Public Records?įoreclosure is a legal process in which a lender tries to recover money that is owed on a mortgage.
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