Triangle Real Estate
What is Foreclosure?
The lender may also file a Lis Pendes, which is a formal notice that starts the process. If this is filed, the homeowner is required to appear in court to answer the allegations. The homeowner may ask for an extension, which may or may not be granted. If it is not granted, the last phase of the foreclosure process begins, which is known as the Auction phase. The foreclosing trustee prepares and records the notice of foreclosure. The notice details the legal description of the property being foreclosed upon and gives the date, time and place of the pending trustee sale.
A foreclosure is complete when the lender obtains title to the property, the Sheriff or Trustee's deed is recorded and status code 46 is reported to the Single Family Default Monitoring System. The entire foreclosure process may take 120+ days from the first missed payment until the completion of the foreclosure. If you act quickly, the help of a professional can make it a lot easier. Let our team of experts in short sales assist you in this course of action.
Linda Craft & Team, REALTORS do our best to provide you with current and accurate information. However, we are not attorneys or accountants. Please consult with your attorney or CPA for further information and how this information may affect you personally.
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