Here is the Formal Legal Foreclosure Procedure

by on June 12, 2009

1. Bank sends a Notice of Intent to Foreclose

2. Immediately following the notice, bank files an action in the court system to foreclose

3. Legal notices (soldiers and sailors notice below) as required by law, are published in local papers

4. No payment or settlement arrangements are made with the lender

5. Notice and waiting periods expire

6. Court issues an order allowing the bank to foreclose on the property (Please be aware of the fact that some of these steps can occur very rapidly)

7. Legal notice of actual foreclosure date published in the local papers

8. House sold at auction to the highest bidder on the court house steps

Get educated! It is your best defense.

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