WeCallYourBank.com » Foreclosure Timeline

Foreclosure Timeline

admin — Tue, 16 Mar 2010 05:49:08 +0000

Many homeoweners are curious about how the Minnesota foreclosure timeline works. They want to know what a notice of default is. How long before the sheriff sale, they want to know what a redemption period is and how long. They want to know how everything works. If they explore a loan mod, they would also like to know how that process works and what they can expect on that. From what we hear you can run into a lot of unanswered calls, paperwork and a very long time of trying. We are here to help, so if you get tired of trying to make the loan modification route work, please give us a call.

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Minnesota Foreclosure Timeline

admin — Fri, 28 Aug 2009 01:16:55 +0000

Before we start the timeline I’d like to let you know that you can do a short sale these days being zero payments behind. The process starts when you become 30 days late. At this point the lender will often call you from their collections department. After being 60+ days late and missing 2 payments you will get more serious letters from the lender you may also receive a NOD-Notice of Default. By the 3rd payment when you are 90+ days late the lender will likely hire an attorney and file a foreclosure. At this point the arrears of all late payments, late fees, attorney’s fees are added together. The bank at this point, will not take partial payments. The homeowner will need to come up with the total of all payments, late fees, and attorney’s fees to reinstate the loan to stop the foreclosure timeline. From the moment the foreclosure is filed the lender only is required to advertise in the legal newspaper for 6 weeks.

After 6 weeks the house gets auctioned at the sheriff sale, often the lender will secure their position at the sheriff sale. The homeowner now has a right to sell their house in the final redemption period which is often a 6 month time period. The seller would need to come up with the fall loan amount and or amount it sells for at the sheriff sale, during the redemption period, in order to keep the house, this is likely too much money for most people especially with there current credit condition. Junior lien holders such as 2nd, 3rd mortgages, and mechanic liens will lose everything through an entire foreclosure process. Because of this, us, as negotiators can call the banks for a discount to lower the mortgage(s) resulting in a more competitive price so that we can help get your house sold faster.

If you want to do a short sale, please go to www.WeCallYourBank.com

Foreclosure Timeline Many homeo
What is a redemption period The redemp

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[video] Minnesota Foreclosure Timeline

admin — Wed, 19 Aug 2009 22:50:23 +0000

This video discusses the Minnesota Short Sale Timeline and how it affects you. He discusses when you first get behind on a payment, to the continued calls, the letters, and the sheriff sale. He discusses the redemption period. He has helped 100’s of homeowners in the twin cities. Short Sale Assistance Group helps negotiate short sales. They get the debt and loan discounted, so you can get the house sold.

Please go to www.WeCallYourBank.com and fill out your info.

Foreclosure Timeline Many homeo

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[video] Top 4 Questions when facing foreclosure

admin — Mon, 17 Aug 2009 21:54:12 +0000

The 4 questions are discussed about foreclosure. What is discussed is pre-foreclosure, sheriff sale, redemption period, and your credit. A good point he makes, is that the damage is already done with your credit score once you miss payments. They can discuss your options with you. He discusses how you want to avoid a judgment from your 2nd mortgage. It can take up to 7 years before you can get a new loan after a full foreclosure, whereas with a short sale it’s only 2 years. He talks about getting full satisfaction on your mortgages with the way they do a short sale. Short Sale Assistance Group would like to help you get your short sales done. Please go to www.wecallyourbank.com

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[video] Foreclosure quetions answered

admin — Sat, 15 Aug 2009 21:17:52 +0000

Todd answers some common questions about foreclosure. Todd has been in the financial business over 20+ years. He gives an overview of each process from deed in lieu, bankruptcy, loan modification, etc. Whenever possible you don’t want a bank foreclose if you can help it. He explains how it could take 5-7 years to be able to buy another house. You are better off doing a short sale where the window is as little as 2 years. Please fill out your info at www.wecallyourbank.com

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Foreclosure by Advertisement Timeline

admin — Fri, 10 Jul 2009 03:37:01 +0000

Almost every foreclosure in Minnesota is foreclosure by advertisement, I want to describe to you a little bit how it would play out.

1st missed payment- Bank collectors start calling

2nd missed payment-Bank collectors get more agressive, usually after the 2nd missed payment the homeowner will get a NOD-Notice of Default of the terms of the loan.

3rd missed payment-Bank hires attorney to start foreclosure proceedings, the homeowner will get a notice of pendency of foreclosure.

4th-5th missed payment-The lender is likely advertising for the sheriff sale for 6 weeks prior to the sheriff sale in a local legal newspaper. This 6 week period is mandatory by the foreclosing lender.

6th missed payment- Right around this time a sheriff sale date happens, and the lender typically pledges the mortgage for what’s owing, sometimes less, at the sheriff sale, at this point, you can’t pay up the arrears on payments behind, the entire loan, arrears, late fees, attorney fees etc need to be paid after the sheriff sale.

There is then a 6 month redemption period that sellers are allowed to stay in the property. There are situations where this is 12 months, but this is rare it has to do with a lot of land, agricultural use or a 30% principle pay down on the mortgage over approximately 10 years, which likely wouldn’t be a short sale scenario anyways.

Please note the sooner we can start the short sale process the better, as the more marketing time to market the home we have the better, plus some lenders don’t like to negotiate at all after the sheriff sale, so time is of the essence. You can fill out your home info at:

www.wecallyourbank.com

Foreclosure Timeline Many homeo

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