How does a home go into foreclosure?
by 
Real Estate Guy
ANSWERS: 5
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Foreclosure proceedings usually begin after a borrower has skipped three mortgage payments. The lender will record a notice of default against the property. Unless the debt is satisfied, the lender will foreclose on the mortgage and proceed to set up a trustee sale. For more questions or to learn about foreclosure prevention and information... http://www.propertyinvestmentadvisor.com/stop-foreclosure.html. To learn about foreclosure investing try here... http://www.propertyinvestmentadvisor.com
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So it takes three months before the bank moves on it? How much longer after that before the renter gets kicked out, if you know what I mean?
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Laws will vary by State and exact time periods In the simplest of terms, the borrower defaults on the agree contract, a few months later there is a Sheriff's Sale which marks the beginning of the redemption period. The borrower may redeem the foreclosure during this period (most often up to six months). At the end of the redemption period the property reverts back to the lender (after a couple thousand dollars in legal fees and title expenses). All this time (9-12 months) the lender must carry this non-performing loan on its books. The irony is that any time a home goes into foreclosure, the borrower never seems to save up the missed mortgage payments ... but they always seem to have a big screen TV and a new car in the drive. Talk about screwed up priorities! They don't even have a good rental security deposit saved.
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Stop paying the mortgage and you'll soon find out
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