How Long After Foreclosure Can I Purchase A Home ?
A foreclosure is a process that is initiated by the mortgage company or the lender or the bank along with the help of the court. When a borrower defaults on the mortgage payments, a foreclosure is an extreme step taken by the mortgage company to get rid of the property. The foreclosure means the borrower has to vacate the premises and he will receive a settlement on his property after an auction has been held by the court. After the auction, the mortgage company will also deduct their legal proceedings charges and then give the settlement to the borrower.
The foreclosure is initiated by the lender when the borrower starts defaulting on the payments. When the payment is defaulted for more than two months, then the lender initiates a foreclosure with the court.
One can only purchase a home when the foreclosure has proceeded to an auction. There are several interim steps that have to be taken. Some of them are the lender will have to advertise in the paper for three times in a period of 21 days. Also, they have to make sure the give adequate number of notices to the borrower about the impending auction. The auction can take place within three months of filing for foreclosure in most states. In some states, when you bid for a house in an auction then you become the immediate owner. However, in some states, like Montana or Texas, the borrower has a right to redeem the house by making full payments owed until a time of one year after the auction.
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Foreclosure :
How Long Can I Live In My House After Foreclosure ?
 When a home is being auctioned and the first sign of it is a foreclosure warning from the mortgage company. When a person defaults the payment for more than two months, then the mortgage company will send a letter requesting them to pay the dues or else they will have to appeal for a foreclosure. When the borrower does not respond with an answer, the foreclosure appeal is made to the court. More..
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