Print Article for : What Happens After Foreclosure

Your Online Guide » Loans Guide » Help with Foreclosure

[W434]What Happens After Foreclosure

by Chris Simpson, Chr

If you have been unable to keep making your regular monthly mortgage payments then you may have eventually ended up having to face the foreclosure of your home. In certain cases you may yet be able to fight this and win but in the majority of cases it may simply be too late. If you have recently faced foreclosure or suspect that you might be doing soon then it is worth learning about what to expect next.

One thing that is very likely to happen is that there will be a court hearing that you need to attend. If for whatever reason you do not turn up at this hearing then it is very unlikely that the judge will rule in your favor and give you a chance of still being able to save your home.

This doesn't mean that attending the court hearing brings any guarantees of success. Even after explaining your situation in full to the judge he may still decide to rule against you. You need to remember that when you took out your mortgage you signed an agreement to make your mortgage payments every month. If you have not been making those payments as agreed then you have broken that agreement and you should prepare yourself to expect to judge to rule against you.

Once the court hearing has taken place the next step is that somebody will auction the deeds to your home. At this stage you will also be told that you need to pack everything up and move out of your home. If you refuse to leave then the police could get involved to remove you from the property. You won't be able to do anything about this situation since the property is no longer legally yours.

Now that foreclosure has taken place you will no longer have any legal rights regarding the property since it now belongs to the mortgage company and not you. You can expect the entire proceedings to take around 3 months. If you are at all at risk of foreclosure or even suspect that you might be then you need to start doing something about it sooner than later so that you don't run out of time.

If you leave things too long and let the proceedings start then it could well be too late and you will not be able to do anything about it. Don't just sit back and let your home be taken from you. Make sure that you stay on top of things at all times to have the best chance of never having to go through this awful experience.

Due to the fact that you were unable to continue making your monthly mortgage payments, you were eventually faced with foreclosure upon your home. There are some instances when you can fight this and even win but most of the times it is not something that will do you any good, if you did not make your payments, you lose your home to foreclosure. If this is something that has happened to you and you are a little bit curious about what the next proceedings will be, after the foreclosure has occurred, then you are definitely in the right place. Throughout this article I am wanting to talk with you some more about what all really happens after the foreclosure of your home has been completed. There will more than likely be some type of court hearing that you will have to attend. If you choose not to attend this court hearing regarding the foreclosure of your home, there is absolutely no way that the judge would feel the least bit sorry for you and there will be no possibility of changing the situation at hand.

Even by going to this court hearing and speaking with the judge, explaining your sob story and all, it is still not a guarantee that he will listen to one word that you have to say about the foreclosure of your home. The fact of the matter is, you basically promised to make each payment as it was set up for you to make throughout the years. By not doing what had been asked of you, time and time again, foreclosure is inevitable and talking to the judge will be quite pointless actually. After the court hearing as completed someone will actually auction of the deed to your home, which I know is very depressing for you to think about. Once you are told that you in fact have to pack up all of your belongings and leave your home, you had better get to packing. Otherwise what could potentially happen next is not something that any of you really want to happen, they have the right to call the cops on you to take you off of the property. This property no longer belongs to you, as hard as that is to adjust to knowing.

You have no legal rights to the home or property from this moment on. The mortgage company that provided you with the loan to purchase your home will have all legal rights to your home and property. The entire foreclosure proceedings typically do take up to about 3 months. So, with that said, if you fear that you might be in potential danger of receiving a foreclosure notice, do something before that time frame is up. If you wait too long and the proceedings have already begun to start then chances are, you have seriously waited far too long and there is just nothing at all that you could do about it. Sitting back and watching them take your home from you is quite devastating to say the least. Make sure that you are always on top of things, when it comes to making your house payment each month so that this does not become a reality to you, if it has not already.

Article Source : Pg. 5

About Author

Both Chris Simpson & Scott Brooks are contributors for EditorialToday. The above articles have been edited for relevancy and timeliness. All write-ups, reviews, tips and guides published by EditorialToday.com and its partners or affiliates are for informational purposes only. They should not be used for any legal or any other type of advice. We do not endorse any author, contributor, writer or article posted by our team.

Chris Simpson has sinced written about articles on various topics from Work From Home, Joint Venture and Pets. To find out how to please visit