You are full of questions tonight?
Pertaining to your foreclosure question, are you asking from the homeowners point of view or from a buyer/investor point of view? There is a significant difference between the two.
If you are a homeowner behind on your monthly payments and are considering or you have been warned from your lender that they will begin foreclosure process, then, you need to hire a foreclosure attorney (see Gary Hitchcock comment below).
If you are an investor or you just want to buy a foreclosure home, there are many variances to the way each property is presented for sale as a foreclosure because each lender has different ways and or restrictions on how to proceed to purchase one of their properties. To which, it will be beneficial for you to get a Real estate agent specializing in foreclosures to help you locate and properly present an offer to purchase.
In the most simplistic terms, a foreclosure is when the mortgage owner fails to make 3 or more consecutive payments to the lender as agreed. The legal process is either Judicial or Non-Judicial.
With that said, I would urge you to seek legal counsel as the process can be complicated, avoided, delayed and sometimes dismissed by the courts.
Should you have more questions feel free to reach out to me directly
Prudential California Realty
Beverly Hills, CA
Susan Penn, PA, SFR
2000 Main Street
Weston, FL 33326
The non-judicial foreclosure process allows a lender to advertise and sell the property at a public auction, without court involvement, by following a process specified by the state. As the process is laid out in state laws, or statutes, the non-judicial foreclosure process is sometimes also referred to as Statutory Foreclosure. A key requirement for non-judicial foreclosure is that the borrower agreed to the process when they took the loan. To accomplish this, a power of sale clause is added to the mortgage, or deed of trust, which gives a third-party trustee the right to sell the property in the event the borrower does not make their payments. Given this clause, non-judicial foreclosures are sometimes referred to as foreclosure by power of sale.