Political Question About Foreclosures
How in the heck do foreclosures of single family homes work? Having never been foreclosed on or ever bought a foreclosure property directly from the bank, I am curious as to the timeline and what exactly happens. I hear our presidential candidates talk about allowing people to stay in their homes with a 90 day moratorium on foreclosures, judges reducing mortgage rates, buying up the bad mortgages, etc. I would like to know how the process works before a property in foreclosure can be bought/occupied.
How many months do people typically go without paying their mortgage before their house is truly foreclosed?
Once their house has been foreclosed, isnt there a period where the original owner can continue to stay in the house?
All I hear about on the news is how terrible it is because people are being kicked out of their homes, banks are greedy, etc. I would like to hear from investors about the specifics of how a foreclosure works. Correct me if I am wrong but I am sure that there are a whole lot of people who decide not to pay their mortgage when they can actually afford it and then live payment free for a considerable length of time before the sheriff finally kicks them out. How accurate is that statement?
To understand the process from the perspective of both the borrower and Lender, read Fight Foreclosure! available at Barnes and Noble, full sized Borders, at libraries, and on Amazon.
http://www.amazon.com/Fight-Foreclosure-Cope-Mortgage-Negotiate/dp/047026764X