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Foreclosure Revelations Part # 1
Author: clint  | Posted: 19-07-2008 | Comments: 0 | Views: 3 | Rating: (89)  (?) 
Foreclosure Revelations Part # 1 of 4
Foreclosure is a legal action initiated and filed by the borrower(s) mortgage lender(s) to bring suit upon the borrower(s) in an effort to force the borrower(s) to bring the loan(s) current or in most cases to legally gain back the property that is being used as collateral to secure the mortgage(s). This action usually occurs when the borrower(s) is generally four months behind on the mortgage(s) payments. By this time the lender(s) has tried unsuccessfully by repeated phone calls, visits and mailings trying to workout some type of repayment plan and has now escalated to more serious legal initiatives. The lender(s) really do not want the borrower(s) property; the lender(s) just want paid as the borrower(s) agreed to.
If the borrower(s) has multiple mortgages, generally only the primary lender files a foreclosure action, unless the second lender has a higher balance and there is substantial equity in the property or other assets. Typically after the borrower(s) is generally behind four months of mortgage payments, the lender(s) has prepared and serves lawsuit paperwork regarding a foreclosure action. Upon receipt of the paperwork the borrower(s) has 20-30 days (area dependant) to file an answer to the complaint. Note, if the borrower(s) are not physically served the lawsuit paperwork, the attorney for the lender(s) will in do time prove to the court all their efforts and the lender(s) will get a default judgment as if the borrower(s) had received and had not answered the complaint.
To learn more about the foreclosures, please visit our website or contact us for more in depth information.
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Article Source: http://www.articlesbase.com/real-estate-articles/foreclosure-revelations-part-1-490366.html
About the Author:http://www.truthofrealestate.com
Clint Cohen is a renowned national expert and guru mastering in real estate investing and creative real estate solutions. Clint is also a national award winning builder, remodeler and developer with over forty years of successful business operations. Married and a father of two grown daughters and two cats.
Clint has authored several books and has created, written and implemented many proprietary forms, agreements and exclusive paperwork for all his business ventures. An author, writer, reader, teacher, developer, trainer and lecturer complimented with a very expansive and extensive collection of true and real life experiences. http://www.truthofrealestate.com
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