So, what are your solutions to a foreclosure? Robert Rico share the options in this video.Ġ4:53 - What are the pre-foreclosure options?Ġ8:00 - What is the foreclosure timeline? The home buyer who took out the loan was unable to make payments on the loan, so the bank had the legal right, per the promise that the borrower repays them, to take them home. This is a declaration that the property will be auctioned off in a specified period of time. If no solution has been made after 90 days, then the bank will send a notice of trustee sale.
This will mark the beginning of the foreclosure process, which is also known as "pre-foreclosure." A notice of default is to notify the borrower that they have defaulted on their loan.
When the borrower does not make a payment, the trustee will send a note of default. So, what happens when the borrower doesn't make a payment because of financial difficulties, such as an economic recession? This loan is given to the borrower with the promise that the borrower will pay back the trustee with monthly payments. What the home buyer withdraws is a home loan. So, they will go to a bank (or other loan company) to take out a loan. To purchase a home, a home buyer might need a loan. So, Robert breaks down the process in a timeline. There's a lot to know about the foreclosure process. In other words, foreclosure describes the process of when a bank (or another trustee) collects a loan's collateral. In this video, Robert Rico shows you what a foreclosure is and the foreclosure process.Ī foreclosure is the repossession of a home when a loan borrower defaults on their home loan. Learn more about the HomePath program.What does foreclosure mean? What is the foreclosure process? What's the difference between foreclosure vs short sale? These are just a few common questions circling foreclosures. HomePath® offers various incentives for home buyers such as paid closing costs, low down payment option (3% down) and no PMI with HomePath financing. Check the video below to see the extent to which Fannie Mae preps its properties for sale. Fannie foreclosures are often listed below market value and most are move in ready. Even in our current sluggish real estate market where it takes an average of four to six months for a home to sell because of a shortage of home buyers and an over supply of homes for sale, Fannie Mae foreclosures often receive multiple offers within days of being listed for sale. Given all the “fix-up” work Fannie Mae undertakes on its properties, it’s no surprise that those homes sell fast. Fannie Mae has become the largest buyer of paint and carpet in the nation in order to make its foreclosures move-in ready. The average $5,700 Fannie Mae spends on each of its properties for repairs and improvements goes a long way. Fannie Mae’s goal is to sell its properties in a timely manner in order to minimize the impact on neighborhoods. From the curb, you could not tell apart a Fannie Mae foreclosure from other inhabited homes in the neighborhood. Home buyers are often pleasantly surprised when viewing Fannie Mae foreclosures – fresh paint, new carpets, new appliances, new fixtures…what a refreshing change from other foreclosures and REOs listed for sale in the Charlotte real estate market! Fannie Mae goes to extreme lengths to revamp its properties. Fannie Mae markets and sells its inventory of REO properties across the nation under its brand name HomePath®. If you are looking to purchase a foreclosure in the Charlotte region, you owe it to yourself to take look at Fannie Mae foreclosed homes. That is not the case with most Fannie Foreclosures. Anybody who wants to buy a foreclosure knows that some work will be needed in order to make it move-in ready. Most of them have been neglected, are in less than desirable condition and are sold “as is”. There is a certain stigma associated with banked-owned properties, foreclosures and REO (Real Estate Owned) homes.
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