May 4
Option #1
๐ ย Foreclosed homes are priced much lower than the average American home for sale, and there is great opportunity to find that deal. Before purchasing a foreclosed home, it is important to understand how foreclosures work.
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๐ ย STAGE 1 – Missed Payments
Once the homeowner begins missing payments, they are no longer upholding their responsibilities of the loan and the lender can come to collect.
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๐ ย STAGE 2 – Public Notice
After missing 3-6 months of payments, the lender will give a public notice to the County Recorderโs Office or file a lawsuit.
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๐ ย STAGE 3 – Pre-Foreclosure
Once the lender records the public notice, the home enters the early stages of repossession and the homeowner has 90-days to take action.
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๐ ย STAGE 4 โ Auction
When it is time, the mortgage investor or its representatives, will put the home up for auction.
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๐ ย STAGE 5 – Post-Foreclosure
If the home was purchased at auction, the previous homeowner must move our of the home. If the home does not sell, the foreclosed home becomes a bank-closed property.
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Have you had success with buying a foreclosure? Share your experience in the comments. โฌ๏ธ
Option #2
The Force is strong in my family โ๏ธ #NationalStarWarsDay
Option #3
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May the 4th be with you โ๏ธ #NationalStarWarsDay