How does a home foreclosure process work?

If someone with an A paper loan goes into foreclosure because their home is worth less than half the value of the mortgage therefore bank does not approve short sale, and they lost their job, how does the process work? This would be for CA. And how long does it stay on the credit report and would existing credit card rates go up?

By | 2013-08-24T23:21:13+00:00 August 24th, 2013|Mortgages Home Loans Interest Rate|3 Comments

About the Author:

3 Comments

  1. TCK August 25, 2013 at 1:11 AM - Reply

    Icecream,

    Not sure you did any checking but Steveko7 is correct. Here is a quick link; http://abcnews.go.com/Business/Economy/story?id=6872834

    That being said, this is only a temporary thing so you want to be prepared.

    My brother up in Boston was about to go through a foreclosure but ended up holding things off. He said he purchased a book from http://www.lasvegasforeclosurehelp.info.

    I know, he’s up in Boston, why did he get a book from Vegas….evidently a friend of his is going through the same thing who lives in Vegas and told him about this book.

    Anyway, he said the book answered a ton of questions and save him thousands in lawyer and loss mitigation fee’s.

    Hope this helps a little bit….

    Todd

  2. Levi L August 25, 2013 at 1:01 AM - Reply

    I would check out http://www.homehelpnow.info

  3. steveko777 August 25, 2013 at 12:03 AM - Reply

    At this point it doesnt–As of Monday afternoon most lenders have suspended Foreclosures and Short-Sales—The rest will follow Tuesday. That is to give the President time to hammer out details of The Foreclosure Rescue Act. Its all over the news

Leave A Comment