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When purchasing a home or piece of property, most lending institutions require a down payment. The actual amount of the loan will be secured by a lien which really just means that the property itself will stand good for the loan. Even someone with the best of credit can sometimes have a misfortune happen such as an accident, lay-offs or illness and become in default on monthly payments. In the event this happens the lender will then initiate a foreclosure which could lead to repossession of the property. When a loan enters default the lender has the right to take possession of the property which will then be sold to repay the balance that is owed on the loan. Many times talking with the lender can give you a little extra time to make good on the delinquent payments and avoid foreclosure. The time required for a lending institution to reclaim the property varies depending upon which state you live in. In some states it could be as little as one missed payment, but normally you must be several payments behind before the foreclosure process is initiated. In most instances you will be notified of the impending foreclosure and given a certain amount of time to get the loan up to date. Often, making one or more payments will delay the foreclosure proceedings giving you the chance to keep your home or land. Properties reclaimed by these institutions are sometimes sold at auctions, other times they are listed for private sales. Since the banks main priority is getting the money that is left owed on the loan, these foreclosed properties are often sold below the actual market value. In some instances your financial misfortune is a lengthy or permanent one and you may not have a way of retaining your home or property. If however, you're off work sick for a few months, or temporarily laid off from a job, discussing this with your lender may give you the time you need to get your payments caught up and keep your home.
Article Source: http://www.realestateinvestmentarticles.net
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