Formal Legal Foreclosure Process

**sofiadesoza** · 05-01-2009, 05:12 AM

Hello,
I would like to know about the foreclosure.
what are the factors includes in the formal Legal Foreclosure process?

Any suggestion would be greatly appreciated.

**sofiadesoza** · 05-02-2009, 01:30 AM

Friends,

Please help me to know about foreclosure.

Sofia

**EddieSy** · 05-10-2009, 03:21 AM

Hello sofia, foreclosures are a bit complicated to explain so I'll give you a link at en.wikipedia.org/wiki/Foreclosure about the subject.

On the other hand if you want to learn more about Real Estate terminologies, we've got a great resource at our website at NCRE Investors.

**Dave Reynolds** · 09-30-2011, 09:29 AM

The formal legal foreclosure process is going to vary from state to state-based on state laws. Oftentimes it involves a public announcement at the start of the process to ensure that key stakeholders are aware of the proceedings. Next there is a court proceeding where the judge reviews the legal documents to determine if the foreclosure meets the state requirements. If the foreclosure meets the state requirements the court will order that the property be sold in order for the bank to try a recoup some of its losses. Depending on the state laws if all of the losses are not recouped the bank may seek the difference from the borrower. The actual length of the foreclosure process is going to vary from state to state due to the different laws. The best advice would be to review your state specific laws for foreclosure.