Second Mortgage

If you do not pay or default on your HELOC and continue to pay on first mortgage can the HELOC mortgage lender initiate foreclosure?

Does the HELOC holder contact your primary mortgage holder at loan origination? Do they contact the primary mortgage holder for permission to inititate foreclosure? Can the primary mortgage holder stop foreclosure? Read the rest of this entry »

Foreclosures are primarily handled out of court.

The foreclosure process can take 3-14 months depending on the length of the redemption period. The typical foreclosure takes about eight months.

So what happens during pre-foreclosure period ? Court foreclosures are permitted in any sate.However, most mortgages contain a clause enabling a lender to sell a property out of court once a borrower defaults. Read the rest of this entry »