I was a foreclosure paralegal and to my knowledge, the mortgage company holding the mortgage has their law team or they hire an atty. to do this for them.
What happens is a whole legal issue that is a long ride. Filing complaints with the court when payments stop coming in... then there are evictions, and other issues like city liens, etc...
then there is USUALLY a sheriff's sale, but not always.
Basically the owner who stops paying gets kicked out and their credit is ripper apart along with their lives.
This process can take months or even years.
sometimes a private sale occurs, but most go to forclosure sheriff's sale. Sometimes the mortgage company will just turn around a resell once they get the house from the evicted orig. owner.
that depends on the condition too.
most likely there is a cloud on title and that can fall on the new owner if they aren't careful at the resale!!!!!
most evicted owners file for backruptcy which can sometimes clean the clouds on title.
In foreclosure process are the homeowners responsible for paying mortgage company money after foreclos procedu
Does mortgage company sell home outright or is it always auctioned off?
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