Short sale process takes quite sometime before it is being sold in the sheriffs auction . But it is still a good opportunity for the real estate investor to get better deals. Though every state has different processes when it comes to short sale investing but still they follow basic processes.
The bank becomes the lender, the one who lends some money to purchase a property basing on their job, credit history and down payment, in order to purchase the home.The buyer agrees to have a home mortgage with the bank, with this the bank earns money as the interest accrues over a period of time.
Will the purchaser need to inform the homeowner to stop paying back the loan through mortgage? The bank needs security to be able to acquire ownership of the homeowners property.
The bank waits for quite sometime before it could start the foreclosure that will allow from 3-6 months for the homeowners to begin doing payments on the mortgage. It is a very lengthy process. On a pre-foreclosure, the trustee usually a local attorney, will then prepare for the foreclosure.
When the bank files a Notice of Default through a trustee with the County Recorder office, this is when foreclosure started. The serve Notice of Default will enable the property owner and the county that the bank is already ready to take action on foreclosing the owners property.
In informing the owner in regards to to the incoming short sale foreclosure, they usually send the Notice of Default in the owners property through mail or contacting the property owner and arrange ways on how to repay the mortgage.
Considering if a mortgage loan is not brought to the date within 3 months period of time. Then the trustee will file a Notice of Sale together with the County Recorders Office. The notice of sales is also being posted on local newspaper and also on the owners property.
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