To be honest, knowing the foreclosure process will do nothing but help you. I am not saying that your house is one that will get foreclosed on, but it is better to know what the process is so you can make sure that you keep your home! First and foremost, you need to know that the foreclosure process is not going to be the same in every single state, so if you live in one state and move to another, it is going to be completely different. However, it’s important to know the details to avoid real estate foreclosure!
Some states allow up to 180 days for the entire foreclosure process to come into affect, while others only allow about sixty days, so make sure that you do a little research so you know exactly what your state offers. Knowing how much time you have to foreclose on your home is a great thing to know, that way you know how much time you have before you lose your home.
Foreclosure is something that is terrible – it hurts everyone in the world and more and more people have to foreclose on their homes. This is one of the main reasons why you should know the process, just in case. More in part 2!