In this YouTube video, Local Records Office outlines the foreclosure process.
Foreclosure is the act of a lender removing ownership rights from the purchaser of the property through the means of the court.
The payment collector hires an attorney 30-90 days afterward. A title search is done to find the legal names of all property owners and any existing liens. The attorney files a formal complaint with the court and serves the property owner(s) notice that a lawsuit has begun.
An official summons is sent to the defaulted property owner(s). If they can’t be found, a notice is published in a daily newspaper and mailed to the last known address. The defaulted owner(s) need to respond within 20 days. If not, the attorney asks the court clerk to officially record that the loan is in default.
The defaulted property owner(s) can file a motion to stop the proceedings. A mediation between the payment collector and the owner(s) is scheduled. If the owner(s) takes no action, the payment collector wins by default. A sale of the property will commence and the current occupants, if any, are evicted with the assistance of a local Sheriff.
If a property owner believes they are facing foreclosure, they should contact a qualified expert for foreclosure help.