Bankruptcy Attorney Las Vegas Explains Foreclosure Process

Today we brought in a bankruptcy attorney Las Vegas to explain a topic that many people hopefully won’t have to go through in life:  foreclosure.  The city of Las Vegas has many, many foreclosures, and these guys are well in the know as to how this process works.

What is a Foreclosure?

A foreclosure is a civil law proceeding carried out on a condo or home the owner of which has defaulted on the payments pertaining to the mortgage loan he had obtained. The lender is hence given rights over the property and they may dispose of it and try to get back the value of the loan in whatever way they see fit.

The lender may still have to suffer a loss by selling the property for less than it is worth but usually they regain the full amount more or less. There are certain real estate investors who actually consider foreclosed homes as business ventures and aim to buy houses for less than their market price only to be resold later for a larger price.

Foreclosed homes are marketed so that their chances may be increased of attracting a high bidder and they are sold at public auctions. Despite changes in the market the bank usually asks for the same price that they agreed upon many years ago for a loan. Since the price of the house may appreciate overtime, this just means that the new buyer is getting away with quite a bargain.

The house may be listed on the open market if there are few buyers and the bank will then sell it at a later stage. The home owner cannot get back his house at this stage as the bank has completely repossessed it. The house may stay on the open market listings for several months before it is eventually sold by the bank to a new owner.

Schwartz Flansburg Logo

The previous home owner suffers from bad credit after the foreclosure takes place and he or she will not be given a major loan for at least several years. Unless they can purchase a property in its entirety, they will not be able to move into a house regardless of whether or not they have a family.

There are a few different types of foreclosures and they largely depend on the loan itself and the agreement which was initially struck by the borrower and the bank. If the mortgage was a conventional one than the bank has the full right to take possession of the property and then market it off as its own. If however the loan was secured through some government scheme etc than the relevant state department will take possession of it.

In the case of foreclosures lenders are mainly going to be concerned with recouping as much as they can of the loan they gave in the first place. Their interests lie in getting rid of the house quickly whether it is through a public auction or the open market and they won’t keep the asset unsold for long. This gives investors a good chance to pick up the house at a bargain as long as they are paying around the original loan amount for it.

The major issue that arises with foreclosed homes is that previous home owners willingly damage the house from inside because they are being made to leave it which is why many of these houses may need a lot of fixer uppers.

A foreclosure is a civil law proceeding carried out on a condo or home the owner of which has defaulted on the payments pertaining to the mortgage loan he had obtained. The lender is hence given rights over the property and they may dispose of it and try to get back the value of the loan in whatever way they see fit.

The lender may still have to suffer a loss by selling the property for less than it is worth but usually they regain the full amount more or less. There are certain real estate investors who actually consider foreclosed homes as business ventures and aim to buy houses for less than their market price only to be resold later for a larger price.

Foreclosed homes are marketed so that their chances may be increased of attracting a high bidder and they are sold at public auctions. Despite changes in the market the bank usually asks for the same price that they agreed upon many years ago for a loan. Since the price of the house may appreciate overtime, this just means that the new buyer is getting away with quite a bargain.

The house may be listed on the open market if there are few buyers and the bank will then sell it at a later stage. The home owner cannot get back his house at this stage as the bank has completely repossessed it. The house may stay on the open market listings for several months before it is eventually sold by the bank to a new owner.

The previous home owner suffers from bad credit after the foreclosure takes place and he or she will not be given a major loan for at least several years. Unless they can purchase a property in its entirety, they will not be able to move into a house regardless of whether or not they have a family.

There are a few different types of foreclosures and they largely depend on the loan itself and the agreement which was initially struck by the borrower and the bank. If the mortgage was a conventional one than the bank has the full right to take possession of the property and then market it off as its own. If however the loan was secured through some government scheme etc than the relevant state department will take possession of it.

In the case of foreclosures lenders are mainly going to be concerned with recouping as much as they can of the loan they gave in the first place. Their interests lie in getting rid of the house quickly whether it is through a public auction or the open market and they won’t keep the asset unsold for long. This gives investors a good chance to pick up the house at a bargain as long as they are paying around the original loan amount for it.

The major issue that arises with foreclosed homes is that previous home owners willingly damage the house from inside because they are being made to leave it which is why many of these houses may need a lot of fixer uppers.

Leave a Reply

Your email address will not be published. Required fields are marked *