Exploring the Various Types of Foreclosures

admin — Sun, 29 Jan 2012 13:51:44 +0000

If you are interested in purchasing a foreclosure, gaining a better understanding of the process and the types of foreclosures available is essential. Many people do not realize that there are actually three different stages in the foreclosure process, and that the process of purchasing the home will vary somewhat depending upon the stage of the process the home is in. Whether you are interested in purchasing a foreclosure in Plainfield, Indianapolis or Bethesda real estate, a more detailed understanding of the process can help you become better prepared as a buyer or seller.

Pre-Foreclosure

While in the pre-foreclosure stage, the homeowner is trying to sell the home before it is actually foreclosed upon. Homeowners who are in the pre-foreclosure stage are having difficulty keeping up with their house payments and they are at risk of going into foreclosure. If a homeowner sells his home while still in the pre-foreclosure stage, they can often mitigate the damage to their credit. Still, since the homeowner needs to get rid of the home as quickly as possible, he will be willing to sell the home at low price. Typically, those who are in pre-foreclosure are happy to simply get their mortgage loan paid off. Often, they will have to have lender approval to sell for less than they owe.

Foreclosure

Once the lender has started the actual foreclosure process, the property is in the foreclosure stage. The actual foreclosure process will differ a bit from state to state. In those states that follow the judicial foreclosure process, the foreclosure involves the mortgage rather than the deeds of trust. With a non-disclosure foreclosure, a trustee handles the entire process. The judicial foreclosure process typically takes longer than the non-judicial process, which can typically be completed in just two to four months after the borrower stops making payments. Once the property makes it through either the judicial or non-judicial process, it is put up to auction and sold to the highest bidder.

Post-Foreclosure

Once a property reaches the post-foreclosure stage, the lender has taken full control of the property. At this point, it is considered to be an REO, or Real Estate Owned, property. Once the property becomes an REO, the lender is generally quite willing to sell the home as quickly as possible. Not only does the lender want to recoup a portion of the loan as quickly as possible, but having an REO on their books is also a sign of having made a poor lending decision. Furthermore, the lender doesn’t want to incur additional fees, such as property management fees and other overhead costs, so most are willing to sell the homes at a very reasonable price.

If you are interested in purchasing a foreclosure, regardless of the stage, a real estate agent who is experienced in foreclosures can help you learn more about available properties. While you are not always guaranteed to find a great deal when purchasing a foreclosure, most people find that foreclosures offer a great opportunity for purchasing a home at a very affordable price.

About The Author – Kevin Koitz specializes in Bethesda and Washington DC area real estate, including Wormely Row condos, as a Realtor with the Koitz Group in Maryland.

Holiday Fun for the Children in Plainfield

admin — Tue, 13 Dec 2011 18:58:02 +0000

Enjoy the Holiday family activities this weekend in Plainfield.

A new tradition begins this Saturday at Hummel Park. The park’s first Hometown Holiday event will capture the inner child in us all. Featuring Photos with Santa and Mrs. CLaus, donkey rides, a live nativity and movies.

This is a free event – Saturday, Dec. 17th from 3-7 p.m.

You can also meet Santa and have your picture taken at the Plainfield Aquatic Center on Saturday or at the Metropolis Mall.

Plainfield Indiana Dining

admin — Tue, 23 Dec 2008 00:56:43 +0000

This article is less about Plainfield Indiana dining, and is more of one for nostalgia for you Plainfield Indiana natives. Do you remember the ole crusin’ strip up and down Washington Street and hanging out at the local Noble Roman’s Pizza eating breadsticks and Sicilian pies? Anyway, for those that may have moved off to other parts of the country, I’m sorry to say that all of that has changed. And while we may miss some of the good ole days (particularly the Noble Romans Pizza), the area has developed into a thriving community and has definitely become less isolated than it once was.

Plainfield IN dining continues to evolve and while the area has seen its share of national and even regional chain restaurants crop up, there are still some local favorites. The Coachmen restaurant is still around offering its fine local fare (its moved up closer by the expressway of I-70 for those that may be wondering).