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RGV Foreclosures

How does an RGV Foreclosures work:  An RGV foreclosure is where a homeowner or commercial property owner is deprived of the right to redeem his or her property after being unable to make principal and/or interest payments on his or her mortgage or otherwise fails to fulfill any of the obligations set forth in the mortgage agreement. The lender or bank can enforce its rights through a foreclosure. In this way the lenderin the Rio Grande Valley, be it a bank, Home Owner Association, or building society, can seize and sell the mortgaged property as stipulated in the terms of the mortgage contract using the proceeds of the sale to repay debt. The RGV foreclosures action is the actual filing of and carrying through of the foreclosure process.

When talking about RGV Foreclosures one should not forget the big picture. U.S. foreclosures in October were up 2% from the month prior, according to a new report from RealtyTrac  Foreclosure starts — properties that began the foreclosure process — were up 2% as well but still down 34% from a year ago.

Read more: FORECLOSURES REPORT

RGV Foreclosures

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What is an RGV Foreclosures

What is a Foreclosures – 

A RGV foreclosure is basically a lenders way of taking back a home from a homeowner in the event that they were unable to keep making their payments or falling behind, and you might ask “why would a bank do that?”, but a bank has a lot of risk when they’re loaning money, and the house serves as the collateral. So if a homeowner is unable to make their payments after a certain amount of time, at some point the lender says, you know we want to just get whatever we can out of this, we know were losing money, but we want to cut our losses, and the way we’ll do that is we’ll take back the home from the homeowner and we’ll sell it ourselves at a depressed price but at least the lender is getting something out of the deal. Now foreclosure is really bad for the homeowner. If you are not able to make your payments and you have to go through a foreclosure process, your credit score is really impacted significantly in a harmful way. It will also make it much harder for you to get a mortgage or be approved for a mortgage in the future if you’re buying a house at some point over the next several years. So again foreclosure is the process that the lender simply says you know what we need to recoup our investment because we are losing money with this homeowner not making payment, and you hope it doesn’t go that far the lender hopes they don’t have to foreclose, the homeowner hopes it doesn’t get to a foreclosure but at some point that’s the end result of a homeowner falling behind or not being able to make their payments. info provided by http://www.howcast.com/videos/491807-what-is-a-foreclosure-financial-terms/

RGV Foreclosures

RGV Foreclosures

Texas bankruptcy can still result in home foreclosure

On behalf of Rosenbaum Law Offices posted in Foreclosure on Sunday, November 10, 2013 A Chapter 7 bankruptcy typically releases a consumer from any future liabilities on debts owed. The bankruptcy process usually entails the sale of assets, if any of value are available. A bank may still foreclose on a home years later, even if it was included in a Texas bankruptcy filing.

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