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Debt Relief – Insolvency – Bankruptcy Information » Uncategorized » Understanding Foreclosure Laws and How to Protect Yourself

Understanding Foreclosure Laws and How to Protect Yourself

Foreclosure laws can vary from state to state but overall they are essentially the same. It is very important for you to understand the laws so you know how you can buy a foreclosure property, how to find information on a foreclosure property, and the time it will take to remove current tenants, if there are people residing on the property.

If you are looking for foreclosure homes for sale there are many places to find them. Foreclosure laws require the county to list these properties in the public information section of the classified ads of any local newspaper. In any state, you can search through classifieds and locate foreclosures that might look right for you. Banks also list foreclosures for sale. They are not required to do so but banks don’t want to own homes and if they own a home that didn’t sell in an auction, they will list the properties and try to sell them too. Often times, you can find homes owned by lenders to be significantly lower than what you would pay at the auction. This is because the banks are desperate to sell unsold auction properties.

If you see a few properties you would be interested in buying at an auction, you can attend. Many people assume auctions are not open to the public but you have to be a part of some affiliation or real estate group to bid. This isn’t the case. Foreclosure laws allow anyone in the public to attend and bid on properties. Keep in mind; you will need to bring with you a down payment. This is not discrimination but protection for the bank the bidder really can afford to purchase the property.

It isn’t very common there are still people residing in a property once it goes to the auction for sale. However, there are cases where the previous homeowner is still there. If you buy a property at the auction and people are living in the house then you will have to take your sale documentation to the sheriff’s office. The sheriff’s office will post a notice to vacate on the door of the home giving them 72 hours to leave. If they do not leave the property then the sheriff’s office will physically remove them and their belongings. The belongings and furniture will be placed in a sheriff’s storage. This is nice because you don’t have to worry about what to do with all of the items.

Foreclosure laws are important to know if you are thinking about buying a property in the foreclosure process. There are many places to look for properties undergoing the foreclosure process. You can find properties in the local newspaper or even by asking the county courthouse. Anyone in the public can attend and bid on a home at the auction. The sheriff’s office will also help you remove anyone in the home once you purchase it.

Don’t let your home turn into a foreclosed property, save it before it’s too late.

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