Foreclosure versus media hype
By Carlos Arvizu, (R.V. Zoo)
(Carlos R. Arvizu Sr. with Prudential California Realy)
Foreclosures in our local market place and the Misconception of the Media What constitutes a Foreclosure. There are a couple of components and a three step process that a homeowner goes through to get to a point where they actually lose their home to foreclosure. Generally if a home owner is late on his or her payment, the lender gets a little concerned. Initially most lenders will call the homeowner, or write them a letter, telling them they are late and to make the payment, and that they will be jeopardizing their credit, or worst lose their home. If that does not get their attention, the lender will officially start the foreclosure process. The three elements to the process are; 1. The 1st phase is the Notice of Default (NOD) period, which is a 90 day event (3 months) to ca...
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