The Process Of Foreclosure

The term "foreclosure" can be confusing; it really refers to a three-stage process:

1. Pre-foreclosure--initial stage when homeowner misses payments (becoming "delinquent"), then defaults on mortgage, and lender begins foreclosure proceedings with "notice of default."
2. Auction (also "trustee's sale" or "step sale")--the stage at which the property is put up for auction by lender; proceeds repay lender (and homeowner, if any money is left over).
3. Post-foreclosure-- when properties that didn't sell at auction are repossessed, becoming REO "real estate owned" by a lender or government agency such as the Federal Housing Authority (FHA) or Veterans Affairs (VA).

Lonnie Snyder

REALTOR®

Keller Williams Realty Southeast Sound

Phone: 206-406-2710

E-Mail : snyder@kw.com

Website: http://www.callsnyder.com/

Blogsite: http://renton-real-estate.blogspot.com/

Lonnie Snyder is a full time real estate agent and REALTOR® with Keller Williams Realty specializing in Residential Real Estate for buyers and sellers in Washington’s Kent, Renton, Newcastle and South Bellevue.