Stop Foreclosure http://www.consumerdefenseprograms.com/a Foreclosure expert, Corey Vandenberg explains what is foreclosure.
“One of the most common questions that I get about foreclosure or stopping foreclosure is people want to know really, in its essence, what is it? What is foreclosure? I’m going to try and make this simple for you so that you really get the understanding of what is happening. When you signed a loan agreement with a bank, and there’s two types of foreclosures that can happen in the United States, there’s what we call a trust deed state and there’s what we call a mortgage state, and depending on which state you live in is what’s going to determine how those foreclosures happen, like what the procedures are, and the rules and what not.
Here’s the best way I’ve ever come up with to explain a foreclosure. The common misconception is that a foreclosure is the bank taking your house. The reality is, if you’re familiar with a word, by proxy, or what it means to do something by proxy, that is actually what is happening in a foreclosure. What’s happening is, you signed an agreement when you took out a loan that said that in the event that I don’t live up to the terms of this agreement, then I grant specific legal power to the lender or their trustee to go ahead and sell my house, as me, by proxy. When they’re standing up on the courthouse steps auctioning a home, they are actually doing that under the home owners’ authority on behalf of the home owner. It’s you selling your house to satisfy the debt of obligation that exists because of the mortgage. It’s not the bank selling your house, it’s you selling your house, really. This process, like I said, can happen two different ways, depending on which type of state you’re in, whether it’s a mortgage state or a trustee state. This is a very important distinction. In a mortgage state, what’s essentially happening is there is a lawsuit being filed where there’s a contract that exists which is your loan agreement and the bank is saying in the court systems, “Look, we’ve got this contact here, and under the terms, they’ve defaulted, or we’re alleging they defaulted, and we want permission from the courts to satisfy the contract according to the terms and be able to recover any damages,” which is pretty typical of any type of lawsuit.
A trustee state is very different. A trustee state, kind of acts on the theory that everything’s already been worked out in the contract, there’s no need to go to court and enforce the contract, it’s here, it’s plain, it’s written on the face of the document, we can follow it. As long as the bank follows the rules in that state, then they’re legally allowed to just go ahead and proceed with the foreclosure according to those rules because it’s spelled out in your contract. Obviously I’m making this very simple, but that is the core essence of the difference of a trustee foreclose and a mortgage state foreclosure. As far as any other aspects of what foreclosure is by definition, those are the two most important things. What I would close with is that, a lot of times people feel like they either don’t have options or they don’t know what their options are in a foreclosure. Specifically, you almost always have the ability, up to a point, to bring the home current. Some of the other options that we’re going to talk about in other videos kick in when you don’t have the ability to bring it current. It’s a very big misconception people run into that they feel like now that I’ve fallen behind, I can’t even bring it current, and that’s absolutely no the case. That is very possible, I would say 99 percent of the time. Defining foreclosure, it’s really just a legal action where the lender is trying to recover the collateral, and they can do it one of the two ways we just talked about.”
For more information about Consumer Defense Programs and how to Stop Foreclosure, visit http://www.consumerdefenseprograms.com/a
Duration : 0:5:13
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