Foreclosure Process-How It Works

     FORECLOSURE is the legal and professional proceeding in which a mortgage, or other lienholder, usually a lender, obtains a court ordered termination of a mortgagor's equitable right of redemption. Usually a lender obtains a security interest from a borrower who mortgages or pledges an asset like a house to secure the loan. If the borrower defaults and the lender tries to repossess the property, the owner may have the right of redemption if they repay the debt. If not, the lender seeks to FORECLOSURE the equitable right of redemption. Other lienholders can and do use foreclosure, such as for overdue taxes, unpaid contractors' bills or overdue HOA dues or assessments.

     The foreclosure process as applied to the residential mortgage loans is a bank or other secured creditor selling or repossessing a parcel of real property after the owner has failed to comply with an agreement between the lender and borrower called a "deed of trust." Commonly, the violation of the deed of trust is a default in payment of a promissory note, secured by a lien on the property. When the process is complete, the lender can sell the property and keep the proceeds to pay off its mortgage and any legal costs, and it is typically said, "the lender has foreclosed it mortgage or lien."

     Dave and Jackie are experienced in short sales and bank owned properties. They have distinguished themselves as Short Sales and Foreclosure Resource experts, having earned the SFR certification from the National Association of Realtors.  They can protect your interests, guide you through each step, check important details, and provide advice when you encounter a problem. If you are interested in any short sale or bank owned property, give Dave and Jackie a call.

Dave Bienek & Jackie Hicks

Phone: 760.625.7796 & 760.567.5455

Email:  Dave@DaveBienek.com & Jackie@JackieHicks.com

Web:  www.DaveBienek.com & www.JackieHicks.com

Fax:  760.771.6760