When is the foreclosure process complete?

by oliver on September 30, 2010

Question:

When is the foreclosure process complete?

I have been in this foreclosure process now for 14 Months. I am waiting for something in the mail or anything to tell me that the process is complete. How do I know?

I looked up my old house and it says that it is “corporate owned”. What does that mean? I am concerned because I am still paying utilities on the property and they won’t let me cancel, because it’s a lien or something like that, until I have proof that my old property doesn’t belong to me. What to do? Any comments or suggestions would help greatly.

Answer:

If the house is already “Corporate Owned”, it means that the bank, your mortgage holder or lender has taken the title. This would technically mean that you are free of your utility payments. Contact the bank and ask whether or not you are still required to pay for those since I think that they are already past due.

If you still want to have a chance to reacquire your property, you can consult your local authorities and check whether redemption rights is practiced in your area. Redemption rights will allow a borrower to reacquire his property by paying the total amount of debt, in addition to the loan fees and interest. A redemption period is usually given to the borrower, which usually lasts for weeks up to months. If the borrower is able to give the required amount of money, he will be able to repossess the house or property. So if you want to still save your house, talk to your counselor or real estate attorney about redemption rights. If it is allowed, well and good but if it is not, you just have to move forward and start a new life. It is advisable for you to talk to a counselor or attorney to learn about your options and eventually make a wise decision.

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