Listing Agent and Office: HR Gallimore, RE/MAX Central Realty
Building lot conveniently located in Asheboro. Nice wooded 1.17 acre lot on Shamrock Road. Part of 4 acre parcel. Tax value & taxes estimated by tax department and may vary. Zoned R15 for single family home. Asheboro water & sewer available. Sewer easemen
Foreclosures >5. What Happens During the Foreclosure
Missed payments. The first sign that foreclosure is coming is when a homeowner gets behind on their house payments. Lenders usually understand if a homeowner falls behind on one or two payments and will offer repayment plans so the homeowner can get back on track. However, if they don’t, the foreclosure process will continue.
Lender notices. After a homeowner misses payments, the lender will get in contact with them either by mail or phone. (The timeframe depends on the lender.) The lender will most likely want to avoid foreclosure as much as the homeowner, so this dialogue can benefit the homeowner in finding alternatives to foreclosure.
Options are discussed. The homeowner and the lender can brainstorm ideas on how to rectify the situation. If the homeowner and the lender can come to an agreement on payments to get the mortgage back on track, the situation is resolved and foreclosure is avoided.
Foreclosure filing. If there is no solution to the process, the lender will begin filing a lawsuit to foreclose on the home. This brings the question of foreclosure before a judge. During this process, a title search must occur to make sure if the lender is permitted to foreclose and is not engaging in unjustified foreclosure. In some jurisdictions, court-ordered mediation must take place between the lender and the borrower after the borrower is served with the foreclosure suit, but before the final foreclosure decision, as a last-ditch effort to avoid foreclosure.
The home is foreclosed on. The lender resumes all rights and responsibilities of the property. The previous homeowner no longer owns the home.
Foreclosure auction. Usually, the house will then go to a foreclosure auction to be sold. In order to get rid of the home fast, the lender can sell the home at a lower price.
Vickie Gallimore RE/MAX Central Realty 231 S. Fayetteville Street Asheboro, NC. 27203 Office: 336-626-5600 Home: 336-629-7716 Mobile: 336-953-9500 Fax: 336-626-2253 Email: vickiegallimore@NUMBER1EXPERT.com
Vickie is a member of the RE/MAX Hall of Fame and recipient of the Diamond Club Award, a new award recognizing a higher level of production in the RE/MAX network. Vickie and her office both are #1 in the Asheboro market and have held this distinction since 1990. Look for her weekly article in Randolph County's local newspaper, The Courier Tribune.