Mortgage Foreclosure Consequences - 4 Possible Endings to Help Stop & Avoid Foreclosure

Reinstatement of the original loan.
-Property Sold to a new Buyer or Paying off the entire loan.
-Auction.
-REO - lender takes ownership of the property.

What does that mean? And how can this be done? There are several different ways in which each one of the above can be done, but for this article, we will focus on what each one of the above means. Let's walk through each one individually.

Reinstatement of the original loan. When you fall far enough behind on your mortgage payments, the bank will consider you loan in "default". This basically means that you didn't make you payments like you agreed to in the contract, so that agreement is broken and the bank is entitled to certain action in order to recover the money they lent to you that you have not paid back. There is a certain amount of money that you owe in order to bring the loan current and that usually consists of two or three past due payments plus interest and late fees. If that amount isn't paid back to the bank, then the bank will later add in attorney's fees to that amount during the foreclosure process. During the foreclosure process, the homeowner has the right to catch up the past due amounts and in most cases, this can be done clear up till the day of the auction. When that past due amount consisting of past due payments, interest, late fees, and even attorney's fees is paid to the bank, then the original loan is considered "reinstated". You can then return to making your normal house payments as you originally agreed.

Property Sold to a new Buyer or Paying off the loan. This I think is pretty straight forward. Most people know what it means to sell your house. Selling your house means you are not the owner anymore and someone else bought your house and they now own the property. However, you can sell your house without paying off your old loan. So for learning purposes in this article, one of the endings is paying off you original loaned amount. Most people will automatically think that the only way to do that is the sell their house and use that money to pay the bank off. That is why I have chosen this heading.

Auction. An auction will take place towards the end of the foreclosure process. If is just like any other auction for goods where there is one person in charge auction and there are other people for the general public that show up to bid on your house. This usually takes place on the county courthouse steps, but can take place in the front yard of the property to be sold as well. The highest bidder wins ownership of your house. In some states like Wyoming, there is a redemption period after the auction where the homeowner has the right to pay off the loan balance in full and in cases like that; the highest bidder only gets ownership at the end of that redemption period. If the homeowner pays off the entire loan balance during the redemption period, then the bank or sheriff's office will give the highest bidder his or her money back.

REO - lender takes ownership of the property. REO means Real Estate Owned. This happens when your house goes to auction and nobody bids on your house. So the ownership of your house is then given to the bank so they can later sell it through their own means to get the money back that they originally lent. In some cases, if you have a second mortgage that is also in default, the second mortgage holder can show up at the auction and buy the first mortgage also making it an REO. The second/third lender might do this in order to gain full ownership of the property. You see, ONLY, the first mortgage can own your property through foreclosure. The second or third mortgages can only lien your house; they cannot take ownership from you after the auction like the first mortgage can. This is going a little in depth for the beginner, but the basic you need to understand is that REO is when ownership of your house goes to your lender after the auction is over. When it is not sold at auction, then the bank owns your house. If your second/.third mortgages go to auction, they cannot become an REO and take ownership of the property, UNLESS the first is foreclosing as well and they buy the first mortgage.

These 4 endings are the basics of your options. Knowing your options on what you can do can feel very helpful. You have many rights as a homeowner while you own the property, regardless of whether you are in default or not.

Foreclosure can feel intimidating and hopeless. Most peoples' first response is to run out of fear, but the reality is that if you run now, you will be running for a long time. If you are good at hiding and are a strong runner, you may be able to do this for the rest of your life and succeed. However, foreclosures can haunt you long after the auction and running from it robs you of your freedoms later in life. Your freedom has great value! Don't chain yourself right out of the gate by saying "Well, I'm headed for foreclosure and I don't know what to do about it so I won't do anything." Do the research, look around, talk to people you trust and then decide what to do. Walking away may be a good decision, but know your rights and options first - THEN decide.

Marcia have been writing articles for nearly 2 years. Come visit his blogs more often for tips and advice that helps people with the interest for houses for sale wyoming and great passion and knowledge for homes wyoming and all the different options & providers available in the market today. Find out for more info also here homeswyoming.net

Need a Job in Wyoming?

Unemployment in the United States is so uneven by region. The overall unemployment figures are currently about 7.6% overall and climbing. The most recent FED predictions are that it will surpass about 8.8% sometime in 2009. For the United States that is quite high, but for the rest of the world that would be a god's send and be an extremely low figure.

Social Scientists predict that at 12% unemployment the crime rates will rise to huge numbers and civil unrest and riots will ensue in the US. In California unemployment is already well above 8% and in some areas it is 10%. So, if the United States hits 12% some areas could be above 20%, see how that works?

Well, not all regions of our country are so depressed, in some states there are jobs waiting to be filled. Let's say you are in Wyoming and need a job; you might have a much easier time. And if you need retraining well they have that too. Want to become an auto mechanic? Wyoming Tech places nearly 100% of every graduate, it's true. Wyoming Tech is worth its salt.

Some recommend to students that if they do not want to be there, leave and go get a job making $60K to 80K per year. How so you ask? Well, I totally agree, I agree with these recommendations to the students.

Why not go work for Halliburton out of Casper or Kinder Morgan, by the way two great companies that actually pay their vendors on time! There is a ton of work. I've often recommended folks go work in Saudi Arabia, Kuwait, etc. save their money and get the $75,000 tax less income break. Come home in 2-years with $350,000 and pay cash for a house.

Daisy have been writing articles for nearly 2 years. Come visit his blogs more often for tips and advice that helps people with the interest for homes in casper and great passion and knowledge for casper wy homes for sale and all the different options & providers available in the market today. Find out for more info also here homes-in-casper.com

Vacationing in Beautiful Jackson Hole, Wyoming

Being surrounded by beautiful snow-covered mountains in the winter isn't the only reason tourists swarm to Jackson Hole, Wyoming. Snowmobiling through snow-covered terrain is a most exciting experience - one that you'd likely never forget. There are guided tours and day trips to many activities. There's never a boring moment, always plenty to see, and a lot to do. You decide if you want a busy day of numerous activities or to just take it easy, if you can.

Winter Activities in Jackson Hole

Sleigh rides are a great group adventure. Whether you want a traditional sleigh ride to view the scenery of winter wild life or a unique sleigh ride with a warm fire while you're dining, it's your choice. Either way it'll be an experience you'll never forget. Skiing and snow boarding for the beginner is an exciting adventure to partake in. For the more experienced skiers and snow boarders, there are a variety of steep terrain and a consistent fall line plus all the other adrenalin rushes that you could wish for in these adventures.

Summer Activities

The summer activities are nothing to frown on in Jackson Hole. There is still plenty to do even when the snow is melted and the sun is shining brightly on those beautiful mountaintops. Paragliding from the top of Rendezvous Mountain, after being carefully instructed, would be a memory of all memories and a tale of all tales to share with family and friends down through the years.

There's mountain biking for the beginner, intermediate, and expert biker. You can go golfing on one of the best golf courses in Wyoming. A vacation like this wouldn't be complete without horseback riding through the parks. Even wagon rides aren't a thing of the past in Jackson Hole Wyoming. These are just a few summer activities to choose from while you're vacationing in Jackson Hole.

Interesting Facts about Jackson Hole

Jackson Hole is in the most western part of Wyoming. The population is around 8,500 and the city is in close proximity to Yellowstone and Grand Teton National Parks, making the city an even more popular tourist attraction.

Not only is Jackson Hole a great getaway, but the homes on the market can be breathtaking. With a variety of homes to choose from and well established realtors in the area, it would take no time at all to find the home of your dreams. Homes with beautiful mountain views and beautiful country living are abundant. If you're considering a move to the area, you can check online to find a Jackson Hole real estate agency for assistance.

Jackson Hole Tourist Lodgings

If searching for Jackson Hole hotels, there are many great weekend packages that you wouldn't want to miss out on. There are very affordable accommodations starting out at only $69.00 per night for lodging, and you can find even more reasonable rates for family packages. Choose from a wide variety of accommodations, from condominiums to town homes. Whatever accommodations you choose for your vacation in Jackson Hole, Wyoming, it will be a vacation to remember.

Jackson have been writing articles for nearly 2 years. Come visit his blogs more often for tips and advice that helps people with the interest for casper wyoming homes and great passion and knowledge for homes for sale casper wyoming and all the different options & providers available in the market today. Find out for more info also here casper-wyoming-homes.com