Foreclosure is when the lender or servicer takes back property after the homeowner fails to make mortgage payments. In some states, the lender has to go to court to foreclose on your property (judicial foreclosure), but other states do not require a court process (non-judicial foreclosure). Generally, borrowers must be notified if the lender or servicer begins foreclosure proceedings. Federal rules may apply to when the foreclosure may start.
Related Articles
Navigating the 2025 Housing Market: Insights and Tips from UnrealFi
As we step into 2025, the real estate financing landscape presents both challenges and opportunities for homebuyers and the Real Estate agents who guide them. Understanding the current market dynamics is crucial for making informed decisions. At UnrealFi, we specialize in providing the tools, expertise, and personal touch needed to help both buyers and their...
Understanding Homestead Rights
In Illinois, when one spouse takes out a mortgage on a property, the other spouse may be required to sign certain documents related to the mortgage and the property’s homestead rights. Here’s why this is typically necessary: Homestead Rights Protection: Homestead Rights in Illinois provide homeowners with certain protections for their primary residence, safeguarding a...
Understanding the Loan Estimate (LE): A Comprehensive Guide for Homebuyers
One of the most important documents you’ll encounter when navigating the mortgage process is the Loan Estimate (LE). This three-page form is crucial for understanding the terms of your loan and comparing offers from different lenders. In this post, we’ll explain what the LE is, why it’s used, and the timelines for executing it, as...