Asheville Real Estate - Foreclosure, Residential Properties

The trend is to start seeing a lot of foreclosures in a depressed economy and/or depressed real estate market. Asheville real estate foreclosures are a process that allows the lending institution the right to recover funds owed to them. The Foreclosures proceedings normally start when the homeowner is delinquent by three or more mortgage payments. This could be the result of loss of income, health, divorce, mismanagement of funds and many other reasons.

Asheville real estate foreclosure proceedings can be lengthy and expensive for the lender. Proceedings start by the lender filing a public Notice of Default. If the homeowner cannot come up with the outstanding amount owing during this grace period which is also called pre-foreclosure then the property will be foreclosed on, sold and the homeowner will be evicted. The lender would rather not go through this lengthy and costly process and therefore during this pre-foreclosure period the homeowner and lender can discuss other possible alternatives such as refinance, short sale, paying off the balance through equity in the property etc.., although none of these may be possible, it is still worth exhausting all possibilities for the lenders sake and the homeowners.

Once the homeowner realizes that they are in or going to be in a financial strain, this is the time they must talk to the lender and go over all possible options, but in many cases the homeowner waits and hopes for a miracle (when there just might have been another option?) and as you know those are hard to come by.

Click on the links below to learn a little bit more about the meanings of these recently used terms:

Foreclosure • Short Sale • Priced Below Appraisal • Motivated Seller • Bring All Offers • Price Reduced • Bank Owned

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