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What do foreclosure notices in the newspaper actually MEAN?

I read the names in that section of the newspaper, and sometimes they're people I know. They're still living in their houses, though...so what does it mean? Is it a public warning, a notice of foreclosure...I just don't get it. Somebody a lot smarter than me needs to explain the time table here between a newspaper notice and people actually losing their homes.

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tracywillard

Asked by tracywillard at 5:05 PM on Nov. 21, 2008 in Money & Work

Level 1 (0 Credits)
Answers (3)
  • It means the owners are behind on payments and the house is now going into forclosure. Once they fall behind for a certain time period, it becomes public knowledge (newspaper). People who are big in real estate usually stalk the papers for those notices and offer to buy the houses before the actual forclosure happens.
    legalmommy101

    Answer by legalmommy101 at 7:08 PM on Nov. 21, 2008

  • Yea, she pretty much said it... Those homes will be going to an auction most likely... If you have money or are able to get a loan, those are the houses you want lol.
    tyree08

    Answer by tyree08 at 2:56 PM on Nov. 22, 2008

  • Not counting the recent policy changes instituted by the fed govt and FHLMC/FNMA, most lenders will start with default, then after 90 days begin preforeclosure, then after 6 months foreclose. The ads in the paper are somewhere between 3-6 months..depends upon the lender. The residents remain in the home, and have until the date specified by the lender to vacate. Most choose to stay until the last minute. Some foreclosures are not bank related, but property tax related. In other words, the owners may not have paid property taxes, and ultimately, the house goes up for tax sale by the county.

    Please have compassion for these people. Having their name in the paper is humiliating enough. Foreclosure regardless of the reason is so hard and emotionally devastating.
    happymom612

    Answer by happymom612 at 9:45 AM on Nov. 23, 2008

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