PHH Corporation, a mortgage lender based out of Mount Laurel, New Jersey, follows the same basic process with regard to foreclosures as any other lender. As the economy began to spiral out of control toward the end of 2009 and more consumers lost their jobs, the foreclosure rate skyrocketed and real estate values plummeted. Countless homeowners found themselves with property worth much less than their original purchase price, and without an income to pay the mortgage note each month.
Foreclosure Basics
If you stop making your monthly mortgage payments, regardless of the reason, you are in default of the loan contract. PHH will make multiple attempts to contact you and make arrangements to bring the note current, but if those attempts fail it will take further action to foreclose on the property. Under the acceleration clause in your mortgage contract, once you default on the note PHH is permitted to demand the full amount due.
Auction
If you cannot provide payment for the full balance due on your mortgage note or successfully make alternate arrangements, PHH will begin the auction process. Your property will be listed in local newspapers or other publications with details of the time and date the auction will be held. The property is sold to the highest bidder, and the sale price goes toward reducing the money you owe to the lender.
Bank-Owned Property
It is not uncommon for property to go unsold after an auction. If no bids meet the minimum requirements set by PHH, or if no bids are received at all, when the auction ends the property is simply kept by the lender. This leaves PHH with a home it does not want and an unpaid balance it cannot collect.
Post-Foreclosure Sales
When PHH ends up retaining property after an unsuccessful auction, it makes other arrangements to sell your home, usually at a highly discounted price. Real estate agents are typically involved in listing and showing the property, and all reasonable offers are considered. PHH will deduct the sale price of the home from the amount of your unpaid mortgage balance, leaving the remainder as an unsecured debt that ultimately becomes a civil judgment against you.
What Happens When a Property is Sold For Back Taxes?
ezinearticles.com Real Estate ForeclosuresMar 09, 2010 When a property owners fails to pay their property taxes, they are usually given an ample period of time to rectify the situation - at least a year in most ...
From Mortgage Default to Right of Redemption - Foreclosure
www.mortgagenewsdaily.com/822005_Default_Mortgage.aspForeclosure is the last thing a homeowner thinks about when giving a mortgage. But it happens. We will discuss the process and some solutions to a desperate situation.
What Happens After Foreclosure Auction? eHow
www.ehow.com Real Estate Other Real EstateWhat Happens After Foreclosure Auction?. Once a home is foreclosed, it is sold at auction to the highest bidder. After the foreclosure auction, the fate of the ...
What happens after your home has been foreclosed on?
www.loansafe.org/what-happens-after-your-home-has-been-foreclosed-onIf you are going through the foreclosure process you are definitely not alone. These days are hard for many homeowners to pay their mortgage due to the economic
Foreclosure and Eviction Debtor Foreclosure FAQ
www.debtworkout.com/forefaq.htmlForeclosure FAQ - The home mortgage foreclosure process from late payment through default, the auction and eviction. Links to help stop foreclosure.
What happens if i cannot make my mortgage payment
www.mkemortgage.net/content/what_happens_if_i_cannot_make_my...what happens if i cannot make my mortgage payment - If you are a home owner who has found yourself unable to pay your mortgage payment the first thing you will want ...
What Happens After the Foreclosure Sheriff Sale
ezinearticles.com Real Estate ForeclosuresJul 05, 2007 An article examining what happens after a property in foreclosure is auctioned at sheriff sale. Homeowners may still be intent on keeping their homes, but ...
What exactly happens when your house gets foreclosed on? -
answers.yahoo.com/question/index?qid=20070807165559AAxyrxJLast updated: Aug 08, 2007 7 posts First post: Aug 07, 2007Aug 07, 2007 Best Answer: Foreclosures are not treated like other loans...they are considered deeds. the federal government does not allow for collection of deeds....so ...
What Happens If You Abandon Your Home and Let It Foreclose?
bethparker.hubpages.com Explore Home Real EstateSo what happens if you abandon your home and let it foreclose? This article will help you understand what the consequences will be if your home ends up being foreclosed.
What Happens After a Sheriff's Sale of a Foreclosed Property?
www.ehow.com Real Estate Other Real EstateWhat Happens After a Sheriff's Sale of a Foreclosed Property?. A sheriff's sale is more commonly known as a foreclosure auction. The auction is conducted in front of ...
HelocBasics What Happens to a HELOC in Case of Default or ...
www.helocbasics.com/what-happens-to-a...case-of-default-or-foreclosureIf you can no longer pay your first mortgage, your HELOC lender may be able to recoup some of their money via short sale or foreclosure. However, its rarely as ...
How to Stop Foreclosure - Learn How to Avoid Foreclosure
www.how-to-avoidforeclosure.infoHow to Stop Foreclosure for over 3 Years - Learn How to Avoid Foreclosure by Delaying the Foreclosure Process without Making Mortgage Payments ever! The Banks don't ...
Freddie Mac Home
www.freddiemac.comSingle-Family Properties for Sale Contact Us Careers Main PageFreddie Mac works with mortgage lenders to help people get lower housing costs and better access to home financing. Site contains news, products, services and ...
Deficiency Judgment, A Mortgage Deficiency Judgment Company
www.judgmentdeficiency.comJudgment Deficiency is a negotiation company that handles negotiations of mortgage deficiency judgments after foreclosure. If you and your family are facing a ...
List of non-recourse mortgage walkaway states
www.mortgagereliefformula.com/recourseThese are all the mortgage walkaway trustee sale states, meaning they are non-judicial foreclosure states. In those states, generally, when they foreclose on you ...
What happens to the second mortgage in a short sale?
www.delphifaq.com/faq/real_estate/f986.shtmlWhat happens to the second mortgage in a short sale? 25 comments. Current rating: (5 votes). Leave comments and/ or rate it. Question: I consider buying a house in a ...
PHH Mortgage - READ THESE FACTS! - Bills.com
www.bills.com MortgageRating: 1.3/5 127 reviewsPHH Mortgage is one of the top ten originators of retail residential mortgages in the United States. PHH Mortgage has a goal to provide superior service.
What happens if a foreclosed home sells for a LOT less than it is ...
answers.yahoo.com/question/index?qid=20070912085658AAloIxJLast updated: Sep 12, 2007 12 posts First post: Sep 12, 2007Sep 12, 2007 Best Answer: 2 things happen 1st- in most cases the bank has the option to sue the former owner for the money not collected at the foreclosure sale, in ...
Foreclosure or Power of Sale Properties in Canada
propertylimit.com/Buyer_Power_of_Sale.htmlForeclosure or Power of Sale Properties specialist with experience in in-default, in-bankruptcy, how will the new law affect you, Trustees Sale, No Equity or Multiple ...
What Happens When I Miss Mortgage Payments? Mortgage
www.brokeroutpost.com/reference/100042.htmWhat Happens When I Miss Mortgage Payments? What Happens when you Miss Your Mortgage Payments? If you miss one or two motgage payments, you will be
Mortgage loan - Wikipedia, the free encyclopedia
en.wikipedia.org/wiki/MortgageA mortgage loan is a loan secured by real property through the use of a mortgage note which evidences the existence of the loan and the encumbrance of that realty ...
Mortgage Forum By LoanSafe
www.loansafe.org/forumLoanSafe.org is America's 1 mortgage forum. Get free help with your home loan today.
What happens when a lender cant produce the original note?
activerain.com Blogs Rick Misitano Rick's BlogA growing number of homeowners around the country are using a foreclosure defense that may help them retain their homes. Its called Produce the Note&rdquo ...
What Happens When You Walk Away From A Mortgage Loan? -
www.cbsnews.com/.../what-happens-when...walk-away-from-a-mortgage-loanJun 16, 2010 Say that your house is way underwater. Say that you've decided to walk away. Say that your credit score has always been good. What happens?
Thanks for this post. Search for the best Wholesale Real Estate Deals online in United States. Real Estate Investors can get access to this best wholesale deals online at RealEstateCake.
BalasHapusThat's one of the best blog i have came through. Sell Your House Fast Louisville, Kentucky, KY. We buy foreclosed houses or property as is, with no fees, and no realtor and with bad tenants. Get a cash offer today!
BalasHapussell rental with bad tenants in Lexington, KY
Thanks for sharing this valuable information sell without a realtor Lexington, KY, I was searching for this kind of blog from a long time.
BalasHapusThis blog is really helpful for me as I want to sell luxury property, home and villa in Ibiza, keep sharing such blogs.
BalasHapusBeach house finca for sale Ibiza