Understanding  the Foreclosure Process

Charleston Foreclosure Attorney | South Carolina Estate LitigationIn general, foreclosures refer to the action a homeowner may make that transfers title ownership of their property to a bank in exchange for financial relief of acquired debts.  Foreclosures can generally be a nasty process that destroys credit ratings and sometimes results in home eviction. Even still, there are some circumstances in which foreclosure can be the best available financial decisions; sometimes foreclosure can even be a wise investment choice.

The first stage of foreclosure, known as the pre-foreclose stage, begins with a few months of missed mortgage payments until the homeowners receive a notice of default. The notice of default outline a 30-120 day repayment period for the missed mortgage payments.

If the payment plan of the notice of default is not met, then foreclosure enters its second stage where the house is listed up for auction. In some cases, an investor may purchase the home in hopes of developing an appreciating asset, or “flipping the home;” otherwise the home is usually purchased by the bank.

Although the homeowners have up until the time of auction to come up with the necessary money, this is usually a quite difficult and rare action. If the auction does take place, then post-foreclosure stage takes place and the homeowners will receive a short eviction notice before the new homeowners acquire the property or before the bank relists the property for sale.

Our Charleston estate litigation law firm offer legal counsel to individuals, professionals and families throughout the foreclosure process whether it include families undergoing the potential foreclosure of their home or young investors seeking to purchase a foreclosed property.

Investing in Foreclosures

Real estate investments can be one of the most stable and lucrative opportunities for capital investors and entrepreneurs. Foreclosed property make some of the best residential real estate and commercial real estate investment properties as they often lie in communities with high redevelopment and improvement potential. Investing in foreclosures still requires careful experience with practice of real estate investment and an understanding of the intrinsic value of the home for sale and an idea of the market value of the home’s neighborhood.