Mortgage Foreclosure Information
Foreclosure Prevention and Education - Holland Area Residents
For more information, please contact our housing counselors at 616.738.1170.
| Gwen Robles, ext. 123 | Andrea Fantin, ext. 113 |
Foreclosure Prevention & Education for Ottawa County
Phone:(616) 935-3270
Email: ghhousing@grandhaven.org
Mortgage Foreclosure Statistics
Definition: Foreclosure is a legal process by which a bank, mortgage company or other creditor takes a homeowner's property in order to satisfy a debt. The foreclosure is the result of non-payment of the mortgage (including second mortgages and home equity loans); however, people also lose their homes due to unpaid property taxes.
Your home, more than likely, is the largest asset you will ever own. The Deed to your home is banked or recorded at the Register of Deeds Office. All the loans (mortgages, unpaid tax liens, etc.) against this home are recorded/deposited in our office.
When you purchase your home, you usually have 4 basic expenses: Monthly Payment, Interest, Taxes, and Insurance. These four expenses combined usually make up your monthly payment. If you fail to make your monthly payments your bank has a right to begin foreclosure proceedings against you.
If you are responsible for paying your taxes (instead of including them in your monthly payment) and you stop paying them, your bank (when they become aware) will usually take over and make these payments for you. They are willing to do this, because if the taxes remain unpaid, the Treasurer’s Office can take your home and the bank is left with nothing. Once the lender has paid your taxes, you will have to repay the bank, rather than the respective government unit. As a result the bank, at this time, can start foreclosure proceedings against you.
When the bank starts foreclosure proceedings against you that is referred to as a Mortgage Foreclosure or Sheriff’s Sale.
Banks typically protect their loan by buying the foreclosed mortgage back at the Sheriff’s Sale. The purchasers of that foreclosed mortgage must keep an eye on the number of mortgages on a property and the Treasurer’s Office Tax Foreclosure Sale. Tax foreclosures trump mortgage foreclosures in terms of who ends up with the property.
Assistance for Mortgage Foreclosure Prevention – What To Do When You Can’t Pay Your Mortgage
