Title: What Is the Difference Between Housing Repossession and Foreclosure?
Headings: What Is the Difference Between Housing Repossession and Foreclosure?
What Is the Difference Between Housing Repossession and Foreclosure?
Foreclosure can be a long process
What to do if you face foreclosure
Selling your home to avoid foreclosure
Short sale
Ok, so how do I get my dream home?

Content: A home isn’t considered repossessed until a foreclosure becomes final. Foreclosure can be a long process
Homeowners typically have to be at least 120 days late on their mortgage payments before their bank or lender starts a foreclosure. The average time it takes to complete a foreclosure is 625 days, according to the National Association of Realtors®, although it varies by state. Repossession of the property doesn’t typically happen during the foreclosure process. “You don’t need to move out when foreclosure proceedings begin,” Lerner says. “ If the foreclosure process is completed, you will be given a date on which you must leave the premises.” What to do if you face foreclosure
Most banks are willing to work with homeowners who are missing payments, especially if there is a legitimate hardship. “The bank really doesn’t want your house,” says Realtor® Virginia Field. Homeowners who are dangerously close to having their home foreclosed on shouldn’t wait long to contact their lender. “If you get into trouble, don’t pretend nothing is happening.