What to Expect If You're Going Through Foreclosure

While I have never declared bankruptcy, I have been experienced being foreclosed several times earlier in my real estate investing career. I will go through all the parts I experienced going through foreclosure, including what to expect to happen with your credit, the time frames for foreclosure, and when you'll need to leave the property.

Foreclosures are not fun if you're going through them. If you're buying a property where someone went through foreclosure, it is good to know the struggles they went through. It is not an easy process. The banks are not evil. They are fulfilling a contract that you signed when you bought the property. If you uphold your end of the bargain, they uphold theirs. It is really that simple. Nonetheless, if you know you're about to go through foreclosure, here's what to expect.

0:00 Intro
0:13 Stages of Foreclosure
0:47 Real Estate Crash of 2008 for me
1:11 My understanding from Rich Dad, Poor Dad
1:30 Why I couldn't afford property-Personal Story
2:28 Phases for Foreclosure
2:40 What happens when you miss your first payment
3:00 When you default on a loan payment
3:31 Stages of Foreclosure
4:02 90 day notice
4:19 What happens after the 90 days are up
4:40 When they list the property for auction
5:00 What happens when no one bids at the auction
5:11 REO explained
5:49 REO manager
5:58 When you have to leave the property
6:30 The eviction
7:10 How is credit affected by foreclosure
7:54 how to buy in foreclosure card
8:00 When can you buy another property after foreclosure
8:45 How long it took to get credit back after foreclosure
9:03 Ways to buy property after foreclosure
9:14 Notices I got during foreclosures
9:50 Talk to someone if you're going through foreclosure
10:14 You can get through this
10:50 If it is temporary setback, how to stop foreclosure