What is the best way to foreclose on a house?

Question

What is the best way to foreclose on a house?

Answer 1

Follow the law which applies in your state.  The California procedure is:

- Beneficiary, having missed receiving payment, tells trustee to begin foreclosure proceedings.

- Trustee files a Notice of Default, and delivers a copy to the property.

- If the default is not cured by the sale date, the property gets sold at auction, and the trustee issues a "trustee's deed" to the buyer -- who is usually the beneficiary.

- The new owner tells the occupants when they must vacate.

Answer 2

Your question makes me wonder if you understand the concept of foreclosure.  Did you lend someone money to buy a house?  If that's the case, you call a lawyer to deal with this.

I'm more inclined to think you mean you can't make your payments anymore.  You don't foreclose your house.  The lender does.  You can walk away, which will not only destroy your credit but is a dishonorable thing to do.  You could call the lender and discuss the issue with him.  Many lenders have retention departments whose only job is to help people having problems making payments.  You could call Project Hope or Hope Now to see if they can help you.  But you can't foreclose on a house unless you're the lender.