What is a Lender?

Most people refer to getting a mortgage with their bank.  
Of course banks can lend money to buy a home but in this capacity they are a lender.  Banks are where we have checking and savings accounts and get credit cards.  Most of the time, the Lender is facilitating the transaction and is in essence “Servicing” the loan for an underlying investor such as Freddie Mac or Fannie Mae.  Some Lenders keep the loan in-house like Credit Unions.

Please call Fred Krawczyk & Associates, We areexperienced REALTORs based out of Carmel, Indiana. Our team is dedicated tohelping our clients Sell their House or Buy a new Home.

Foreclosure

I often hear people say, “my house is going to foreclosure”.

 Foreclosure is a process, not an event.  When you are unable to make your loan payments, usually after 3 or more missed payments, the lender will hire a local law firm to file a Foreclosure Law Suit against the owner (more accurately the Borrower).

The foreclosure process takes at least 6 months ending with a foreclosure judgment if you don’t do something like a loan modification, short sale or deed in lieu of foreclosure.

If you are looking to buy or sell a home in Indianapolis - please visit us at http://indyhouses.net/

Home Ownership

Most people don’t realize this but when you get a loan to purchase a home in Indiana you actually get the deed to your home after the closing.

Once it is recorded at the county court house, it is mailed to you 30-60 days later unlike financing a car where the bank holds the vehicle title until the loan is paid off.

This is also why a bank can repossess a vehicle but have to file a foreclosure law suit to get possession of the home.

If you live in Indianapolis Indiana and are looking to buy or sell a home please call Fred Krawczyk and Associates at 317-294-4425. If you are facing foreclosure, we can help.