Hi I am Matt Fetick with Sold By Short Sale, Philadelphia’s leading short sale specialist, thank you for joining me today. Today I wanted to discuss the foreclosure process and some of the myths that go along with the foreclosure process. In Philadelphia we have a judicial foreclosure process so your bank or lender must get court approval in order to foreclose on the property. When signing your mortgage you are making a legally binding contract to payback the money borrowed plus interest so if this contract is broken for whatever reason it must be treated like any other contract in the court system. If you ever fall 90 to 120 days behind on your mortgage your lender will then consider going to the court to get the property returned. If you are taken to court you do have the right to show up in court to explain your side of the story if you so choose. Generally when a property is foreclosed on the property is then later sold at what is called a sheriff sale to the highest bidder. The bank, or a higher bidder, will buy back the property at this auction and the eviction process will start. Even if the bank has taken back control of your property you are still entitled to a reasonable amount of time to move out. If you would like to avoid all of this craziness just know you certainly have options, including a short sale. If you would like more information please visit my website or give me a call today. I would more than happy to review all of your options to see if a short sale is right for you.