Being threatened by foreclosure can be very demoralizing and scary if you don't know what you'll have to confront. But if you know what the foreclosure process looks like, it's a lot more manageable. And that's why you need to block out the time and energy to study the foreclosure process and learn what steps you can take to ward it off.
The moment you miss that first mortgage payment, the steps on the way to foreclosure are launched. After a couple of weeks, you will receive a notice from the lender telling you you've missed a payment. The lender will let it rest if you pay the past due bill. You'll get calls from the mortgage company if you stay in default. They will formally declare you are in default. If you are going through this right now, speak with your lender.
Mortgage loan modification may still be an option if you speak with your lender in time. Doing this can be one of the greatest ways to save your home from foreclosure. When you've missed 3 months of payments, a lender can set the offical forecluse process in motion. It can take a little more time, but if you keep missing payments you will get a foreclosure notice eventually.
The problems multiply when you receive your foreclosure notice. There will be a court hearing about your case, but you will lose because you're offending the terms of your mortgage contract. When the court hearing is finished and the decision has been made, the banking company acquires the right to sell your house through an auction. At that moment, there are only a couple of days left to leave your home. If you stay, you will be evicted by the law.
It's important to speak with your lender before things get this far. Oftentimes you have the chance to use mortgage loan modification and rescue your house and family from foreclosure. Read up on the mortgage loan modification procedures and make sure you fill out all the paperwork as well as you can. - 23802
The moment you miss that first mortgage payment, the steps on the way to foreclosure are launched. After a couple of weeks, you will receive a notice from the lender telling you you've missed a payment. The lender will let it rest if you pay the past due bill. You'll get calls from the mortgage company if you stay in default. They will formally declare you are in default. If you are going through this right now, speak with your lender.
Mortgage loan modification may still be an option if you speak with your lender in time. Doing this can be one of the greatest ways to save your home from foreclosure. When you've missed 3 months of payments, a lender can set the offical forecluse process in motion. It can take a little more time, but if you keep missing payments you will get a foreclosure notice eventually.
The problems multiply when you receive your foreclosure notice. There will be a court hearing about your case, but you will lose because you're offending the terms of your mortgage contract. When the court hearing is finished and the decision has been made, the banking company acquires the right to sell your house through an auction. At that moment, there are only a couple of days left to leave your home. If you stay, you will be evicted by the law.
It's important to speak with your lender before things get this far. Oftentimes you have the chance to use mortgage loan modification and rescue your house and family from foreclosure. Read up on the mortgage loan modification procedures and make sure you fill out all the paperwork as well as you can. - 23802
About the Author:
Hans writes about financial matters and real estate. He also writes about hypotheken, laagste hypotheek and hypotheek in Dutch.
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