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Foreclosure Process

Every one of us may at some time get behind in our mortgage payments due to unforeseen events, and because of this, many of us worry about what the lending company will do to foreclose on our home.

At this time there are several million homeowners seeking information and help in stopping the foreclosure on their family home. Many do not even know that they can stop foreclosure and keep their homes. However, there are some facts you will need to know to keep your home.

First things first, okay you are behind in mortgage payments to your lending company. They have sent you letters and called you on the telephone explaining that you are behind and that they want the payments. Duh, you already know they want their money. But, you are wondering what will happen next. You do not have the money to pay and that is the only thing that has been mentioned when they call or in their letters. Well, the first thing you should do is to talk with someone at the lending company and see if they have any other options for you such as re-financing your mortgage loan to lower your payments, or other payment options they may have.

If you do nothing or cannot work something out with the lending company they will give you three months or ninety days, then they will file a notice of default with the county clerk. Now, legal proceeding will begin to make you move from your home and the lending company will auction off your home at a public auction for the amount of money you owe on your mortgage loan.

There are a few things you can do if you cannot work anything out with the lending company. The most popular ways to get out of this debt include filing for bankruptcy or selling your home. If you file for bankruptcy, in some cases you will be able to keep your home, but remember a bankruptcy will be on your credit report for a total of 7 years and that is not a good thing. Before you go this route, it would be advisable to talk with a foreclosure attorney.

Selling your home may be a great option for some. If you wish to go this route, then you should talk with a real estate agent that has worked with foreclosures in the past. They maybe able to find a buyer fast and save your credit. Hopefully, you will also be able to get a bit more for your home than just what you own on your mortgage loan.


 

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