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Have you fallen behind on your mortgage payments to your lender? If so, you may be facing foreclosure and losing your home. It is important that you know what the foreclosure process will be so that you know how much time you have to act.
You'll Receive the Notice of Default
The first step of foreclosure is getting the formal letter from your lender that they have decided to foreclose on your property. This is called the notice of default, and it contains a lot of information regarding your potential foreclosure.
Your main focus should be on learning how to stop the foreclosure from happening. The letter will list how much money you owe, and what date you need to pay that money to your lender. In general, the amount will be equal to what will make you current with your mortgage. Your lender may be willing to work with you to renegotiate the terms of your mortgage, but you will not know unless you contact them.
One thing to keep in mind is that a mortgage that is behind enough to receive a notice of default will have a significant impact on your credit report.
Your Home Will Be Auctioned for Sale
If you're unable to catch up with the loan by the specified date, your home will be put up for sale at an auction. The goal will be for the lender to recoup as much of their costs as possible by selling the home to the highest bidder.
Once a home is sold at a real estate auction, there is not much you can do to get the house back. It is common for auctions to require the purchase to be made in cash, and the buyer may not be given time to have the home inspected. The offer will be final to ensure that the home is sold.
There is no chance that the sale can fail due to the buyer not getting a mortgage from their own lender, or finding something wrong with the home. This is quite different than the process of purchasing a non-foreclosed home, since there are places where the buyer can back out if they do not like what they see.
If you feel that your home was wrongly foreclosed on, be sure to work with a lawyer to help stop the process and get your home back before it is sold. Click here for more information.Share
9 February 2018