How to prevent mortgage foreclosure from happening to you

Foreclosure can be pretty alarming and frustrating if you're not sure what's going to happen next. You make it a lot less frustrating by learning the steps of foreclosure. That's the reason you have to find the time and energy to study the mortgage foreclosure process.

The second you miss that first mortgage payment, the steps leading up to foreclosure are launched. After a couple of weeks, you will get a note from the lender telling you you've missed a payment. If you pay your past due bills, they will leave you alone. If you stay in default, the mortgage company will give you a call. They will declare that you are in default and they will demand payment. If this looks like your situation, contact your lender.

If you reach your lender soon enough, you may get the opportunity to do mortgage loan modification. Taking this step can be one of the greatest ways to spare your family 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 receive a foreclosure notice eventually.

The problems multiply when you receive your foreclosure letter. You can try to stall it if you decide to attend the court hearing, but you will lose in all probability. The banking company acquires the right to sell your house through an auction when the court hearing is over. When the auction process begins, you only have a few days to leave your house. If you stay, you will be evicted by the law.

It's important to speak with your lender before things get this far. Frequently you have the opportunity to use mortgage loan modification and rescue your home and family from foreclosure. Study the mortgage loan modification process and fill out the paperwork correctly to get the best chance of being accepted.
Author: TimKolstowski


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