Know the Foreclosure Process to Ensure You Keep Your Home
We want to help.
We realize that it's stressful and challenging to be at risk for losing your home but the reality is that the foreclosure system is not going away.
This means that if you are a homeowner who is facing a foreclosure and is at risk for foreclosure due to lack payments, you need to explore your options in terms of being a homeowner in foreclosure.
The process of foreclosure is not the same everywhere.
As a matter of fact, there are laws that differ from state to state.
This means that if you are a homeowner in foreclosure, you need to know what the laws are in your particular state or the state where the property is.
Some states allow up to 180 days for the entire foreclosure process.
Other states may allow as little as 60 days for the entire process.
Knowing how much time you have makes a significant difference in whether or not you lose your home with respect to the amount of time left.
If you are a homeowner who has not yet gone into the foreclosure process, you are in an excellent position.
There are many home loan modification programs that you can explore to find out which program might be best for helping you to save your home from a foreclosure.
One common myth that gets many homeowners in trouble with the foreclosure process is that they believe they have to wait until foreclosure proceedings have been started or until they receive a notice of default in the mail.
This is the furthest thing from true.
If you are aware that you are going to be late on even one payment, you can take steps to ensure that your home does not go into foreclosure.
One of the first steps that your lender may encourage is for you to apply for a refinancing loan.
While this is not a viable option for everyone, it is an option for those who have good credit and are in otherwise good standing on their mortgage.
If you qualify for refinancing, it will be possible to get a lower rate which will give you lower payments that you can afford.
This keeps your home from going into foreclosure proceedings entirely.
If you do not qualify for a refinance program, the next option to consider is a home loan modification.
There are many home loan modification companies who employ modification specialists who can work with the lender on your behalf to get a new loan with lower payments and the default amount written back into the loan which brings your loan current, stops foreclosure proceedings and allows you to keep your home.
We realize that it's stressful and challenging to be at risk for losing your home but the reality is that the foreclosure system is not going away.
This means that if you are a homeowner who is facing a foreclosure and is at risk for foreclosure due to lack payments, you need to explore your options in terms of being a homeowner in foreclosure.
The process of foreclosure is not the same everywhere.
As a matter of fact, there are laws that differ from state to state.
This means that if you are a homeowner in foreclosure, you need to know what the laws are in your particular state or the state where the property is.
Some states allow up to 180 days for the entire foreclosure process.
Other states may allow as little as 60 days for the entire process.
Knowing how much time you have makes a significant difference in whether or not you lose your home with respect to the amount of time left.
If you are a homeowner who has not yet gone into the foreclosure process, you are in an excellent position.
There are many home loan modification programs that you can explore to find out which program might be best for helping you to save your home from a foreclosure.
One common myth that gets many homeowners in trouble with the foreclosure process is that they believe they have to wait until foreclosure proceedings have been started or until they receive a notice of default in the mail.
This is the furthest thing from true.
If you are aware that you are going to be late on even one payment, you can take steps to ensure that your home does not go into foreclosure.
One of the first steps that your lender may encourage is for you to apply for a refinancing loan.
While this is not a viable option for everyone, it is an option for those who have good credit and are in otherwise good standing on their mortgage.
If you qualify for refinancing, it will be possible to get a lower rate which will give you lower payments that you can afford.
This keeps your home from going into foreclosure proceedings entirely.
If you do not qualify for a refinance program, the next option to consider is a home loan modification.
There are many home loan modification companies who employ modification specialists who can work with the lender on your behalf to get a new loan with lower payments and the default amount written back into the loan which brings your loan current, stops foreclosure proceedings and allows you to keep your home.
