Foreclosure – Make Sure You Keep Up With Your Mortgage Repayments
Foreclosure is not something most people want to deal with. When a person faces foreclosure, they are facing losing their home. Foreclosure is the last step a lender takes when a person has stopped paying their mortgage payments. Once a person reaches foreclosure there is little they can do to stop it.
Foreclosure starts after the lender has exhausted their attempts to get payment. Usually this does not happen after one missed payment, but rather is caused by repeated failure to pay. The lender has the right to take possession of the home through the process of foreclosure as stated in the loan contract.
This is because to secure the loan the home was put up as collateral. What this means is that the person promised should they fail to pay the loan that the lender could have their home.
The process of foreclosure begins it can take about 2 to 3 months until it is completed. The foreclosure process starts with letters or calls demanding the past due payments. Upon repeated cooperation from the homeowner, the bank will then start legal proceedings for the foreclosure.
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