Your lender uses your home as security for your mortgage payments. This means that whenever you don’t make the payments, they could take away your home. The method they apply to take your house is called foreclosure.
Whenever you’re in arrears on your payments, it’s crucial that you move quickly to prevent foreclosure.
What should I do if I’m behind on my house payment?
Call your lender. Most lenders don’t wish you to lose your home. Tell them why you’re behind on your payments. Ask them to work with you to get your payments current.
Don’t brush off letters from your lender Let them know you’ve received their letters and that you would like to work with them.
How your lender can help
Your lender may accept a payment plan for the back payments or grant you additional time to pay the loan.
What if my lender won’t help?
You still have options:
Call a different lender. Inquire if they’ll give you a new loan to pay off your present mortgage.
Sell your house. You might get enough money from the sale of your house to pay the loan off and still have profit left over.
Speak to a attorney. Ask if filing for bankruptcy could assist you to keep your house.
The foreclosure process
Foreclosure begins when you receive a Notice of Default in the mail. The Notice of Default states that you’ve not made your payments. It also recounts the amount you owe in missed payments and foreclosure fees.
You have 3 months from the date the Notice of Default is recorded to pay the back payments and fees. You are able to find the date the notice was recorded on the first page adjacent to the words “recorded on.” If you pay the amount on the Notice of Default, the lender can’t sell your house.
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