Despite what you may think, the foreclosure process is usually long and more drawn out than you would believe. When someone buys a property they usually have to borrow money from the bank or another lender. If for any number of reasons the homeowner stops making mortgage payments or gets behind in those payments, they receive a payment reminder from the bank or the lender in the mail. Humiliated or embarrassed, say for arguments sake, the homeowner does not respond. They will continue to receive reminders from the bank or lender. This will continue until the bank or lender turns the matter over to the Department who does all of the harassing. These people have a job to do and are paid to pester, annoy and harass the homeowners with both letters and phone calls. So much fun….not. After about three months of missed payments, the homeowner will receive an official notice warning that foreclosure proceedings are about to commence. If the homeowners again fail to reply or cannot offer a suitable solution to the bank or lender, the homeowners will get a notice stating the property is in foreclosure and the foreclosure notice is usually posted in the local newspaper. At this point the bank will not accept any more payments on the loan unless all back payments are made up and the loans reinstated. This begins to pre-foreclosure period. The highest bidder takes immediate possession of the property. The previous owners move out or are evicted. However, in the case when there is no one who bids higher than the opening bid, the bank or lender takes control of the property.

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Bankruptcy is the worst thing that can happen to you. This is why you need to prepare for it. I am not saying that you will be go bankrupt any moment from now. Let’s just say that readiness pays and it would be better to do to something about it while you can rather than wait for it and risk losing everything that you have. Appointing spouses as personal guarantor to banks and creditors is the most common error that a lot of people make. The moment the spouse serves as the personal guarantor, the moment that your spouse signs the deed, you’re both dead. I mean, you can be sure that the moment you go bankrupt or if investment failure occurs, your bank or creditor can held you both as liable. While it may seem unlikely for banks and creditors to grant your loan without your spouses’ personal guarantee, it certainly is not impossible. As a matter of fact, personal guarantees are not considered to be staple requirement in getting a done. What your advisers did not tell you is that you can get a deal done even if your spouse doesn’t serve as personal guarantor and there is definitely no need to make them sign the deed. Banks or creditors will often ask you to get your spouse to be the personal guarantor. They say it is necessary so that the transaction will push through, what they don’t tell you is that, getting your spouse’ personal guarantee serves for their benefit and not yours.

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