It’s sad to say that during these troubled times more people are watching their homes go into foreclosure. This happens to homeowners for many reasons. Whatever the cause, lenders do not think of homeowners as humans. They are a calculated number, a risk and if you are a negative number to them, your options may be limited. Without knowing their options, a homeowner can be left feeling very helpless.
Once a homeowner falls behind on their mortgage payments, the collection calls start flowing in like floodwaters from a broken dam. This is not only frightening, but also very annoying as it intrudes on both your professional and personal life! After being behind for 90 days the lender sends a public default notice. This means the foreclosure proceedings have officially started and the home has entered the pre-foreclosure stage. The process varies depending on the lender and your state, but the basic process is the same.
Many homeowners see pre-foreclosure as a kind of a grace period, and in essence, it is. In this stage, the homeowner is being informed that they are in default of their mortgage and they need to bring their payments current as soon as soon as possible to avoid losing their home. During this stage the lender is unable to repossess the property. Once the pre-foreclosure stage begins, the homeowner has to face some tough decisions to avoid foreclosure. There are a two ways the homeowner can keep their lender from repossessing their home.
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