The foreclosure process is unique in each of the 50 states. If you find yourself in a critical situation and you feel that you may not be able to make your payments – it is recommended that you take a look at the foreclosure laws in your state.
The differences range from lender notices that must be mailed or posted, buyback periods, and the scheduling and bank notices issued regarding the auctioning of the house. Although the timeline is complicated the goal of this article is to give you a basic understanding.
When you first miss a payment, the lender will contact you by phone, and or mail and a late charge will be added on to your payment. In most cases a late payment isn’t tacked on until after the 15th day. The majority of lenders will work with you if you give them a call letting them know your current situation before the payment is late.
If you miss your 2nd mortgage payment, the mortgage company will normally call you to inquire why a payment hasn’t been made. It is crucial that you open the lines of communications with the lender at this point. The lender is more likely to work something out with you if you explain your situation.
During your communications with the lender you want to try to avoid having them put a 30 days late mark on your credit report. A late notice like this could KILL your credit score. This is something that you want to avoid if possible.
Ok maybe you didn’t find this article until it was to late. Your property is going up on the auction block tomorrow. Believe it or not your still in the game and you still have an outside chance of recovering your home (remember I said an outside chance). You can reclaim your property by paying the full outstanding mortgage balance and all costs incurred during the foreclosure process. This is the only way that you will stand a chance at getting your home back. Another thing that you will want to keep in mind is that the availability of this process is determined by whether the foreclosure is judicial or non-judicial and procedures can vary from state to state.
|
|