Following the Home Foreclosure help
If you are facing a foreclosure, it can be an extremely stressful and frightening time. However, you have rights and the home foreclosure help process was designed to give you, the homeowner, the ability to get through this time and get current on your loan. The bank would much rather have you in your home than out on the street because at least they know that the loan is being paid this way. Make sure that you are aware of how the home foreclosure help process works so that you know what you are entitled to and the rights that the lender has also.
- Initial Notice of Default
Know your rights, people have bad months, things happen with jobs, people get in issues with their finances. If you are a week or two behind on your mortgage they are not going to kick you out. For a rule of thumb, generally you have three months before they will actually file the Notice of Default which is the official document that will serve you notice that the procedure and process of a foreclosure has started. The good thing is that even once you have been given this notice, you still have time to correct everything. You will have to pay back any late premiums and interest and bring your loan current, but you have three months to do that and keep your house.
- After the Notice of Default
If you can’t do it in the timeline that they have given to you, you will lose your house unfortunately. But, you’ll have a few months to figure out what you are going to do. Once you have officially defaulted on the loan, you’ll get a Notice of Sale which will tell you that the house will be sold and a date. Generally, you can stay in the home through the sale and have a certain amount of time after the sale before you will have to leave. If you do not leave, they will throw you out of the house; it is no longer your property.
You want to know how the foreclosure help process works so that you know what you are facing if you are in this situation. Be sure that you are on top of this and how it is going to work, it will really help you make the most of the situation and know the rights that you have. Read through your paperwork from your lender so that you understand how all of this is working and what you can expect to deal with.