What Is A Foreclosure And What Can You Do To Stop It
Unsure of what is foreclosure - It is the way the bank can legally take the house back from if you break the terms of your home loan agreement and stop making payments to them.
2 serious things can happen.
It is something that you really want to avoid or stop at all cost, since it is devastating to you and your family ranging from feeling worried, nervous, stress, fear, about becoming homeless.
In addition; you are faced with your credit history being destroyed and facing discrimination on job searches and securing a job if the potential employer looks into your credit history.
2 Things Can Happen If The Bank Forecloses On You * If you're unable to stop foreclosure and once your mortgagee ( lender ) forecloses on your house, your family has to move out of the house or they will come and evict you.
* Apart from your home being repossessed you could owe the lender more money, if the value of your home is worth less then the full amount you owe on your home loan.
2 Types of Foreclosure * Judicial foreclosure * Non-Judicial foreclosure In either case of judicial or non-judicial foreclosure your home will be auctioned to the highest bidder by the county sheriff or by a officer of the court.
The lender is usually present at the auction and also bids along with the rest of the people there.
Your lender will bid at the amount that is owed and if no other individual there bids higher, the bank will be awarded the property.
This can be one confusing process for you when faced with the possibility of your home being taken away from you and putting your family at risk of becoming homeless and the possibility of having to move into a public shelter provided by the city you live for home less families.
It is a lot of information and can become very intimidating when trying to figure out all the information you are reading on stopping foreclosure.
Researching your options and understanding the pros and cons of each one.
The options are several, but what makes it difficult is the emotional state of mind for most people facing foreclosure.
It is very difficult initially and even later on to make sense of all the things you need to be considering and weighing out to try to make the best decision.
Seek out either a real estate attorney, or one of these free services being offered in your state and city for those in your position.
There are options that the banks don't want to let your know about, will not share with you all the questions you should be asking or thinking about.
Doing a short sale, should be an option to leave till the end that you have run out of options.
Now that you understand what is foreclosure, you may want to look into what are the pros and cons of what is a short sale which is one of the last options you should consider for stopping foreclosure.
2 serious things can happen.
It is something that you really want to avoid or stop at all cost, since it is devastating to you and your family ranging from feeling worried, nervous, stress, fear, about becoming homeless.
In addition; you are faced with your credit history being destroyed and facing discrimination on job searches and securing a job if the potential employer looks into your credit history.
2 Things Can Happen If The Bank Forecloses On You * If you're unable to stop foreclosure and once your mortgagee ( lender ) forecloses on your house, your family has to move out of the house or they will come and evict you.
* Apart from your home being repossessed you could owe the lender more money, if the value of your home is worth less then the full amount you owe on your home loan.
2 Types of Foreclosure * Judicial foreclosure * Non-Judicial foreclosure In either case of judicial or non-judicial foreclosure your home will be auctioned to the highest bidder by the county sheriff or by a officer of the court.
The lender is usually present at the auction and also bids along with the rest of the people there.
Your lender will bid at the amount that is owed and if no other individual there bids higher, the bank will be awarded the property.
This can be one confusing process for you when faced with the possibility of your home being taken away from you and putting your family at risk of becoming homeless and the possibility of having to move into a public shelter provided by the city you live for home less families.
It is a lot of information and can become very intimidating when trying to figure out all the information you are reading on stopping foreclosure.
Researching your options and understanding the pros and cons of each one.
The options are several, but what makes it difficult is the emotional state of mind for most people facing foreclosure.
It is very difficult initially and even later on to make sense of all the things you need to be considering and weighing out to try to make the best decision.
Seek out either a real estate attorney, or one of these free services being offered in your state and city for those in your position.
There are options that the banks don't want to let your know about, will not share with you all the questions you should be asking or thinking about.
Doing a short sale, should be an option to leave till the end that you have run out of options.
Now that you understand what is foreclosure, you may want to look into what are the pros and cons of what is a short sale which is one of the last options you should consider for stopping foreclosure.
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