If You Are Facing Pre-Foreclosure or Foreclosure, You May Be Able To Stop It
Written by: Kristen White
Foreclosure is an extremely stressful situation and the process is unknown to many people. It is important for you to know the process you are facing. Information in this article is a general overview of the Foreclosure process and mainly applies if your first mortgage is in Foreclosure and your first mortgage is with a larger banking institution or credit union. If you have a second, third or fourth mortgage that is in Foreclosure with a smaller credit union or private lender, some information in this article applies but the Foreclosure process can be drastically different.
We specialize in Pre-Foreclosure, please call us today if you have questions regarding your 1st, 2nd, 3rd or 4th mortgage with a larger banking institution or credit union or a smaller credit union or private lender.
1. If you have fallen behind on mortgage payments, your Bank/Lender will send you a letter and also call you to make you aware of the missed payment(s). If you don’t respond or attempt to bring your payment(s) up to date, the Foreclosure may start immediately without any further notice to you. There is no general rule on the number of missed payments it takes for your Bank/Lender to start the Foreclosure and is solely at the discrepancy of the Bank/Lender. Read more