What Is Foreclosure?A foreclosure is the process in which your mortgage company takes ownership of your home and repossesses the property. A foreclosure occurs when you fail to make payments or violate the terms of your mortgage loan. Other types of foreclosure include: HOA defaults and tax lien defaults, which result in auctioning your home to cure these debts.
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What Are The Consequences Of A Foreclosure?
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How Does A Foreclosure Work?For mortgage foreclosures, you are sent a notice from an attorney because you have missed 90 days or more of payments. You have a short window of time to catch up your payments or your property will be sold at public auction. A legal notice is published in the newspaper and an auction date is set. Every day that passes accumulates interest and late fees, and these can be VERY steep. For HOA and property tax lien foreclosures, each state varies on how many payments can be missed. You will receive a notice warning of the upcoming public auction. After this point, your debt must be paid in full.
The longer you wait, the fewer options you have. This is why it is so important to call us. Don’t be embarrassed or afraid; find out how we can help you fix this. |
What To Do?Gather your mortgage/HOA/tax lien paperwork and letters from attorneys. If you’re going through a mortgage foreclosure, contact your mortgage company and explain your current situation and find out if they will help you. If they are unable to help you, reach out to us. For HOA and tax liens, call us immediately. These companies are often not willing to negotiate with you.
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