There are many things that happen to people because they did not have the right information. However, according to the law, ignorance is no defense. Any contract you get into has legal implications. This includes your transactional arrangements for the acquisition of a home. This post will help you learn what foreclosure is all about and the things you can do to ensure you do not get into this sticky situation.
A proper understanding of what foreclosure is all about is paramount as we unwrap this topic. The following post describes it in detail:
How to Avoid a Foreclosure on Your Property
A Foreclosure is a legal process in which a mortgage lender or lien holder attempts to recover the balance of a loan or debt from someone who has stopped making payments by forcing the sale of the asset used as the collateral for the loan or on which a lien has been placed.
A property can be foreclosed on if the property owner defaults on his or her mortgage payments or becomes delinquent in property taxes payments. Read more at Philadelphia Sheriff’s Office…
Foreclosure is a legal process and as such, you can be sure that there are consequences. You wouldn’t want to be on the wrong side of the law especially when it comes to creditworthiness.
The good news is that this will not happen to you without notice. Your mortgage lender will let you know when you default on payment. The following post describes what you should and shouldn’t do when you receive such communication:
Tips to Avoid Foreclosure
If you are unable to make your mortgage payment:
- DON’T IGNORE THE PROBLEM.
The longer you wait to get help, the harder it may be to get assistance from your mortgage company or a housing counselor.
- CONTACT A HUD-APPROVED HOUSING COUNSELING AGENCY.
A housing counselor can help you understand the law and your options, organize your finances and represent you in negotiations with your servicer if you need assistance. Read more at Making Home Affordable…
You will need to be keen about any communication you receive from your mortgage company so that you respond promptly. You will not be pardoned for failure to respond to such messages.
Foreclosure occurs whenever you are unable to make your mortgage payments. However, there is an option you can consider to prevent a foreclosure as Cathie Ericson explains:
What Is the Difference Between a Short Sale and Foreclosure?
What is the difference between a short sale and a foreclosure? They’re both options for homeowners who fall behind on mortgage payments. But while the prospect of losing a home is a hard reality that many people face, it’s important to understand the difference between these two processes. What is a short sale? What is a foreclosure? How long do they take? Which is more detrimental to a borrower’s credit? Let’s discuss the details.
What is a short sale?
A short sale happens when the owner owes more on the mortgage than the market value of the property. During this process, they are essentially asking the lender to accept a lesser amount than the total it’s owed. Read more at Realtor…
You do not have to go through a foreclosure, and following the advice in this post, you will be safe.
If you are looking to sell your house fast in Miami Springs FL, one of the best options is to work with Sell Fast Fair Offer. We are a property investment company that specializes in buying houses at a fair price. Once you call us, we will give you an offer within 24 hours, after which you get to choose when to close.
Call us at (305) 590-8500 for a stress-free sale of your house without paying commissions and seller’s fees. You can also find out more about us on our website.