There is nothing more exciting and satisfying then buying your first home.
However, there are many situations and circumstances that can arise in life, causing a homeowner to default on the mortgage payments.
When this happens, the property loan will go into foreclosure.
Property loan foreclosures occur when the creditor or lending institution decides that they would rather sell the property to another party, rather than stay in a business arrangement with the defaulted mortgage holder.
Both federal and state laws govern foreclosures so it is important to understand the laws in your state.
If you are unable to make your mortgage payments, DO NOT ignores communication and notifications from your lender. It is a terrible mistake to put the situation on the back burner.
Respond to any communication immediately. Your lender needs to know what’s causing you to default on your mortgage payments. Be prepared to give them a current breakdown on all of your finances.
This will help the lender determine whether or not they will work with you until you can catch up with your missed payments.
Do not turn to any company or individual who offers to help you pay off your loan, sell your home, or avoid foreclosure. If you approached by such SCAM tactics, contact your lender or even your local HUD department.
You should also contact an attorney who is experienced with real estate and foreclosure law who can help you save your home or property from foreclosure.