On behalf of H. Clay Parker, Esq. posted in Foreclosure Defense on Friday, May 19, 2017.
Foreclosure is the legal process by which a mortgage holder or lien holder reclaims the property that is in default. The person who is living in the home is foreclosed on, as they haven’t been keeping up with their mortgage, and they will lose the right to live in the home soon. Of course, foreclosure is not an immediate process. You have rights, even if you are foreclosed upon.
If you are receiving letters from your lender regarding missed mortgage payments, you need to respond to these letters in an effective and timely manner. Do not ignore them. If you bury your head in the sand, you will only make the issue even worse than it already is.
The U.S. Department of Housing and Urban Development offers a number of foreclosure services to those who are in need. You can also consult with an attorney to make sure that you are properly protected during the foreclosure process.
There are also alternative to foreclosure that you may qualify for. An example of this is special forbearance. Under these conditions, your lender could suspend or relieve some of the financial strains of the mortgage, while also providing you with a repayment plan. There are other alternatives to foreclosure too, so talk with an attorney to assess your situation.
Foreclosure is a stressful piece of legal action that puts the mortgagor in a difficult position. However, if you take effective steps to address the foreclosure, you can get past this difficult time.
Source: FindLaw, “More Foreclosure Frequently Asked Questions,” Accessed May 19, 2017