When a homeowner fails to repay their debt in full and defaults on their mortgage a foreclosure takes place. The lending institution will sell the property to repay the debt to make up for the loss on their books. The cause for foreclosures vary and in today’s financial crisis, some of the main causes of foreclosure is income reduction due to job loss, ridiculously high credit card bills and the list as you know goes on.
There are key elements that make up a foreclosure and the foreclosure process. One of the keys to keep in mind about the foreclosure process is the fact that time-lines and/or requirements that mortgage lenders must follow are different in each state. Therefore, a foreclosure may take as long as 3 years in one state but only three months in another to wrap up the foreclosure process. Not to mention that currently mortgage lenders are over burdened with foreclosures and this too will have an effect on how long the foreclosure process will take.
There are options, and understanding how a foreclosure process works will greatly help you in any situation that has to do with the foreclosure of your property or home.
If you are facing the same tragedy that too many others have gone through, please give me a call because I have helped many families avoid foreclosure and maybe I can help you too.
I offer a Free – No Obligation Consultation And Audit of your mortgage situation.
Call (888) 819-6554 or fill out the Stop Foreclosure Help email form, Click Here —>> http://help-to-stop-foreclosure.net/
