If you’re concerned about your lender foreclosing on your home, you might be wondering when exactly it’s too late to stop foreclosure from happening. There are a number of steps that a lender must take before foreclosing your house, and it’s possible to receive assistance during these stages. However, once a court order has been served, it may be too late to stop the foreclosure from going ahead.
Read on below to find out the stages of foreclosure, and when it may be possible to stop foreclosure from going ahead.
When you take out a home loan, your house is held by your lender as security. This means that your lender can repossess and sell the house if you fail to make repayments according to your loan contract. Foreclosure refers to the process when a lender takes possession of a property and sells after the homeowner fails to make their mortgage repayments.
Generally, the lender repossesses the property to try and recover any money owing on the loan. Usually, foreclosed properties are either sold at an auction, or sold directly by the lender.
If you fail to keep make your repayments, your lender may eventually start action to repossess your home.
You may find it hard to stop the foreclosure process from happening once it has begun. However, there are a number of steps that your lender must take before your home can be foreclosed. To begin the foreclosure process, your lender must first:
J Daniels & Associates has more than 40 years’ experience and has helped 1,000’s of people successfully.
We advocate on our clients’ behalf with banks and creditors in order to stop home repossession, as well as helping to stop those in bankruptcy situations from being harassed by creditors. You shouldn’t have to live in constant fear, and that’s where we can help.
We aim to provide support services to those who do not know where to look, or who are confused about where to turn during the bankruptcy process. Our helpful advocates can assist you when you need it the most. We are able to give you confidential help, expert debt guidance and help you to find a personalised solution.
We don’t have any hidden fees, so you won’t have to worry about any nasty surprises. In addition to helping you to improve your financial situation, we can assist you in finding a solution to your mortgage issues. If you’re in need of help and support, give us a call today for your free consultation.
*Disclaimer: This article contains general comments and recommendations only. It is not intended to be and should not be construed as legal advice. This article has been prepared without taking account of your objectives, financial situation or needs. Before taking any action, you should consider the appropriateness of the comments made in the article, having regard to your objectives, financial situation and needs.
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