6 SIMPLE DIGITAL MARKETING TIPS FOR BEGINNERS
6 SIMPLE DIGITAL MARKETING TIPS FOR BEGINNERS The digital world is a crowded arena. Competition is more fierce than ever as businesses of all shapes
If you’re worried about foreclosure, you might be wondering when exactly a bank or lender can foreclose on your home. Generally, a lender will move to foreclose on your property if you have missed payments for three months or more, though every lender is different and this timeframe may vary from lender to lender. If you’re looking to find out more about when a bank can foreclose on your mortgage, J Daniels & Associates has all the answers that you need.
Read on below to find out everything you need to know about banks and foreclosure.
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.
In most cases, your lender can foreclose on your home if you have been in arrears with your mortgage payments. Every lender does have different criteria, so this timeframe may differ depending on who you are with. However, if you have missed payments, you may find that your lender will start to move in the direction of foreclosure.
When a lender begins the foreclosure process, there are certain steps that generally have to be taken. These include sending a default notice, serving a summons, and finally, getting a court order. Foreclosure does not happen overnight, and there may be time to stop the process from happening.
Sending a default notice means that you usually will have a notice sent explaining that you have at least 30 days to pay back your missed repayments, plus the regular repayment on your loan.
In the case of a summons, your lender may serve you with a Statement of Claim or a summons. If you receive a summons, you may be given a certain number of days to either file a defence or go to court. If you don’t respond to this notice, your lender may then begin legal action to foreclose on your home.
Finally, if your lender is granted a court order to repossess your home, you may receive a Notice to Vacate. In some cases, foreclosed properties are either sold at an auction, or sold directly by the lender.
J Daniels & Associates may be able to slow down the foreclosure process in order for you to catch up on your missed mortgage payments, liaise with your lender on your behalf, or explore other avenues of assistance for you.
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 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 can 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 need 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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