Some of the facts of foreclosure are good to know. You have rights that must be adhered to by the lenders and you may have options that can help you.
Stop Foreclosure – Charleston SC: The first and most important fact to remember when you face foreclosure is that you have rights. The banks or lenders have specific rules that they must follow when intending to foreclose on you. You must be given specific time periods in which to try resolving the payments in arrears, for example, before the actual foreclosure period begins. A pre-foreclosure letter, sometimes called ‘right to cure’ letter, will be sent to you after you miss a number of payments. The letter will outline what you owe, any fees that are to be paid, and the time period in which you have to catch up before they file the foreclosure.
In some states the lender must file a lawsuit against you asking that the court give them the opportunity to take the property back if you can’t pay the mortgage. In these states you will have a little more time to get money together if you wish to save the house. This is usually called ‘redemption rights’ and allows you to stop the foreclosure proceedings and resume the mortgage once again.
Falling Behind on Your House Payments?
If you find yourself falling behind on your payments, there is sometimes a solution through the lender directly without going to another agency or the government for help. Lenders and banks have been more flexible and willing to help their borrowers who are struggling with their current mortgage contract. Solutions include modifying the loan with a lower interest rate, changing the loan over to a fixed rate mortgage if it’s an ARM, adjustable rate mortgage, or even reducing the principle in some cases. Lenders are swamped with foreclosures these days and would much rather avoid putting another one on their books.
You have the right to sell the property and pay off the mortgage. With a foreclosure looming, many people are choosing to sell their homes and move to satisfy the lender obligation and save their credit. It seems to be a more viable option for those that know they can never keep up with the mortgage. It’s better that they make the decision to sell and move instead of having the bank repossess the house and evict them.
Though losing your home is never pleasant and can be quite traumatic, especially in the face of financial distress, it is less dramatic than having people all over your yard and parked in front of the house taking pictures in anticipation of the foreclosure auction.
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