Foreclosure is a legal process where the mortgage lender that you make your payments to seizes your property to pay off the amount that you owe. After a foreclosure has been filed by the lender does not mean that the lender has the right to take the property from you since there are several ways that a foreclosure can be avoided.
Despite the myths, banks want you to avoid foreclosure just as much as you do. Your money and interest is much more valuable to them than your house. If you communicate with your lender before the foreclosure is inevitable, your lender will likely be willing to work with you to avoid foreclosure by offering you alternative options to repay your loan.
There are several options that may be available to you that will allow you to avoid foreclosure:
If you decide to fight the foreclosure, there are several steps you should take:
During the foreclosure process, there are several things that you must not do:
Buying and financing a piece of real estate can be one of the most important experiences in your life, and facing the possibility of losing that property can be one of the scariest. A foreclosure attorney can inform you of your rights and obligations with regard to your mortgage and the foreclosure process. An attorney can also review any financial documents and advise you on the best way to proceed.
Last Modified: 10-17-2014 04:12 PM PDTLaw Library Disclaimer
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