February 1, 2012 in Uncategorized
You may be concerned about the mortgage lender foreclosing your house after missing consecutive payments on your mortgage. The amount of time it takes for the lender to bring your house back in their possession can differ from one lender to another. Regardless of the lender, you’re going to get some advance warning from your lender before they will finally consider to take your home back.
What are the different foreclosure warnings you will get coming from a lender?
Late Notice – the mortgage lender will immediately deliver this late notice letter after you miss to pay your mortgage payment for the first time. There’s no need to panic whenever you receive this letter because this is just a friendly reminder telling that you missed to pay your mortgage and need to pay for it immediately. You should work on remedying the problem at this point instead of putting it off. Your house is still safe from foreclosure at this point since this is only the beginning of the process, however an immediate action to the problem is needed to avoid another warning that leads to it.
Acceleration – expect to receive a notice of acceleration after a late notice was received. It’s often sends two months after you miss your first mortgage payment. The content of the notice reminds you that you need to pay the entire payments you missed and failure to do this will results into mortgage default. If you can’t pay the entire amount then communicate with the mortgage lender to work out a solution to the problem.
Default – if the lender see that you are not interested to pay your remaining balance, the mortgage lender will send you a notice of default 30 days right after the notice of acceleration was handed to you. It tells that the mortgage is officially now in default, and they will begin foreclosure proceeding. The lender could take less than 30 days to get a foreclosure order from court and to proceed with the foreclosure sale.
Foreclosure – The entire process in some states are much faster which can only take between 45 and 60 days. Some states will allow this entire process to go from six months to almost one year before the lender takes your home away. Avoiding foreclosure can often be simple as communicating with your lender and exploring your options. There’s home loan modification that is now available that will help you keep your home and get a more affordable mortgage payment with which to work.
The article author is an establish writer and investing expert who enjoys teaching people the right way to invest in Kaysville Utah real estate. For more info about bargain properties in this area, check out: Kaysville Ut homes for sale AND Kaysville Utah Foreclosures.