It is a known fact that lots of Americans are experiencing difficulties particularly due to the mess in the housing industry that has caused home prices to plummet. To make matters worse, the collapse of the financial market has caused the unemployment rate to rise. With such bleak economic outlook, it is not surprising that many distressed homeowners are no longer able to pay their mortgage dues and will be soon entering foreclosure territory.
Basically, states have different foreclosure laws but here are the things that you could usually expect if you miss your mortgage payments:
You will receive a letter from your lender or the bank representative informing you of your missed payment.
If you failed to contact your lender regarding the missed payment, you will receive another letter – this time asking you to settle the unsettled mortgage payments within 30 days or your lender will demand payment of the entire mortgage debt.
Failing to settle your amount past due, your lender will now hire a lawyer to act as trustee in the event of the foreclosure filing. The trustee requests for you to attend a hearing at the Clerk of Superior Court.
At the hearing, the trustee presents the evidence and if they are sufficient, the court will order for the property to be sold at a foreclosure auction.
Notice of the foreclosure sale will be published in the local newspaper. All the other debtors and lien holders will also receive notices.
The property will now be sold at a public foreclosure sale. The highest bidder will be given the property’s deed.
An eviction notice will be served if you have failed to vacate the premises even after the foreclosure sale has been completed.
Cassiano Travareli has been educated in the finer points of the foreclosures market over 5 years.
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