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3 Things to Know About Foreclosures

As a homeowner, the idea of foreclosure is an upsetting process. However, it doesn’t necessarily mean the end of your days as a property owner. Below are several things to know about the foreclosure process.

Three-payment rule. Generally, foreclosure proceedings begin after the borrower has missed three consecutive mortgage payments. The lender will record a notice of default against the property. And unless the debt is satisfied, the lender will foreclose on the mortgage and proceed to set up a trustee sale, where the property is sold to the highest bidder.

You have options. If you’re facing foreclosure, you still have a few options. You may be able to refinance the debt or extend the term of your mortgage loan. If you have mortgage insurance, the insurer may also be interested in helping you. The company can temporarily pay the mortgage until you get back on your feet and are able to repay their “loan.”

You CAN buy again. If your home was foreclosed on, it doesn’t mean you will never be a homeowner again. But a lot will depend on your circumstances and the mortgage interest rate you are willing to pay. Generally, most lenders will consider your request for a home loan two to four years after your foreclosure. Predatory lenders will issue a home mortgage in less time. But beware – they routinely charge high mortgage interest rates, fees, and penalties for this privilege. A quality lender will expect you to show that you have cleaned up your credit. Providing a reasonable explanation about the circumstances that led to the foreclosure – such as exorbitant medical expenses – is also helpful.  

As a Member of the Top 5 in Real Estate Network®, I, along with my team, have a wealth of real estate and homeownership information that may be of help to you. Feel free to contact our team any time to learn more about this important information, and be sure to forward this article on to any friends or family that may be interested as well.

Sincerely,

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