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When to Seek Foreclosure Assistance Solutions


Foreclosure is a four-letter word to a lot of people and it is something that gives some people nightmares. The thing is though, even though foreclosure is a terrible situation to be in, it is not a hopeless one.

If you have missed three or more mortgage payments in a row then you are either approaching foreclosure shortly or you are already in the middle of it.

Foreclosure is where the bank that holds the note takes legal action in order to be granted permission from the courts to sale the home at auction to recover the money that they allowed you to borrow.

Whether you simply over spent, had medical problems, or were laid off, foreclosure proceedings will take place unless you do something quick in order to bring everything to a stop.

Luckily for you, there are a lot of various options out there for people to sell their home or to bring their account up to date so that they and their family can remain in the home.

The assistance that you will be eligible for will depend on how far past due you are, the reason you were unable to make payments, and if you can afford the monthly payments from here forward.

How Soon To Get Help Once The Foreclosure Letter Is Received

Some people make the mistake and wait until the very last minute to seek out assistance. The thought process is usually that they will be able to come up with a way to pay the money on their own all at once.

While this is a nice gesture, it usually is not realistic for many people because of the amount of money that is due once the foreclosure process has begun.

As soon as you receive the letter stating that foreclosure is beginning, you need to act. Do not wait a month, a week, or even a day. You have to get on the phone and start looking into your different options.

If The Timeline Has Expired Can Help Still Be Received?

For those that were unaware of the timeline that they were up against, they may suddenly find themselves in a panic. If the deadline that you are looking at is the date of the foreclosure auction, there are limited options for you.

If the home were purchased at auction, which is what normally happens, then your only hope would be that there is a redemption period in your state.

The redemption period would give you a certain amount of time to completely pay off your mortgage in full. For those who are able to find a way to do that, the home is given back.

If no one bought the house at auction and the bank itself did not retain it for themselves, then the home may still be yours for the time being. In some cases, a home will be scheduled and go to auction two or three times before anything finally comes through.

After the scheduled auction date, call the mortgage company to see if it was sold, if they retained it for resell, or if it is still in the collection department and in the active stage of foreclosure. If it is still in foreclosure because no one wanted the home, you may still be able to work out arrangements with the bank.

Who Really Wants The House?


Out of misinformation and emotional upset, many people get angry with the mortgage company because they feel as though the mortgage company is simply taking their home because they want it.

The thing is though, the mortgage company would much rather you stay in it and make the monthly payments to them. Your lender is in the business of making money off of interest not off of flipping real estate.

If after the auction no one buys the home, the lender may actually purchase it for themselves if they believe that they can get the money that you owe them through hiring a realtor to sell the house the traditional route. This is not something that the lender looks forward to as they lose money this way.

They have to pay a realtor, pay a landscape company to keep up with the yard work, and depending on the time of year and location of the home they have to hire someone to winterize it. All in all, they would just much rather you pay what you owe or someone else buy it at foreclosure sale.

To recap, it is important that you make phone calls and start seeking out various assistance programs that are out there for you. There is no time to wait and for every day that passes without you stopping the foreclosure action, you will be charged more money for attorney fees.

For those who have found that they are sitting there past the deadline date on their foreclosure letter, there may still be options for you. You will never know what is available to you unless you start making those calls.