First Step in the Foreclosure Process

The foreclosure process is one that many people are not aware of, especially if they have never had to face this process themselves or do not know anyone who has been through it. Many people think that once you have received a foreclosure notice that, it is over, they have instantly lost their home. However, this is not true. The foreclosure notice is just the first step in a long line of other steps in this one process.

In order for your home to be finally taken away from you, weeks or even months will unfold before the final step which is your home being taken from you and you having to move out. If you understand the process of foreclosure, then the final outcome is something you can gain control over.

Notices for Missed Payments

Step One: Your monthly payment is due before or on the date you agreed to on your loan agreement, or on the renegotiated date which was agreed to on your loan modification agreement. The date is generally set up to give you some le-way. Then you will normally be offered what the banks call a grace period of round about ten days. As long as your payment is received by your due date or ten days after that, then a missed payment notice is something a homeowner generally never sees.

If after the ten days of the due date, if the bank still hasn’t got your mortgage payment, then you can expect to find a notice of missed payment, and what this states is that to need to send the bank your payment straight away in order to stop further action being taken.

Avoid Foreclosure and get a loan modification with lower payments.

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