What is Foreclosure?

Facing foreclosure is an experience that a mortgage loan beneficiary would want to avoid by every means possible. No one would want to lose a house after putting in so much effort to get it with a mortgage loan.

Foreclosure

Foreclosure is a legal means by which a mortgage homeowner loses his home for defaulting payments. Usually, it takes some process for the foreclosure to be finally served and it doesn’t come suddenly. You will get series of warning notices from the court before the final foreclosure notice will be sent to you.

At the initial stage when you default, you will be served with a notice of default. This is still much like a warning and you can get off the hook if you promptly pay up all you’ve owed in default, including penalties for defaulting. If nothing appears to be done, the next thing you’ll get is a notice of acceleration. It will be much serious now and your urgent response will be required to solve the issue. However, if you fail to pay again, the final one which is a notice of sales will be issued. This notice will indicate the date and time when the foreclosure will occur.

Options to avoid foreclosure

With the help of a loan modification expert, there are various ways you can save your home from foreclosure and eviction. Loanmoddepot.com offers help in terms of loan modification options. If you still have time for modification, loanmoddepot can help you in saving your home. Proper counseling on how to go about the mortgage loan would be given with options such as a quick sale or stopping the mortgage company from issuing a foreclosure legally if your home is still covered.