AVOID FORECLOSURE
Facing Foreclosure?
Don’t let your credit suffer or lose your equity. If your payment has become too much, or if you’ve hit a financial snag, don’t panic. This guide will show you how to halt the foreclosure process or avoid it entirely. Let’s dive in.
What is Foreclosure
First up, let’s understand what foreclosure is: Foreclosure happens when a homeowner can’t keep up with their mortgage payments, leading to their home being auctioned off. If it doesn’t sell at auction, it becomes property of the lender.
Forms of Foreclosure
- Judicial Foreclosure: This involves a legal process where the lender must go through the courts to claim the property.
- Non-Judicial Foreclosure: This occurs when a deed of trust was used. The trustee can initiate foreclosure without court intervention.
How to Stop Foreclosure
- Contact your lender as soon as you can.
- Explore options like loan modification, repayment plans, or refinancing.
- Selling your home could also be a viable option.
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