Many people that dream about owning homes do not have the amount of cash that is needed to either purchase or build a home in the bank. As a result, they have to look for mortgage lenders to help them own their dream home. The process of getting a mortgage and paying it off fully is not as easy as people think it is when they start it. Besides, there are certain unforeseen circumstances that can lead to the inability to make the needed payments in time. When this happens, you will need foreclosure help from experts. Here are the things that you should know about the foreclosure process.
The notice of default
If you are looking for foreclosure help, you have probably received this notice of default. This is a notice that is issued by the mortgage lender when a client has missed payments for a period of between three and six months. The aim of the NOD is to let the concerned person know that if they do not bring the mortgage payments up to speed, they will be facing foreclosure.
When you are issued with a NOD, a reinstatement period of up to five days before the actual foreclosure happens is started. At this point, getting foreclosure help will mean the person meeting the lenders and explaining your situation with them and possibly coming up with a sound repayment strategy.
Establishment of a foreclosure date
In case things have gotten a little more out of hand than just receiving the NOD, the mortgage lender will establish a foreclosure date. This step is taken when you are unable to bring the payments up to date three months after the NOD has been issued. When the problem has reached this point you will probably also get the for sale sign posted on the property. The options that could be open at this point could include filing for a chapter 13 bankruptcy. An expert will help you with the process of filing if it can help you save the home.
With the appropriate foreclosure help, you can avoid losing your lifetime of the investment and your dream home. Rapa Law Office P.C. are experts when it comes to dealing with the process of getting debt relief and related issues such a foreclosure help.