Foreclosure is the worst nightmare for every real estate property owner. This is because it means that all the efforts they have made to secure a mortgage and the debt they may have incurred in things like mortgage loans and hiring realtors to get them the dream home have all been wasted. Not many people think that the foreclosure could become a reality in their dream of getting the perfect home. However, if for any reason you miss mortgage payments for 3 to 6 months, the process of foreclosure will start. Here are some important things to know about the Foreclosure Process in Kilgore TX.
Notice of default
After a person has missed their mortgage payments for three to six months, the mortgage lender will issue what is called a notice of default. This is normally put at the county recorder’s office. The aim of this notice is to let the concerned person know that they are facing foreclosure. The NOD also starts a reinstatement period that runs up to 5 days before the home is finally auctioned off.
If you have been issued with a NOD, the first thing that you should do is look for a competent real estate attorney. This is the person that will help you weigh your options and start getting solution before you lose your home. Among the things that a lawyer can help you do is get your mortgage status reinstated. For this to happen, the loan must be brought up to date.
Establishing a foreclosure sale date
In case you are unable to bring the mortgage up to date within three months of the NOD, the next step of the foreclosure process in Kilgore TX will involve the lenders establishing a foreclosure sale date. You as the homeowner will receive a notice of sale. This notice is also posted on the property. The notice will also be published in the local paper of the county from in which your property lies. The notice runs for 3 weeks. At this stage, the lawyer will try and negotiate a deal where you will get an extension. In case the lawyers aren’t successful, the property is auctioned off to the highest bidder.
These are steps that are part of the Foreclosure Process in Kilgore TX. If you need to hire a lawyer to help you avoid losing your home, go to http://williamlivelylawfirm.com.