subject: Taking A Look At Foreclosure Notices [print this page] Foreclosure notices are generally given because of non payment of the amount owed on the mortgage. There are options that you have once you get one that can keep you in your home.
Do not wait to talk to the bank when you re 3 or 4 payments behind. Speak to them as soon as you know you are going to be late. This is the easiest, and best way, to avoid a notice. Many times they will try to work with you to help you keep your home as long as you do not wait too long.
You will receive a notice of default when they start the proceedings. It can be as early as 3 months of non payment of the loan. You may have a bank that sends a warning note that they will begin to foreclose, and you have about 2 weeks to make the loan completely current to avoid eviction.
Once you get the notice of default, speak to the lender immediately. You may be able to get a partial repayment plan set up so you can keep your home, or even modify the mortgage so you can make the payments. This can help you stay in your home without losing it.
If you do nothing, then you will be kicked out very soon, sometimes as little as the amount of time it took for you to have defaulted on the loan. You should also plan on attending all the hearings concerning the foreclosure, since you can delay or stop it from happening. This gives you a chance to tell the judge an explanation, and you may find it will work in your favor.
There is also help that you can find from companies that assist you from losing your home. Many times they have the resources and ability to help you very fast. You can find these online, and start saving your home with a few pieces of information. You do need to do something, and as soon as you can.
Foreclosure notices do not have to be devastating and it does not mean you even have to lose your home. You need make an effort to avoid the process and clear communication with the bank can be a key element in not losing your house. Take action as soon as you know there is a problem, and you can save your home and credit.
