FORECLOSURE HELP
You can no longer make your mortgage payments. You are struggling in a loan and perhaps two loans with an interest rate that has adjusted beyond your affordability. So you stop making payments to the bank. What happens Next?
Here is an overview of what typically happens next . . . .
1. When you stop making your payments, your mortgage banker will attempt to contact you, usually 
30 days after your missed payment to remind you of the late payment. The contact will be via a
written letter and in some cases a phone call.
2. If you do not repond by paying your payment in full or making arrangements for your late payment, a Notice of Default will be filed. This is known as a NOD in real estate terms.
3. From the date the NOD is filed by your mortgage broker with the County in which your
property resides, the clock begins for the 120 day "foreclosure" period. During this time you must take action in order to save your property from being taken back by the bank.
4. Toward the end of the 120 day period the mortgage broker will assign a Trustee to carry out the sale of the property. There will be a Trustee Sale date and your property will be auctioned off at the County Court House to the higgest
bidder.
5. If your home goes to Trustee Sale you will have a foreclosure on your credit report for a minimum of 7 years. Your
credit will be damaged for this length of time and make it difficult, if not impossible, to rent an apartment, purchase
a car, obtain a credit card and you will be unable to purchase a home in most circumstances.
IF YOU WOULD LIKE MORE DETAILED INFORMATION ON HOW TO PREVENT THE ABOVE FROM HAPPENING TO YOU CALL TODAY 888-350-7342