It Helps To Know The Foreclosure Laws
If you are having trouble maintaining your mortgage payments, you need to start doing some research on the foreclosure laws for your particular state. Understand that every state is different when it comes to the foreclosure laws and how the foreclosure loans are handled. Your best bet to fight and win this battle is to have yourself armed with information so that you can go in knowing what to expect. The people who are completely unprepared are usually the ones that end up walking away from their homes.
When it comes to foreclosure laws, many people automatically assume that as soon as the foreclosure process starts that it is a done deal but that certainly is not the case at all. The foreclosure process may begin rather quickly but depending on the state that you live it, the entire thing may take anywhere from three to twenty four months. During the process, foreclosure laws do allow you to come out of the foreclosure process if you are able to bring your payments up to date and pay any outstanding legal fees that came as a result from the foreclosure process being started.
Other Options Are Out There
If you are unable to bring your mortgage loan completely up to date, companies are allowed to work with you and make payment arrangements as foreclosure laws allow them to do this. But something to keep in mind is that the foreclosure laws do not demand that mortgage companies offer such repayment plans to you. So it is completely up to your individual mortgage company on whether or not they offer some sort of resolution for you to work on. If they are not willing or able to help you with a repayment plan or something to that effect, you do have two other options.
Foreclosure laws allow the homeowners to place their home on the market and sale it as long as the closing date is prior to the sheriff sale. Keep in mind though that your new payoff is going to reflect outstanding attorney's fees and filing fees that resulted from the foreclosure. Foreclosure laws allow the mortgage companies to get that money back from you for the fees they have to pay out. If you do not want to sell the home you could always try to refinance but you may find that hard with your credit being affected by the non-payments to your current mortgage company.