If Your Home Is Headed Towards Foreclosure Sale
Whether you were simply bad with money or you and your family faced some sort of terrible trouble that was not your fault, a foreclosure sale is bound to happen if you are not able to make your monthly payments. Mortgage companies are allowed to protect their asset by taking their lien and getting a foreclosure sale underway. But if you are not wanting to be tossed from your home, there may be some options out there for you. A foreclosure sale can still be avoided, even if the foreclosure process has begun.
Just because the foreclosure process has begun does not mean that your home is going to a foreclosure sale next week. While there are some states that have laws, which allow mortgage companies to move pretty fast, most take a few months. Sometimes, it could take up to a year of no payments before there is a foreclosure sale date set. So when looking at a foreclosure sale, you are looking at anywhere from one month to one year. It is best if you personally research your state's laws on foreclosure or speak with your own attorney.
How To Avoid The Sale
When it comes to a foreclosure sale, there are things that can be done to avoid the whole thing but you have to act fast. Never wait until the last minute to try and work something out to stop a foreclosure sale because you may not have enough time. Always keep open communication with your mortgage company because they may have options for you that you are not aware of. By talking with them and discussing your finances, they may have a way for you to avoid the foreclosure sale all together.
If they do not have any options for you and you are not able to pay all of your past due payments all at once, then you need to start thinking about other options. A foreclosure sale will stay on your record for seven years so you want to make sure that you are avoiding it at all costs. Try to sell the home or even a foreclosure refinance your loan because you do not want a foreclosure sale to go through. You could end up without a home and still owe money to the bank. And there is nothing worse then paying for a home that you do not have anymore because it was taken away from you.