WTP Investment Group - Important Foreclosure Advice
What Happens During A House foreclosure
This is an Important Guide To Explain The Foreclosure Process and What You Can Do To Stop The Foreclosure?
Firstly, there has to be a legal reason for your home is being foreclosure. Secondly, Your home can not be foreclosured on before a court hearing. Only a judge can decide to foreclose your house, not your mortgage lender. What you do now may affect the judges decision.
The most common reason is if you are behing in your mortgage payments. If you get behind in your payments with your mortgage lender, that means - the moment you miss a payment on your mortgage. The lender can send you a letter asking how the back payments will be repaid. If you fall further behind on your mortgage payments, and have not come to an agreement on how to repay the back payments, then the lender can start foreclosure action to claim your property.
Foreclosure have increased year on year since 2004, with figures set to rise again for 2008 as the number of people in mortgage behing payments rises by 8.8%.
"Our evidence shows that lenders are not always doing everything they can to help borrowers in trouble, all too often piling on extra charges and being too quick to take court action rather than being prepared to negotiate affordable repayment arrangements.” – Jai Sr. investor WTP Investment Group
Important Advice On The Foreclosure Legal Process
Foreclosing on a property involves a set number of stages, each taking between a few weeks and a few months. You can try to stop the process at any stage, but the earlier you take action the more options you will have and the less likely it will be that you have to pay legal costs.
You should note that no-one can evict you from the property unless the court says that they can and the court will not make a decision before the hearing date. What you do may affect the court's decision. You should therefore take action immediately. The foreclosure process must by law follow a certain process - if it’s not done correctly, you may be able to stop or delay the eviction.
Stop The Repossession Process - Get A Cash Offer For Your House
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