If you’ve fallen behind on your mortgage payments, your home may be facing foreclosure. It’s a situation many homeowners face when an unexpected situation, like a health concern, a loss in the family, or even a divorce, occurs , and it can be a very scary time.
Foreclosure is the process of a bank taking a home if the homeowner isn’t able to pay for their mortgage loan. A loan goes into default after the first missed payment.. The whole foreclosure process can take anywhere from six months to a year, so to avoid losing your home, you might be able to catch up on your missed payments. If you cannot catch up on the loan during foreclosure, the home will eventually be claimed and sold by the bank.
Here’s the upside – if you miss one mortgage payment, you won’t automatically enter foreclosure. You have to miss at least two payments for foreclosure even to be an option. Even then, lenders usually don’t initiate foreclosure until you’re more than 90 days behind on your payments.
If you suspect your home is in foreclosure, there are some warning signs you can keep your eye out for. There are also some more proactive steps you can take to get to the bottom of it.
If you discover that your home is in foreclosure, you have some options. Here are a few ways you can stop the foreclosure process and keep your home.
If you find out that your Michigan home is in foreclosure, don’t hesitate to contact us at Renewed Homes. We’ll work with you to find creative solutions that will allow you to pay off that debt so you can stay in your home. We aim to help you avoid all credit damage, stress and anxiety, and legal trouble that foreclosure can incur. We know no one wants to lose their beloved home, so we’re here to help!
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