Is Mortgage Foreclosure A Risk For You?
Mortgage foreclosure occurs when a homeowner cannot meet their home loan payments. In cases where the lender is losing money, the lender can begin proceedings known as foreclosure. This means that the lender can repossess the property and resell it in order to get back the money owed by the homeowner. Foreclosure laws vary by state, but in most states, lenders can start foreclosure after three months go by without payment.
There are actually two types of foreclosure. In a “deed in lieu of foreclosure,” the lender keeps the property (and often resells it) and the borrower does not have to make any more payments on the mortgage. In other cases, though, the county sheriff sells the property at a public auction. Either the lender or a member of the public can buy the property.
The truth is, nobody likes foreclosure. The lender does not like the legal hassle that comes with foreclosure. For the homeowner, the record of the foreclosure affects credit scores, making it hard to get another loan later on. If you are facing foreclosure, then, it pays to avoid it, if you can. There are several ways you can do this. You can speak to your current lender in order to work out an alternate payment plan so that you can afford your home loan again. If you have been having financial problems for a while, you may need to look into bad credit refinancing for help. For example, a bad credit debt consolidation loan can help you get control of your other bills so that you can start repaying your mortgage again. Bad credit home equity loans can give you the cash you need to pay the arrears on your home loan. There are also a number of bad credit 2nd mortgage and bad credit mortgage refinance options that can help you.
If you are worried about losing your house, talk to an experienced bad credit mortgage lender today. Lowest Mortgage Rates can take the guesswork out of bad credit loans for you. Just fill out an online application or call Lowest Mortgage Rates free of charge at 1-866-747-0627 and you can have free quotes to compare faster than you imagined possible. With Lowest Mortgage Rates, the best bad credit mortgage refinance for you is just around the corner.
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