Facing the prospect of foreclosure can be overwhelming, but taking prompt action is crucial to protect your home and credit. I'm here to provide insight and assistance in determining the best course of action for your unique situation.
In general, there is a fairly standard procedure for foreclosure proceedings. Here's a brief overview of the timeline and options available to you during this challenging time:
Timeline: 111 Days to Take Action The foreclosure process typically unfolds in two critical stages:
Notice of Default (90 Days): This initial notice provides a 90-day window to remedy the default on your mortgage.
Notice of Trustee Sale (21 Days): Following the 90 days, the bank issues a public auction notice, signaling the imminent sale of your property.
Your Options: To halt the foreclosure process, consider these three general options:
Pay off Default Amount: If feasible, clearing the default amount and resuming regular mortgage payments may reinstate your mortgage.
Negotiate New Payment Plan: Engage with your lender to negotiate a modified monthly mortgage payment, encompassing both the default amount and existing loan payments.
Sell Your House: Liquidate the equity in your home by selling it, using the proceeds to pay off the debt and salvage your credit.
If you're uncertain about the best course of action for your situation, it's crucial to seek guidance. Reach out to me, and together, we can explore the options available to you and determine the most suitable strategy to protect your home and financial well-being.
Thank you for considering this crucial step toward safeguarding your home and credit.
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