Author: Lucy Landley
Source URL: http://www.articlecity.com/articles/business_and_finance/article_6846.shtml
Date Saved: 20070725 12:30: 08
Category: business_and_finance
Article:

Q: What does it mean to be in foreclosure?

A: According to dictionary.com,
foreclosure deprives (you) the mortgage lender of the right to repurchase the pledged
property if no payments are made.
on your loan, but you’re not in foreclosure yet. The
foreclosure process does not begin until the mortgage lender or
bank presents the documents to a prosecutor.

Q: What options do I have?

A: Once the mortgage lender sends you letters informing you of the
foreclosure, it’s important to keep your head up;
find a way to fix things. Start immediately considering your
options for another loan, refinance, etc.To avoid getting deep into the
foreclosure process, it’s really important to weigh your
options, look at your finances, and see what you can afford to
in the future.

Q: Who do I contact?

A: You can talk to your mortgage lender about your
options with payment adjustments, another loan, etc. If you decide to sell the home there are always local investors who can help you get started. If you decide to sell your home, make sure you get help from credible sources, and of course, never
sign anything before you get it.

Q: If I’m in foreclosure, how long do I have to move out of the house before
?

A: Laws vary from state to state; In states like Georgia, a foreclosed
home goes up for sale just
seven days after it was submitted. However, in other states, the House
is not publicly announced until day 130 of the
foreclosure process. If you search online or go to the library of
and look up your legislature, you will find a list of detailed
statutes.Do your research to find out exactly what timeline
you are dealing with, but the key is to act
as quickly and wisely as possible.

Q: Does the lender have the right to repossess my house even though
I’ve been paying it off all along?

A: Unfortunately yes. Even if you’ve missed just those few
payments and paid so many others, the
mortgage documents or deed of trust (depending on whether you live in a judicial or extrajudicial
state) restore the lender’s right of foreclosure and ownership take possession after defaulting on
payments for a period of time.

Q: What is a refinance and how can it help me get out of
foreclosure?

A: When you refinance, you are essentially taking out another loan.
The new loan is based on a revaluation of your property.
One of the benefits of refinancing is that you can sometimes get a lower
interest rate, which in turn lowers your monthly
mortgage payment. However, refinancing is not for everyone. Really do some research and speak to someone who can give you good advice on this option.

Q: If I lose my home in foreclosure, will that reduce my chances of
buying it back?

A: If you apply for a loan on another home, your previous
foreclosure will appear on your credit report.
doesn’t mean you don’t qualify for a loan; However, you are
less likely to get a loan with a small down payment, for example.
It’s very important to stay informed and
know how to stop foreclosure before it happens. There are
people willing to take the time. and help.
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