Advantage Property Ventures – Some people have a hard time understanding what foreclosure really means. In explaining foreclosure, many mortgage companies do not discuss the details of the process or how it all works, leaving many homeowners in a very confused state. The process in a scary one indeed, but knowledge of the process will seem to make it easier.
It begins with the first mortgage payment being missed. If payment arrangements are not made, you will begin to receive notices for payment due. When the second payment is missing, they will probably send a notice of intent to foreclose.
Once this notice has been received, it is the homeowner’s responsibility to make arrangements to have the payments made immediately or face imminent foreclosure. A homeowner should call their mortgage company and discuss the options for making payments up to date or whatever the other options may be.
Once the letter of intent to foreclose has been received, the mortgage company will set a date to initiate foreclosure. There will be notice given of the date they will take possession of the property. They will work with the homeowner to make the transition as smooth as possible.
There are some options to consider if you are facing foreclosure. Talk to an attorney about the option of filing for bankruptcy protection. This could be a way to reduce your debt and save your home. Also you could consider a short sale. This would include the sale of your house for less than it is owed. You could pay the difference to the mortgage company, but many times they will just write off the loss. If there is a reason for the non-payment such as a job loss, many times payment can be deferred to the end of the loan and you may keep your home and loan intact.
Having a foreclosure on your credit report will cause your credit score to plunge. It will stay on your report for 7-10 years. Before allowing this to happen to you, talk to your creditor about all the options that are available to you. They may have a solution that you have not thought about; Advantage Property Ventures.
Advantage Property Ventures, L.P. 