Thursday, May 19, 2011

What Happens if my House Goes Into Foreclosure?

If you have missed a few payments and your house goes into foreclosure all hope is not lost. You may seek assistance to a reputable third party like the California Escrow Service.  The most important thing you need to do is to remain in touch with the bank at all times.


If you have missed a few payments on your mortgage and have received a notice of default, don’t panic. Many people panic because think that when their house goes into foreclosure that it is lost to them forever and there is nothing they can do about it. Always answer the phone when your lender calls or pick up the phone and call them. Tell the bank exactly why you have missed a few payments and be clear to them why exactly why you want to keep your house.

The bank will work with you if you tell them you want to keep your home and catch up on the payments you missed. If you are unable to get catch up on the payments you missed and know that you going to lose your home, you still have to go through a legal process.

The foreclosure process can take from six months to a year to complete. Use this time to save up as much money as you can before you have to move out of your home. You have up until the date of the auction to live on the property and no one can remove you from your property until that date.

Even if your house goes into foreclosure, you can still stop a foreclosure from appearing on your credit report. Put your home up for sale and see if you can sell it. If you can sell the property for the amount you owe on the loan then you will be in good shape. 

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