Foreclosure: Not an Option

By definition, foreclosure is a legal process that results in the termination of all rights to the property held by the homeowner covered in a mortgage. The process, in which the lender claims ownership of the property, begins when the homeowner fails to ake mortgage payments when they are due—this is called delinquency. Typically, a formal demand for payment is issued from the lender through a Notice of Default. Although this varies by state, the lender will often issue this notice when the homeowner has been three months delinquent on the mortgage payments.

P.S – Some Lenders are not filing default in a timely manner. Extend & Pretend

Here are some of the main reasons why you don’t want to let your home go into foreclosure:

·· Foreclosure becomes part of the public record, and can remain on a person’s credit history for seven to 10 years.

·· Foreclosure can challenge future employment prospects.

·· Foreclosure can leave you at risk for future deficiency judgments, which is the lender’s ability to pursue any debts you owe them for an indefinite period of time

·· Foreclosure can even become an issue against security clearance.