Thursday, March 17, 2011

Indication of Pre-Foreclosure

At the downturn of the economy, we all can’t afford to lose any single property. Most of all, we can’t afford to lose our home just because we do not have the capability to pay for the mortgage. This kind of problem must be addressed as soon as possible to avoid trouble in the future. You must protect your home against this threat as this is the property that you can’t afford to see sinking.

As you go along the process of foreclosure, you must understand when to act and how to answer the problem. Any single mistake when it comes to foreclosure could lead to total elimination of this valuable property under your name.

The best way to act on the threat of foreclosure is during the pre-foreclosure stage. Some home owners are taking this for granted because they cannot accept that they will soon lose their home because of the foreclosure. In order to avoid further complications in the future, here are the indications that you are now under pre-foreclosure stage:

1. Outstanding Mortgage Obligation

Evaluate the status of your mortgage and face the truth. If you are way behind your mortgage payment, you are now on the verge of pre-foreclosure. Do not take it for granted because any time soon you will receive a notice about this. So while there is no notice yet, act now. You can ask help from family and friends to update your mortgage before you will receive notice.

2. Receives Default Notice

The fact that you are behind the mortgage payment is a strong condition that you are on the verge of foreclosure. Now, the notice from your lender will support this fact. If you still can’t believe you are facing foreclosure, read the notice over and over again so you have enough motivation to act on this.

3. Proceed to legal action

This is the stage wherein you are entering from pre-foreclosure to the foreclosure stage. At this point, if you really can’t pay, you can still save your home by selling it or pay the debt. If not, then under the legal action, your house will be taken away from you.

No comments:

Post a Comment