Facts about foreclosure are very helpful when you are struggling against the Foreclosure. If the foreclosure knocks at your door, you will tend to blow out of your mind and could not think good and right. With these helpful tips, you can be able to regain your composure and do the right things to defeat foreclosure.
Now, keep these facts handy and use it when you need it. Stay away from thinking unnecessary and desperate moves because these are the tips that would best help you to get away from the claws of foreclosure.
Fact Number 1: There is such thing we call as mortgage foreclosure. That means a secured creditor can sell the owner’s collateral if the borrower could not be able to pay the mortgage.
Fact Number 2: You could not be ousted by a bank or a secured creditor just easily from your house. It is still your own property. You can only be evicted from your house if there is a court order. Banks must be able to go through proper procedure before they can take you out of your house.
Fact Number 3. It would take up to 6 months before a particular foreclosure is completed. The start of foreclosure is from the moment you missed the payment.
Fact Number 4: While on the process of auction after successful foreclosure, you can still stay at your home. The highest bidder will get the right over your house, but you can still stay until the bidder processed the foreclosure documentation before they can finally get you out of your home and assume the property.
With these basic facts about foreclosure, you will know when to stay and when to go. When to assume ownership and when to let it go. Know your right by keeping these facts in your note.