insight the Foreclosure Process

Harmon Law Offices Auctions - insight the Foreclosure Process

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Foreclosure is the process by which an personel loses his or her home because the mortgage lender repossesses it. This happens when the homeowner falls behind on payments and cannot work out a more uncostly payment plan with his or her lender.

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Unfortunately, thousands of Americans face foreclosure each month, many of whom are unaware of the process before the proceedings start. Individuals who are educated on the field may be able to pause or even end the process once it begins.

Individuals may be at risk for foreclosure after missing just one payment on their homes. When this happens, the lender may send the homeowner a interrogate letter. This letter warns the homeowner that he or she has fallen behind on payments and that he or she has a inescapable amount of time to catch up on payments before the foreclosure process begins.

Those who fail to catch up on their payments may next receive a observation of default. When this happens, it means that the lender has filed foreclosure proceedings with the state, and the process will be perfect once the foreclosure is granted. At this stage, individuals may still be able to talk to their lenders to end the foreclosure process from progressing.

Finally, once foreclosure has been approved, an personel will receive a observation of sale, which notifies the homeowners of when the home will be put up for auction. By this time, it may be too late for an personel to save his or her home.

Individuals may be able to save their homes by talking to their lenders about restructuring their debt or by declaring bankruptcy. Individuals are advised to discuss their options with an experienced lawyer before proceeding.

If you are at risk of having your home foreclosed on, discuss your legal options with the Arizona bankruptcy attorneys of the Harmon Law Office, Llc, today.

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