Can A Mortgage Default Send Me Into Debt?
Can A Mortgage Default Send Me Into Debt? Table of Contents If you’re facing a mortgage default or are having difficulties making your repayments on
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We understand that foreclosure can be a scary time, and you might be wondering about the implications that foreclosure will have, and how you can make the whole process easier on yourself. If you’re facing foreclosure on your home, you might be wondering if you’ll still owe your lender money once the foreclosure process has finished.
While every foreclosure case is different, you may not owe money to your lender once your home has been foreclosed. SR & Associates can help you to navigate the foreclosure process with ease, and that’s why we’ve put together this helpful guide with everything you’ll need to know.
Read on below to find out more about home foreclosure.
When you take out a home loan, your house is held by your lender as security. This means that if you fail to make your repayments, your lender may be able to repossess and sell your house to make up for what you owe. Foreclosure is when a lender takes possession of a property and sells it after the homeowner fails to make their repayments. Generally, properties that have been foreclosed are either sold at an auction, or sold directly by the lender. The funds raised by the sale will go towards the amount the homeowner owes on their home loan.
In some cases, you may not owe your lender after they sell your home. Usually, you won’t be expected to pay any outstanding costs that your lender has from the sale unless your home has been repossessed instead of being foreclosed on. However, every foreclosure case is different. Your lender should contact you before the foreclosure process begins to explain how your foreclosure will work.
Generally though, if a lender forecloses on your home, they may not be able to chase you for any shortfall. Once again, however, every foreclosure case is different. You might find it best to get an expert opinion on your foreclosure situation.
SR & Associates have over 40 years of experience and have successfully helped 1,000’s of people with their debt, bankruptcy and mortgage issues.
We’re here to advocate on our clients’ behalf with both banks and creditors to stop harassment and to stop home repossession. You shouldn’t have to be fearful, and we can help. We’re here to support those who need help during the bankruptcy process also.
Our advocates can assist with giving you confidential help, expert debt guidance and helping you to find a personalised solution that works. We don’t have any hidden fees, so you won’t have to worry about any nasty surprises. You shouldn’t have to live in constant fear of the unknown concerning your debts, and that’s where we can help. If you need help and support, call today for your free consultation.
*Disclaimer: This article contains general comments and recommendations only. It is not intended to be and should not be construed as legal advice. This article has been prepared without taking account of your objectives, financial situation or needs. Before taking any action, you should consider the appropriateness of the comments made in the article, having regard to your objectives, financial situation and needs.
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