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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If you’re worried about your home going into foreclosure, you might be wondering if it’s possible to sell your house. Generally speaking, it’s not usually possible for you to sell your house once the foreclosure process has begun. This is because your lender will have possession of both your house and the title too. If you’re looking for information on foreclosure and the process that goes along with it, SR & Associates can help.
Read on below for more information about the foreclosure process, and what it means for you.
When you take out a home loan, your house is held by your lender as security. This means that your lender can foreclose and sell the house if you fail to make repayments according to your loan contract. Foreclosure refers to when a lender takes possession and sells a property after the homeowner fails to make their loan repayments.
Generally, if you fail to make your repayments, your lender will repossess your property to try and recover any money owing on the loan. Usually, foreclosed properties are either sold at an auction, or sold directly by the lender.
In most cases, the property that is usually foreclosed is a home, since that is the property that you have tied up in a mortgage. If the sale of the home is enough to cover the outstanding amount owing on your mortgage, other properties or items may not need to be repossessed.
In most cases, it may not be possible for you to sell your home if the foreclosure process has already begun. Once your lender has taken possession of your home, you will lose any access and authority over the property that you previously have. This means that you lose the right to sell the home. However, the foreclosure process itself might be reversible. SR & Associates can review your options with your lender on your behalf, and also explore other avenues for assistance.
Since foreclosure refers to your lender selling your property to repay your overdue debts, you might find it hard to raise the funds you would need to repurchase your home back right away. However, if you find that you are able to get approved for another mortgage at a later date once your debts have been repaid, it could be possible for you to repurchase your old home back if it is on the market.
SR & Associates have over 40 years of experience and have successfully helped 1,000’s of people with their foreclosure and debt issues. We’re here to advocate on our clients’ behalf with both banks and creditors to stop home repossession. We can give you confidential assistance and expert debt guidance while helping to find you a personalised solution to your problems.
We don’t charge any hidden fees, so you won’t find any nasty surprises in the mail. We can also assist you if you are having mortgage issues, and help you to find a solution that suits you. If you’re in need of help and support, give us a 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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