For many people, buying a home is a dream. However, there are times when this dream turns into a nightmare. In the last housing crash, millions of people had to foreclose on their home. This is a process that is difficult on families. Not only that, but foreclosing on a home has a negative impact on your credit score. If you want to avoid a foreclosure, it is always best to go that route. Here are some of the most important things you need to know about the foreclosure process.
Missed Payments
As a general rule, the foreclosure process starts after a borrower misses their fourth payment in a row. A Notice of Default gets issued, and borrowers must come up with a way to pay the money back. For many people in this situation, it is almost impossible to pay back these missed payments. This is one of the reasons that so many people call our business for help.
Lender Negotiations
Since a foreclosure is such a negative financial and emotional experience, many people hire experts to help them get out of this process. Negotiating with a lender is possible on the terms of the foreclosure. If borrowers show that they have a plan to pay back the debt, many lenders will consider offering a payment plan.
This is where our business provides the most value to customers. We have experience helping our customers through foreclosures in their area. With our experience, we will help negotiate terms and provide guidance through this process. You do not have to go through this alone.