Sell Your Home

Category: Finance, Mortgages.

Your lender uses your home as security for your mortgage payments.

The process they use to take your home is called foreclosure. This means that if you do not make the payments, they can take your home. If you are behind on your payments, it is important that you act quickly to prevent foreclosure. Call your lender Most lenders do not want you to lose your home. What should I do if I am behind on my house payment? Tell them why you are behind on your payments.

Don t ignore letters from your lender Let them know you ve received their letters and that you want to work with them. Ask them to work with you to get your payments current. How your lender can help. What if my lender won t help? Your lender might accept a payment plan for the back payments or give you extra time to pay the loan. You still have options: Call another lender. Sell your home.

Ask if they will give you a new loan to pay off your existing mortgage. You might get enough money from the sale of your home to pay the loan off and even have money left over. Ask if filing for bankruptcy can help you keep your home. Talk to a lawyer. The foreclosure process. The Notice of Default tells you that you have not made your payments. Foreclosure begins when you get a Notice of Default in the mail.

It also tells you the amount you owe in missed payments and foreclosure fees. You can find the date the notice was recorded on the first page next to the words" recorded on. " If you pay the amount on the Notice of Default, the lender cannot sell your home. You have 3 months from the date the Notice of Default is recorded to pay the back payments and fees. When can they sell my home? Before they sell your home, your lender must mail you a Notice of Sale. If you don t pay the amount owed within 3 months, your lender can sell your home.

The Notice of Sale will include the date, and place your, time home is to be sold. How do I stop the sale of my home? The notice of sale must be mailed to you at least 20 days before the day they plan to sell your home. You can pay the amount due, up to 15, including fees days before the sale date. Once you pay, the lender must record a Notice of Rescission. If you wait until the last 5 days before the sale, you will have to pay the entire loan amount. This proves that that the sale has been cancelled.

Avoid people who promise to stop the foreclosure by having you transfer title of your property. Watch out for scams! Transferring ownership does not stop the foreclosure. Also, it will not keep the foreclosure from showing up on your credit report. You will still be responsible for the money you owe even if you no longer own the home.

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