If for whatever reason you have not been able to keep up to date with your monthly mortgage payments then you could end up facing the foreclosure of your home. If it gets to that stage then you might still have a chance of fighting it although the odds will now be very much stacked against you. If you have been through this or are worried that it could be coming along soon then you should prepare yourself so that you know what to expect next.
The first thing that you can expect is that you will need to attend a court hearing regarding the foreclosure of your home. It is very important that you attend this court hearing since if you do not the judge will not rule in your favor under any circumstances and you will stand no chance of changing your situation.
This doesn't mean that attending the court hearing brings any guarantees of success. Even after explaining your situation in full to the judge he may still decide to rule against you. You need to remember that when you took out your mortgage you signed an agreement to make your mortgage payments every month. If you have not been making those payments as agreed then you have broken that agreement and you should prepare yourself to expect to judge to rule against you.
After the court hearing the deeds to your property will be auctioned off. You will also be told that you need to pack everything up and move out of your house by a certain date. You are now legally obliged to comply with this request since the property is no longer yours and the police could get involved to remove you if you refuse to go as requested.
At this stage you have no more legal rights to the property since they will now have been transferred back to the mortgage company that you took the loan out from. You can usually expect the entire foreclosure proceedings to last for a period of around 3 months. This means that if you are potentially at risk of foreclosure then you need to act before that time runs out.
If you leave things too long and let the proceedings start then it could well be too late and you will not be able to do anything about it. Don't just sit back and let your home be taken from you. Make sure that you stay on top of things at all times to have the best chance of never having to go through this awful experience.
The first thing that you can expect is that you will need to attend a court hearing regarding the foreclosure of your home. It is very important that you attend this court hearing since if you do not the judge will not rule in your favor under any circumstances and you will stand no chance of changing your situation.
This doesn't mean that attending the court hearing brings any guarantees of success. Even after explaining your situation in full to the judge he may still decide to rule against you. You need to remember that when you took out your mortgage you signed an agreement to make your mortgage payments every month. If you have not been making those payments as agreed then you have broken that agreement and you should prepare yourself to expect to judge to rule against you.
After the court hearing the deeds to your property will be auctioned off. You will also be told that you need to pack everything up and move out of your house by a certain date. You are now legally obliged to comply with this request since the property is no longer yours and the police could get involved to remove you if you refuse to go as requested.
At this stage you have no more legal rights to the property since they will now have been transferred back to the mortgage company that you took the loan out from. You can usually expect the entire foreclosure proceedings to last for a period of around 3 months. This means that if you are potentially at risk of foreclosure then you need to act before that time runs out.
If you leave things too long and let the proceedings start then it could well be too late and you will not be able to do anything about it. Don't just sit back and let your home be taken from you. Make sure that you stay on top of things at all times to have the best chance of never having to go through this awful experience.
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