Foreclosure is something that many people think can never happen to them. The reality is it can happen to anyone. It happens to good, responsible people every day. There are many reasons that may leave us believing that foreclosure is the only option.
- Rising interest rates
- Unemployment
- Health problems
- Divorce
- Personal tragedy such as the loss of a family member
With the foreclosure process varies from state to state, here in Utah it is up to the lender and their attorney to determine how close they want to conform to the guidelines. To help educate you on the process of foreclosure, here are the four basic steps:
STEP ONE: Late Payments Reported. Most lenders will report a 30 day to the credit reporting agencies at this time and your credit will be affected. If you don’t pay the late payment the lender will continue to report the late payment every 30 days. In addition, the lender will usually only accept the full payment all at once. This means that you will have to come up with two or three month’s worth of payments all at once rather than paying a portion of payments now and a portion in the future.
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There are ways to stop foreclosure before it is too late:
- Refinance from a private lender or Reinstate
- Repayment Plan
- Forbearance or Stipulation Agreement
- Rewrite or Modify Loans
- Short Sale
- Deed in Lieu of Foreclosure
Don’t let foreclosure happen to you. If you or anyone you know needs assistance, please feel free to call us at 801 – 893 -1121 with questions or Click HERE to download your free ebook on the Truth About Short Sales, Load Modifications and Foreclosures.
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