Foreclosure is the process a lender uses to take back ownership of real estate when the homeowner fails to comply with the terms of their mortgage agreement. Most often, that simply means "The homeowner is unable to keep up the payments"
Quickly take action by recognizing these three early warning signs.
One early sign of financial troubles is the loss of your job. The loss of your job or a reduction in the number of hours you work will impact your income and you may not be able to make timely mortgage payments.
Warning sign two is an unexpected death of a spouse or divorce can create serious difficulties if there were no plans in place to take care of the reduction in your finances. Once the source of income for the payment of bills, mortgage and other recurring bills begin to fall short, there is danger already.
And lastly when you failed to make one mortgage payment. While missing one payment at first may seen not serious by the second month you may have even more problems struggling to make up the payment you missed. It gets more difficult to catch up onceto you in default with the first payment.
Missing four payments is the number one sign that your bank or mortgage company will be ready to foreclose on your home. If you are having no luck making any extra money, it can seem like a foregone conclusion that you will lose your home. However, there is light at the end of the tunnel. We have been successful assisting homeowners with short sales.
If you are having difficulty meeting your payments and you are facing foreclosure, take advantage of our FREE CONSULTATION regarding SHORT SALES in the Paradise California Area. We are here to help you determine the next steps toward saving your home.
Brought to you from the desk of:
Suzi Enders, Realtor ®
Century 21 Select Real Estate
Paradise California
Office: (530) 873-6146
Hm. Office: (530) 873-4687
email: suzi_enders@yahoo.com
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