With all the talk of foreclosure in the news, it's easy to get worried about the future of your Woodbridge real estate. The good news is that you have plenty of warning from your lender before they foreclose on the property.
Foreclosure is when the lender takes legal action to repossess your home if you default on the loan. When you miss the first payment, your lender will call you to make arrangements to get your loan current. It's very important to talk to your lender at this point. If you're having trouble making the payment due to a temporary problem, your lender may offer you forbearance on your loan for a month or two.
If you miss a second payment, the lender will begin to call you more often demanding that you catch up on the loan payments. You may begin receiving letters from the lender telling you to become current or they will take appropriate legal action.
If you continue to fall behind on your mortgage, and aren't able to make a third payment, you'll receive a different kind of letter from your lender. You will receive a Notice of Acceleration from the lender telling you to become current on your payments by a certain date, or the entire amount of the loan will become due and payable. If you are unable to pay up, the lender will begin the foreclosure process on your Woodbridge real estate.
Remember, a lender would rather work out a deal with you and avoid the whole foreclosure process altogether. Keep in contact with your lender, and you may still be able to make a payment arrangement with them and stay out of foreclosure.
It can take few months before the foreclosure is final and your Woodbridge real estate is sold to the highest bidder. You can pay the total amount owed up until the day of the sale and keep your home.