About Me

Working With A Bankruptcy Professional

A few years ago, when I realized that I couldn't pay my mortgage anymore, I knew that I needed to do something to correct my finances. It seemed like I just couldn't catch a break, and after losing my job, I knew that I was in trouble. I started looking for new work, but I knew that I needed to fix my credit somehow. I was at the end of my rope, until a friend talked with me about the possibility of declaring bankruptcy. She explained that it helped her to start over. I met with a bankruptcy attorney who was incredible to work with, and I was amazed at how much it helped my situation. Check out this blog to learn how working with a bankruptcy professional could help you.


Working With A Bankruptcy Professional

6 Stages Of The Foreclosure Process

by Roël Schiks

Being unable to afford you monthly house payment can be a difficult time. You may need to consider foreclosure if this happens to you during any stage of life. Foreclosure is when your lender will take back the property if you aren't able to pay for it. Knowing the specific stages of this process may be helpful to you if you're faced with this unfortunate financial situation.

Stage #1: Defaulting on Payment

When you miss a payment, this is considered as defaulting on your loan. The first missed payment may only get you a notice in the mail, but missing a second one could cause you to receive a demand letter from your lender.

There may be a specific amount of time listed in the demand letter that requires you to send payment, or legal action may be taken against you.

Stage #2: Default Notice

Once 90 days have passed, and you still haven't made a payment, you may get a default notice. This may be placed on your front door if you're not at home and is the first indication that the foreclosure process has begun.

You may be granted a certain amount of time to get caught up with payments, or the foreclosure process will continue.

Stage #3: Trustee's Sale Notice

If your mortgage payments aren't caught up in the allotted amount of time, there will be a notice put in the paper and other areas marketing the home for sale. This will be listed for a certain period, and there will be a description of the property, as well.

Stage #4: Trustee's Sale

The property will be auctioned off in a public auction, and the highest bidder will be the new owner of the home. There will be a deed of trust that will be provided to this individual at this time.

Stage #5: Real Estate Owned

There are cases when the property may not be sold at the auction, and if this happens, the lender will be the owner. This individual may attempt to sell the property as for sale by owner.

Stage #6: Final Eviction

In some cases, the original owner may reside in the property until the auction or if it's taken over by the lender. If this is the case, there will be an eviction notice sent that will demand the individual vacate the premises within a certain amount of time.

Knowing the steps of foreclosure can help any homeowner prepare for it if monthly payments can be made. Be sure to enlist the aid of a bankruptcy attorney if you're in this situation for the best possible advice. To find out more, speak with someone like Jeffrey S Arnold Attorney At Law P.C.