If you have missed several mortgage payments on your home and are now at risk of having it foreclosed on, there is a certain timeline your lender or bank is going to follow to get the ball rolling with the foreclosure process. Below is a breakdown provided by the U.S. Department of Housing and Urban Development (HUD) as to what you can expect and the order it generally occurs in.
- After missing a month’s payment, your lender will contact you by phone or letter.
- In the event you cannot make a payment for two consecutive months, your lender is going to try and get in contact with you to discuss the reason behind your missed payments. If you avoid their calls, it could potentially make the matter worse for you and reduce your chances of the company wanting to work with you to bring your payments current. Therefore, it is recommended by HUD to take the call and simply explain to your lender why you can’t afford your mortgage this month.
- If you miss a payment for three months in a row, your lender is going to issue you a letter indicating the amount you are currently past due. Although you are probably aware of this, they are giving you notice to protect themselves so they can take further action if needed. This letter, which is referred to as a “Demand Letter” or “Notice to Accelerate,” more than likely is going to state that you have 30 days to bring your account current. If you don’t they might begin foreclosure proceedings.
If you have gotten to this point and run the risk of losing your home, don’t wait another minute. Contact us here at USAttorneys.com and allow us to point you in the right direction. Our North Dakota foreclosure attorneys specialize in matters involving homeowners who cannot afford to make mortgage payments and will work with your lender to see what type of payment plan can be arranged so you don’t lose your house. The longer you wait to do this, the less likely your lender is going to want to work with you.
- After missing four months of mortgage payments, you are cutting it close to the timeframe your lender has given to either pay your debt or make some sort of payment arrangement. If you fail to take any action or at least hire a nearby foreclosure lawyer in North Dakota, your case will be referred to your lender’s lawyers. And to make matter worse, “you will incur all attorney fees as part of your delinquency.”
From this point forward, you are at risk of having your home foreclosed on. This means the bank or whatever lender who has put up the funds initially so you could buy your home is going to attempt to collect what is owed through the sale of it.
If you wish to attempt to keep your home and truly want to find a way to satisfy your debt, let a well-versed foreclosure lawyer in your area take over the matter. With the experience and knowledge our attorneys hold, they will do everything in their power to help you keep your property and get this situation handled. Our homes are our place of comfort and solace, and you don’t want your lender taking control over yours. Get the legal help you need right now by calling us here at USAttorneys.