Although you may have fallen behind on your mortgage payments you agreed to pay when you purchased your home, your lender is required by law to take certain steps before and during the time they are attempting to foreclosure on your home. The foreclosure process occurs when a borrower can no longer make their mortgage payments and their lender must sell their home in order to make the money back that is owed.
Are currently at risk of losing your home to foreclosure? Have you spoken with a South Carolina foreclosure lawyer about what your options and rights are? If not, USAttorneys.com is the best site to use to find a top foreclosure attorney who can help you throughout this difficult and stressful time.
Some of the requirements your lender must abide by during the foreclosure process includes:
- Provide you with written notice informing you that your loan or mortgage has gone into default and that you must pay your owed debt by a certain date.
- If you fail to pay, your lender must send you notice, or “serve” you with papers that informs you that they have begun the foreclosure process.
- Your lender must allow you the chance to apply for HAMP if your loan is eligible for this program. HAMP, which is the Home Affordable Modification Program, helps you and your lender come to an agreement on how your loan can be modified which in return can help put an end to the foreclosure process.
Something else you want to be cognizant of is that if you are looking to come to some sort of agreement with your lender to help keep your home, “just because you are talking to your lender, the foreclosure process does NOT necessarily stop” according to scmorgagehelp.com. This is especially important to keep in mind as you might be under the impression that your lender is working with you, and they may be, but until another agreement has been made that involves them getting paid, your home is still on the line as their initial form of payment for your owed debt.
Foreclosing on Your Home Can Affect Your Credit
Because foreclosure can have an adverse effect on your credit report, if you are wanting to go through with the process, you might want to consider taking the initiative in trying to repair your credit once your foreclosure hits your report. There are various types of credit counseling companies out there so be sure to conduct extensive research before you pay anyone any amount who can promise to raise your score in a short period of time.
Your credit score is extremely important as it is what lenders and creditors use to determine if they will give a loan, determine your interest rates, or provide you with a line of credit. Without credit, it can often become a difficult task to purchase a vehicle, home, or anything that relies on a good credit score.
While it is encouraged for you to look into credit counseling companies before signing any sort of agreement, below are just a few recommended by Google to get a jumpstart on your research.
Credit Counselors in Columbia, SC
- Sb-Consultants, 803-780-4561
- Credit Counseling of Columbia, 803-929-6666
- Credit Score 650, 803-638-8080
- Origin SC, 843-735-7802
- Clear Credit, 803-883-5040
- Debt Hero Charleston, 844-861-7292
Rock Hill, SC
- Stepping Stones Counseling Services, 803-817-7837
- HOPE 4 USA, 704-499-9696
- Alliance Credit Counseling, 704-341-1010
Because there is generally a timeframe you have before the foreclosure is awarded to your lender, you are going to want to let us pair you up with a SC foreclosure lawyer immediately.