In the state of Wyoming, a homeowner runs the risk of losing their home to foreclosure if they fail to pay the required amount due for their mortgage payment. Generally, a lender won’t pursue you after your first missed month, however, once it becomes two, three, and even four months of missing these payments, you can expect that your lender is going to send you a legal letter stating they are going to initiate the foreclosure process.
You can avoid losing your home to foreclosure by either arranging for a way to bring your account back current or negotiate with your lender on ways you can get back on track with your mortgage payments without having to pay everything up front.
In the event you avoid your lender and fail to comply with their demands, you ultimately could lose your home and they can recoup their money from the sale of your home. The best thing to do once you learn that your home has placed into foreclosure is to hire one of our knowledgeable foreclosure attorneys in Wyoming. They can provide you with some options as to what you should do and ways around losing your home.
What happens if my foreclosure sale doesn’t cover what is owed to my creditors?
A lender can come after a debtor for the deficiency, or the remaining balance left after a foreclosure sale. When a person loses their home to foreclosure, they are responsible for covering the remaining balance on the mortgage. But, if a lender takes the home, sells it as a foreclosure, and they didn’t recoup the full amount to cover the entire debt, this is known as a deficiency. If you owe more money to your lender even after your home is foreclosed on, they are able to pursue you for that remaining amount.
What Methods Will Creditors Use to Collect this Unpaid Debt?
While your financial status might be in a crisis right now, creditors and other lenders aren’t really concerned with this. What they do care about, however, is that they receive the money that is owed to them. They don’t care what measures need to be taken and whether or not you just lost your home to foreclosure. This means they will call you at home, at work, and on your cell phone and even send you out letters in the mail.
Some ways creditors might try and collect the money owed to them include:
- Garnish wages
- Place a lien against your property
- Levy your account
- Repossess your vehicle
- Repossess your personal property
If you are currently dealing with this issue or want to hire a Wyoming foreclosure lawyer who can help you get through this process without having to deal with your creditors, contact USAttorneys.com now.
We can help you get in contact with local attorneys now who specialize in foreclosure law who are available to assist you. So, no matter what city you might live in, if you reside in the state of Wyoming and are dealing with a foreclosure-related issue, we want to pair you up with legal aid today.