The Nasty Foreclosure Process
It seems that we are living in a time where there are more people then ever facing the nasty foreclosure process. Whether it is because they signed for a loan that they could not afford or because they experienced a personal problem or financial set back, the foreclosure process is not something that anyone wants to go through. The entire situation is a mess because this is not a car or some furniture getting taken away, this is a person's home. It may be a home they just moved into or a home that has been in the family for years or even for generations.
The foreclosure process is pretty much the same in every state but the timeframe for how long each step takes is different depending on that state's laws. Not every state has the same feelings about how long the foreclosure process should take or how long the homeowners should be given to gain back the right to keep their property. Some states allow the foreclosure process to take over a year while others give their residents only a few days to get things together and save their home. While it seems to be an imperfect system, it is the result of the owner not paying their mortgage that got them into this situation.
You Can Save It
Too many times homeowners pack up and leave once the bank talks about starting the foreclosure process. This is actually the worst thing to do and something the bank does not want you to do. Even if you know you will not be able to bring the mortgage back up to date and you know that you will eventually have to leave, it is better you stay until the foreclosure auction itself. The bank sees this as good because if you are living there, you are more in likely maintaining the property by keep utilities on. Also, you are able to stay there without paying while you prepare to move on.
But if you really want to stop the foreclosure process, know that it can be done. You will need to call the mortgage company to see what options they have available for you. A lot of cases seem to end up completing the foreclosure process when if the homeowner would have just called the bank and asked for help, they could have been placed on a repayment plan. There are also other options available but those do vary per mortgage company. The point is, if you are able to support monthly payments and you really want to stop the entire foreclosure process and keep your home, it can be done.
