A Guide to Real Estate Foreclosure
The issue of real estate foreclosure is one of great importance and definitely one that has many issues included within it. The real estate foreclosure process is one that contains three major states, which are pre-foreclosure, foreclosure action and bank owned properties REO. Each stage is different and plays its own role in the foreclosure process overall.
Understanding Foreclosure
Foreclosure is one of the most devastating things that a homeowner can go through, because after all, your home is your castle and so the last thing you are going to want is for someone to come and take it away from you.
When it comes to the matter of real estate foreclosure there are a few things that are important to know. First of all, never ignore your lender's letters or telephone calls. Instead, you want to make sure that you work together with them and keep them on top of the situation. Rather than avoiding them you want to keep them abreast of what is going on, and if you do this your lender is going to be a lot more understanding and be less likely to take more serious steps in the foreclosure process.
Your lender really does not want to take your home from you, but they do need to work towards collecting the monies that they are owed. By having a discussion with your lender you will become more aware of your options and be able to make the best possible decision in your own real estate foreclosure process.
You should also know your mortgage rights, and so take the time to find your loan documents and read them over so that you are aware of what your lender may do if you are not able to make your payments. You should be knowledgeable on all the different legalities and in particular learn about the foreclosure laws and timeframes in your state.
Prioritizing your spending is one of the most important steps in any real estate foreclosure process, as this will help you to pay off your existing debts and as well prevent yourself from getting back in the same situation in the future.
Keeping your house should be one of your top priorities, and so it is important that you review your finances and determine where you can cut spending in your life in order to free up more money for your mortgage payments. You may even have to delay payments on your credit cards and other optional expenses, at least until you have gotten your mortgage payment situation under control.
