Foreclosure questions

Facing foreclosure on your home is never an easy thing. There may be some foreclosure questions you are not yet familiar with. You can get easily confused with all the jargon and all the technical processes involved and typically the lenders will make things even more difficult than they actually are. If you are not a lawyer by profession, getting a thorough understanding on things can be pretty difficult. If you plan on dealing with foreclosure successfully, you can always choose to get professional help from experts and specialized service providers. These foreclosure questions can serve as guides.

Question 1: Before foreclosure, how many payments can you miss?

While this may vary according to lender and even according to state, there are many cases when foreclosure is filed after the third payment has already been missed.

Question 2: What usually happens after I receive the foreclosure mail?

Notices for foreclosure may bereceived personally or by mail. If you are currently undergoing a foreclosure or if you have been delinquent on your payments, you will have to open your mail promptly and read them thoroughly. As much as possible, read the local papers too and check out what has been written in the public notices section. It is normal for your lender or servicing company to send notices as to the start of the foreclosure process, however the sending of the summons or complaint marks the official beginning of the entire process. Once the sheriff serves a summons and complaint, the lender will start the foreclosure lawsuit officially.

The form will contain the return date of the summons however this should not be taken as the hearing date but rather the deadline for the filing of the necessary documents. The complain section will show the intent of the lender to satisfy the debt by way of foreclosure. After having received the summons and complaint, you should immediately file for appearance and inform the court that you plan on cooperating fully and that you intend to appear at court on a predetermined date. If you have plans on contesting the foreclosure you will need to file an appearance form without delay. Once you have received your very first notice, it is highly suggested that you seek help immediately.

Question 3: How is it possible for me to use my equity during times of a foreclosure?

Before anything else you will need to find out first if you really do have equity. You will have to acquire an official payoff and to get a lien and title search. Also you will have to get property appraisal and valuation too. If you want to carry out this research, you can check out a range of sources. After verifying that you have equity indeed, you can choose among three possible courses of action. You may choose cash out refinance, second mortgage, and finally to sell the home and pay off the loan.

Question 4: Define a deficiency judgment.

There are states that allow for deficiency judgments and in this case, the court will demand that you pay the difference between the selling price of the home and the money that you still owe on it.

Question 5: Is it possible to get a loan after filing for foreclosure?

It is possible to get a loan after foreclosure. However your income and the equity on your home will have to be considered as well.

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