Foreclosure Q and A's: Staying Informed


Q: What does it mean to be in foreclosure?

A: According to dictionary.com, to foreclose is to deprive

(you) the mortgagor of the right to redeem mortgaged
property, when payments have not been made. When you have
missed two months worth of payments you have defaulted on
your loan, but you are not yet in foreclosure. The
foreclosure proceedings will not initiate until the mortgage
lender or bank submits paperwork to a prosecuting attorney.

Q: What are my options?


A: Once the mortgage lender sends letters informing you of

the Foreclosure it is important that you keep your head up;
find a way to fix things. Immediately start considering your
options of another loan, refinancing, etc. On the other
hand, if you know you are in over your head then selling is
always an option. To keep from falling deep into the
foreclosure process it is really important to weigh out your
options, looking at your finances and what you can afford in
the future.

Q: Who do I turn to?


A: You can talk to your mortgage lender about your options

with payments adjustments, another loan, etc. If you decide
to sell the house, there are always local investors who can
help you get your feet back on the ground. If you decide to
sell your home make sure you are getting help from credible
sources and of course don't ever sign anything before
reading it.
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