Foreclosure process involves the lender of a given property retaking the possession of the product if you fail to meet the payment program agreed during the purchase of the property. Therefore the law has given the lender the permission to take back the possession of the property without minding about the implications to cause on the defaulter. During the foreclosure process, the mortgage defaulter experiences a difficult moment because the amount of money needed to take care of this situation is huge such that there is no one who can offer it immediately. However, at this time, you can sell some of your resources to raise some finances to reinstate your mortgage. The article herein discusses the foreclosure process in details thereby enabling you to comprehend it well.
The effects of defaulting the payment of the outstanding balance of money can be executed by the lender in some two foreclosure described below. Your property can be foreclosed by the lender without you knowing because there is no any notice issued in the process. All that happens here is that you are just approached by the lender demanding that you give back the property since you did not manage to pay for it on time. You can control the recovery process of your property by ensuring that put it on sale as quick as possible to raise the money needed to cater for the balance with the lender.
Normally, it takes the lender about three months to declare the foreclosure process active on your property after they realize that you have defaulted the payment enough. The foreclosure process begins with the issuance of a notice that tells you that for defaulting the payment for some time now, you will lose the possession of the property. When you receive this notice, you might try to find the repayment funds that will enable you to avoid being embarrassed for the loss of probably valuable property.
Defaulting the mortgage payment does not happen on purpose, but some hurdles may contribute these failures as a result. May be you might be employed, and then you happen to lose your job, this might contribute to a default in the payment process leading to the foreclosure in the future on an outstanding loan. Also if you depended on the property awarded by the lender to pay the money back, then it gets damaged, then you will stop the loan repayment process.
You can fail to pay the mortgage for just one month, and nothing will happen if you pay in the following month. The notice from the lender as pointed out earlier comes as from the third month, and this is what should worry you.