Foreclosure Solutions - Nothing damages your credit history more than a foreclosure so you will want to avoid it at all costs. Add to that the emotional strain of losing your most valuable asset and the time and effort that has gone into building your equity in your home and you can see why dealing with foreclosure is ranked as one of the most distressing events that can happen in a person's life.

1. Foreclosure Solutions Managing Past Due Mortgages
Foreclosure Solutions - Nothing damages your credit history more than a
foreclosure so you will want to avoid it at all costs.
Add to that the emotional strain of losing your most valuable asset and the
time and effort that has gone into building your equity in your home and you
can see why dealing with foreclosure is ranked as one of the most distressing
events that can happen in a person's life.
The information here is a general overview of the terms that apply to most
mortgages. You will need to check the terms of your mortgage to ensure that
the same terms apply to you.
You will have 15 days after the due date for payment before you will be
charged any penalties for late payment of your mortgage.
After that you will be charged a late fee and the bank will generally contact
you to find out when payment will be made.
Once 30 days are up and you haven't made payment the bank will most
certainly be in contact and need information as to why you haven't paid them.
If you are still having difficulty making the payment then you should contact
one of the government agencies such as the U.S Department of Housing and
Urban Development to get some assistance to work with your lender to
resolve your payment problems.
Foreclosure Solutions Managing Past Due Mortgages Page 1

2. Between 45 and 60 days the process moves to the next level where the
lenders attorney will get involved and issue you with a notice of default which
will detail the amount you need to pay to clear the arrears unless you have
already contacted your lender to come to an arrangement for payment.
After 60 days if nothing else has been worked out you will get a notice of
acceleration which means the total amount of your loan and not just the past
due amount is payable in full. You will also be told the date when your
property will be sold to cover the mortgage if you can't pay it beforehand.
This is the start of the process. It is high time that you do everything in your
power to avoid foreclosure.
You still have time to stop foreclosure at this stage however the longer things
are left the harder it gets to retain ownership. Even after 3 months and before
the house gets sold the lender will usually be happy to come to a suitable
arrangement where you can clear the past due and get your payments current
again.
This also depends a lot on your past history and whether you have regularly
missed payments.
If you fear that you will be unable to make the necessary payments due then
make sure you take action to prevent foreclosure as soon as possible. Contact
a bankruptcy attorney for a mortgage foreclosure help as this will halt the
foreclosure and allow you some time to decide whether there are any
alternatives that you can look into.
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