POINTS TO REMEMBER:
• It’s usually not a crisis to be late on a mortgage payment. Repeatedly missing payments can trigger the bank to issue a “Notice of Default” and begin foreclosure proceedings. • Foreclosure usually takes some time. You probably won’t need to move out immediately, but you should immediately start working on your foreclosure strategy. • Foreclosure can subject individuals to a range of emotions. Controlling those emotions and making good decisions can set the stage for future success and happiness. • Don’t overlook the fact that foreclosure can have severe tax implications if debt that is now forgiven is considered to be income. • Move promptly and take control in response to a foreclosure. The sooner you explore your alternatives and take necessary steps, the better your outcome is likely to be.
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