Kevin L Belzer - WHERE TO TURN WHEN YOU'RE FACING FORECLOSURE

CHAPTER 12 The Selling Process for a Home in Foreclosur eclosure

Let’s assume that you have missed four mortgage payments and that your lender has issued you a Notice of Default. Your foreclosure process can take several months to over a year, depending on the jurisdiction and your negotiations with your lender. Faced with a lengthy foreclosure, it’s easy to become so discouraged that you might not recognize all your legal options. After a foreclosure process has begun, you have the right to sell your home up until the time of — or in some instances, the day before — it is sold at foreclosure auction and the lender takes possession. This time before the auction and transfer of possession is known as “pre-foreclosure.”

DECIDING WHETHER TO SELL

Before deciding to sell your home, ask yourself whether you