CHAPTER 4 What Are Your Foreclosure Options? e Options?
Because the process of foreclosure can be lengthy (between 2–12 months), you may have time to save your home — particularly if you live in a jurisdiction that provides a long redemption period. You should act quickly and according to a plan. Depending on the process, either non-judicial or judicial, you’ll have a certain amount of time to get your affairs in order. If your goal is to save your home, as it should be, you need to ensure you start repaying property taxes and homeowner’s insurance, if both are applicable. Otherwise, you will compound your problems and be hit with additional tax liens, or even a liability suit or casualty loss.
READ THE FINE PRINT (ALL O RINT (ALL OF IT)
Once the process has begun, you must carefully review all the correspondence that you’ve received from your lender. Make notes on the
24
Powered by FlippingBook