avoiding foreclosure
what is needed
If you repeatedly fail to make your mortgage payment on time, your lender has the right under the mortgage contract to enter foreclosure proceedings.
Foreclosure proceedings can vary by state and type of home (FHA, VA, etc.). A foreclosure on your property can result in your eviction from your property and the sale of your home to recover the lender's cost.
You will want to
avoid foreclosure proceedings
Always make your minimum payment on time at the amount required. Foreclosure proceedings can force you out of your home and damage your credit rating.
Unfortunately, circumstances may force you into foreclosure — loss of job, loss of income, divorce, death, injury, etc. If you face any of these situations where you are unable to make timely payments, please note two important points:
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