There is often some misinformation regarding foreclosures. It is helpful for current and future home owners to have accurate information. This article covers Waltham MA foreclosure facts and guidance for homeowners.
Only Delinquent Home Owners Receive Assistance
Home owners can start the process of loan modification and other assistance before being delinquent. These programs assess your personal financial situation to identify eligibility.
You Can Not Save Your Property Once the Foreclosure Notice Is Issued
Banks would prefer to avoid foreclosure. Even if foreclosure proceedings have started, mortgage companies can attempt to find a way to stop foreclosure. Short sales are one solution before a completed foreclosure. They involve finding an offer on a home and getting the mortgage company to accept less than the amount owed.
You Must Move Out Immediately After the Foreclosure Notice
The foreclosure notice is only the first step in the process and it ordinarily is not issued until you are a few months late on your payments. It can take several months for a lender to get through the required process to actually take possession of your home. Even though you are not required to immediately vacate the home, you should start preparing for it.
I Can Never Purchase Another Home
Even though a foreclosure can be considered a negative by future mortgage companies and dramatically drops your credit rating, you can be able to purchase real estate in the future. Use that time to improve your credit rating. Lenders may charge you a higher interest rate and require a larger down payment to minimize the risk of granting you a new mortgage.
The Bank Will Take All of My Property
Furniture, clothes, and other personal belongings are not taken. Only items attached to the real estate must remain. This includes flooring, light fixtures, and plumbing. Consider what you would traditionally leave behind when selling a property and use that as a general guideline.
The Debt Is Forgiven After Foreclosure
A mortgage company may not recover everything they are owed when a property sells after foreclosure. You are technically responsible for that difference. There may be ways for the lender to "forgive" that deficiency. Speak to a local attorney for a list of options.
Waltham MA Foreclosure Facts And Guidance For Homeowners
There is a long list of other myths and aspects of foreclosure on top of what is detailed in this article. Procedures may also vary from state to state. This article on Waltham MA foreclosure facts and guidance for homeowners is simply a generic introduction and must not be considered legal advice. Be sure to receive legal advice if you are in danger of foreclosure, and think about doing so prior to being delinquent.