While foreclosure is never planned, the truth is that it is often inevitable. Read on for more information about what foreclosure is as well as circumstances that can contribute to it happening.
What Is Foreclosure?
Foreclosure is the process by which the loaner or bank seizes a home due to the borrower’s inability to make payments.
Essentially, a homeowner’s property is used as collateral against them the minute they are unable to make normal payments.
Missing one payment won’t immediately put you out of a home, but it will get the foreclosure process started. Depending on what state you live in, the process could take a couple of months. At that point, you may want to involve a foreclosure attorney in Valdosta to review your options.
Nevertheless, it isn’t a situation most people want to find themselves in, and it is important to take the right steps toward preventing foreclosure whenever possible.
What Causes Foreclosure in the First Place?
Foreclosure can happen to anyone, and for a variety of reasons. The following, though not an exhaustive list, provides some insight on why a foreclosure might transpire in the first place:
- The borrower has quit, been laid off or was fired from his/her job
- The borrower is unable to keep up with personal debt
- The borrower has a medical condition that has kept them out of work
- The borrower has moved to another state
- The home requires maintenance that the borrower is unable to keep up with
- The borrower is going through a divorce
Summary
In summary, foreclosing on a home is never something anyone wants to do. If you find yourself in a situation where you need assistance in keeping your home, don’t hesitate to contact a foreclosure attorney in Valdosta. Doing so may not only save you from losing your home, but may also contribute to your peace of mind, knowing that someone is fighting for your rights as a homeowner.
