If a property owner is unable to make their mortgage payments for several months, the mortgage lender should issue them with a reminder about the missed payment. If the reminders are not followed up on, or if the property owner does not take steps to pay what they owe, the mortgage lender could decide to issue them with an official Notice of Default, after which the process of foreclosure will start. Many people lose their homes because they have no idea what they are supposed to do once they realize that they are no longer able to meet the payments for the house. Here are some of the tips that can help you figure out when to Hire Foreclosure Lawyer.
The redemption period
After the NOD has been issued, there is a period that is allowed to the property owner to try and salvage their property. This is called the redemption period. However, by the time people are offered this redemption, it is usually too late for some because they cannot be able to make the payments and bring the mortgage up to speed, and also pay any of the additional fines that could have been brought about by defaulting on the payments.
What to do after a NOD
The course of action that could be helpful at this point is filing for bankruptcy. Inability to make mortgage payment is normally an indication of a person who is no longer solvent. Filing for a chapter 13 could get your property exempted from being sold off or auctioned off. However, it is important to ensure that the petition is filed in time in order to protect the house.
What if the redemption period is ended?
The process of getting back a house after the redemption period has ended can be quite difficult. One of the options that are available is repossessing the house after it has been sold. You have the legal right to get the house back from whoever buys it, as long as you can raise the money to do so.
All these are tricks that you should Hire Foreclosure Lawyer to help you with when you are determined to keep the home. Visit Brent Sorenson & Associates P.C. to learn more about stopping foreclosure.
