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10-02-2007, 04:42 PM
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What exactly is foreclosure on your house??
How do you keep your house??
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10-02-2007, 06:49 PM
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it means you havent made the payments for a certain amount of time, so the gov. takes it. you can do a short sale, meaning you lose profit or something like that (look it up, im not quite sure) but the only thing is it ruins your credit score for like 5 years
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10-02-2007, 07:58 PM
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Foreclosure is the process by which your loan company removes you from your house and then takes ownership of it.
The only way you can keep your house and take it out of the foreclosure process is to pay all the money you owe the loan company so you are not late on your payments anymore and then continue to pay all your payments on time. Read your note. If your note says your payment is due on the 1st of the month, then you should be prepared to mail out the payment to the loan company atleast 10 days in advance of the due date so you're not late anymore. |
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10-02-2007, 09:40 PM
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foreclosure happens when you are so far behind on your payments that the lender decides to take back the collateral you secured the loan with. Namely the house!
Some people stop foreclosure by seeking a bankruptcy attorney. Now sometimes this happens to people and although it will be tough time you can make it through this. It happens sometimes when people loose their jobs. Namely when they buy more house than a single income can afford. Pay your house payments, reduce your credit card debt to zero and never borrow money for an automobile. Save 10% of your paycheck and it will be very unlikely that you will ever see a bankruptcy attorney. Good Luck |
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10-02-2007, 11:39 PM
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foreclosure for the house is for people who not able to make the payment on time for certain period of times . After few time of money not make to bank then bank will foreclosure your house to the public in order to fullfill the unpaid loan.
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