Foreclosure is a scary topic for most people. If you get behind on your payments you should act quickly. Learn what you should and should not do when you face this problem.
Second mortgage foreclosure can happen when you fall behind but still have equity in your home.
It is a secured loan, banks can take your house if you default. You can only stop the process by settling your balance or filing bankruptcy.
A late mortgage payment may not seem like a big deal, but it can be.
You have fees, and it damages your credit. In addition you run the risk of rolling late payments.
Understand how your late payments can go out of control even if you continue paying monthly.
A reverse mortgage foreclosure can happen for several reasons.
If you get sick or die your loan may come due. Also, if you fall behind on taxes, insurance, or other bills you may be at risk.
If you can’t maintain the property and it falls into disrepair you may lose your home, too.
Lis Pendens are legal notices filed with the title that tells potential buyers that there is a lawsuit pending against a property.
Claimants assign these so the owner can’t sell the house without their claim being addressed.
