Posted on: 09th Sep, 2013 01:01 am
I need to know what is the foreclosure process? How much time does a borrower get before the house is foreclosed by the lender? Please help me.
Hi filip,
When you cannot pay off your monthly mortgage payments for 3 months or more, the lender will start off with the foreclosure process. In this process, the lender will sell off your property at an auction and try to recover his money. If there is any deficient balance resulting from the sale of the property, then he will come after you for it.
Thanks,
Jerry
When you cannot pay off your monthly mortgage payments for 3 months or more, the lender will start off with the foreclosure process. In this process, the lender will sell off your property at an auction and try to recover his money. If there is any deficient balance resulting from the sale of the property, then he will come after you for it.
Thanks,
Jerry
Hi filip!
Welcome to the forums!
Check out the given page to know all about foreclosure:
http://www.mortgagefit.com/foreclosure.html
Feel free to ask if you've further queries.
Sussane
Welcome to the forums!
Check out the given page to know all about foreclosure:
http://www.mortgagefit.com/foreclosure.html
Feel free to ask if you've further queries.
Sussane