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Foreclosure is the legal procedure a lender utilizes to take ownership of your house if you default on a mortgage loan. It's expensive to go through the foreclosure process and causes long-term damage to your credit rating and financial profile.
Today it's fairly uncommon for homes to enter into foreclosure. However, it is very important to comprehend the foreclosure procedure so that, if the worst happens, you understand how to survive it - which you can still go on to prosper.
Foreclosure meaning: What is it?
When you secure a mortgage, you're concurring to utilize your house as collateral for the loan. If you stop working to make timely payments, your lender can reclaim the house and offer it to recoup some of its cash. Foreclosure guidelines set out exactly how a lender can do this, but also offer some rights and securities for the house owner.
At the end of the foreclosure process, your home is repossessed and you need to vacate.
How much are foreclosure fees?
The average house owner stands to pay around $12,500 in foreclosure costs and fees, according to information from the Consumer Financial Protection Bureau (CFPB).
The foreclosure process and timeline
It takes around 2 years usually to finish the foreclosure process, according to information covering foreclosure filings during the third quarter of 2024 from ATTOM. However, non-judicial foreclosures can take just a few months.
Understanding the foreclosure process
Typically, your lending institution can't start foreclosure unless you're at least 120 days behind on your mortgage payments - this is called the pre-foreclosure period.
During those 120 days, your loan provider is likewise required to offer "loss mitigation" options - these are alternative strategies for how you can catch up on your mortgage and/or resolve the situation with as little damage to your credit and finances as possible.
Examples of normal loss mitigation alternatives:
onthemarket.com
- Repayment plan
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