Loan factor: Banks approve loan applications based on S&P headline prices and not on actual house prices. Calculate the exact amounts of ALL principal payments you have made on your mortgage. Your mortgage is attached to your house and if you don’t pay your mortgage, the bank can foreclose and take your house. The letter will inform you that foreclosure proceedings will begin if you do not cure the default by paying the amount specified in the letter by a certain time, usually within 30 days.
This process is generally much faster and cheaper than foreclosure by judicial sale. This will allow you to make your monthly payments on time. In the case of a mortgage, the home is used as collateral and, upon signing closing documents, the borrower recognizes that the lender has the right to foreclose on the home if they default on the loan.
Foreclosure in the …