When Do You Have To Leave Your Home When It’s In Foreclosure?

Foreclosure happens when you fall behind on your mortgage payments and the owner of your loan (the bank) uses state procedures to sell your house in order to repay the debt. However, some homeowners simply don’t take advantage of the help available and foreclosure becomes the only¬†option. If there is enough money to pay all of the second mortgage, then they get all of the rest of the money until their lien is paid in full. Suppose you feel that your house value has gone down and it will not even allow you to pay for the loan amount which you have taken, then you should prepare yourself for foreclosure.foreclosure

The notice must state the date and time the owner will make payment to the sheriff and the redemption amount. The mortgage company must send the NOI by certified and first-class mail to the homeowner no less than 45 …