No one wants to be in the terrible position of not being able to pay their mortgage, but it happens to more than half a million people each year – so if you are in danger of losing your home, you’re not alone. What you may not know is that you’re not helpless, even though you probably feel like it right now.
You may have heard the term “pre-foreclosure” and been confused about exactly what is meant. This is the period of time between your lender filing a default notice on your property and them putting the home up for auction. The timeframe varies among states, and can be as short as 1-3 months and as long as a year or more. Various factors can contribute to the amount of time the pre-foreclosure period takes, such as whether or not the courts are backed up. It’s not a good idea to count on the process being drawn out, because you never know until a sale date is assigned – and by then it could be too late to do anything about it.
Remember that the most important thing you can do prior to pre-foreclosure is to contact your lender and see if they will help you in any way. They may consider a loan modification or other process that could give you some breathing room. If you do find yourself in a situation where foreclosure cannot be avoided,you do have options. Contact me today for free advice on foreclosure alternatives.