When real property is sold to satisfy an unpaid obligation, it is known as foreclosure. This sort of loan is held by a bank, a Mortgage Company. As a result of the foreclosure, a homeowner’s rights to the property will be taken away.
What is the Process of Foreclosure?
Your mortgage payment is due on the first of every month (but not always). Your payment is considered late if it is not received by the due date.
After the 15th day, your mortgage account may be charged a late fee. On the 16th of each month, you will receive your first notice. At this point, you will start receiving phone calls.
When your debt is 30 days late, it goes into default. A second notice is delivered at this time.
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