There is often some incorrect information regarding foreclosures. It is useful for current and future home owners to separate fact from fiction. This article covers Waltham MA foreclosure FAQs and information for homeowners.
Only Delinquent Home Owners Receive Help
Home owners can start the process of loan modification and other assistance before being delinquent. These services assess your finances to identify eligibility.
There Is Nothing You Can Do After Receiving a Foreclosure Notice
Banks would rather avoid foreclosure. Even if foreclosure proceedings have begun, mortgage companies can attempt to allow you to prevent foreclosure. Short sales are one possibility before a completed foreclosure. They involve finding a buyer for your property and asking the mortgage company to accept less than the balance owed.
Foreclosures Complete Right After You Skip Just One Payment
The foreclosure notice is merely the first step in a lengthy process and it commonly is issued when you are several months late on your payments. It may take a length of time for a lender to get through the necessary process to ultimately evict you from a property. Although you are not required to immediately leave your property, attempt to prepare for it.
I Can Never Buy Another Property
Although a foreclosure is a deterrent for future lenders and dramatically drops your credit rating, you might be able to buy real estate in a few years. It is important to demonstrate good credit practices to increase your score in the meantime. Lenders may levy a higher mortgage rate and require a larger down payment to minimize the risk of granting you a new mortgage.
The Lender Takes All of My Belongings
Household Goods, clothing, and other personal belongings are still yours. Only items attached to the home are part of the foreclosure. Examples are flooring, lighting, and plumbing. Think about what you would typically leave when selling a property and use that as a general guideline.
There Is No Financial Effect from Foreclosure
A mortgage company may not get back what the balance owed when a home sells after foreclosure. That deficiency is your responsibility. There may be ways for the lender to "forgive" that amount. Get information from a local attorney to understand your options.
Waltham MA Foreclosure FAQs And Information For Homeowners
The above are just a few common foreclosure myths. There may be state-specific variations as well. This article on Waltham MA foreclosure FAQs and information for homeowners is simply a generic overview and must not be construed as legal advice. Be sure to request legal guidance if you are in danger of foreclosure, and consider getting help prior to being delinquent.