What does it mean to be in foreclosure?

in #buisness4 years ago

According to dictionary.com, to foreclose is to deprive
(you) the mortgagor of the right to redeem mortgaged property, when payments have not been made.
When you have!missed two months worth of payments you have defaulted on your loan, but you are not yet in foreclosure.
The foreclosure proceedings will not initiate until the mortgage lender or bank submits paperwork to a prosecuting attorney.
What ar my options?

A: Once the mortgage investor sends letters informing you of
the legal proceeding it's necessary that you just keep your head up;
find how to mend things. now start thinking about your
options of another loan, refinancing, etc. On the opposite
hand, if you recognize you're in over your head then merchandising is
always Associate in Nursing choice. to stay from falling deep into the
foreclosure method it's extremely necessary to weigh out your
options, gazing your finances and what you'll be able to afford in
the future.