The process where a mortgage company takes possession of a home because the homeowner has failed to make payments on their mortgage is called a foreclosure in Fairfax VA. The unfortunate truth is that despite the fact that every homeowner’s worst nightmare is to endure a foreclosure, it does happen. Despite a homeowner’s best efforts, some foreclosures still end up happening. Not only is a foreclosure damaging to your credit history, but it is going to require you to need a new place to live as well.
You have to understand that just because you miss a payment or two, it does not mean the lender is going to start the Foreclosure in Fairfax, VA process. This also means there is no reason for you to panic and start packing up to move out. You should take a few moments to consult with a lawyer at a law firm such as Andrews Law in order to figure out what options you have. You just need to keep in mind that when you miss a payment or two, your lender is likely to send you a few letters in the mail. However, they are just to remind you that you need to make a payment.
After you have missed a third payment, your lender is going to send you a letter warning you that the process of defaulting on your loan has started. This is when you are going to want to make haste with bringing your account current as soon as you can. Regardless of who your lender is, just about every lender is required to send out a warning letter before they can start the foreclosure process. Once you have received this letter, you have about 30 days before the foreclosure process is going to begin.
Even when you receive this letter, you have to keep in mind that you are still allowed to live in the home. Legally, you have the right to continue to live in the home until the foreclosure sale takes place. It is even possible for you to continue to live in the home during the grace period after the foreclosure sale as well. Naturally, you want to do what you can to get your loan current as soon as possible.
