Title: Understanding Your Foreclosure Rights | Credit.com
Headings: Mortgage Foreclosure FAQs: Understanding Your Foreclosure Rights
Mortgage Foreclosure FAQs: Understanding Your Foreclosure Rights
Foreclosure Defined
What Happens When a House Goes into Foreclosure
Foreclosure and Your House-Related Debt
Lenders’ Obligations in a Mortgage Foreclosure
Ways to Stop or Prevent a Foreclosure
Defenses Against Foreclosure
Tax Issues Related to Mortgage Foreclosure
How Mortgage Foreclosure Impacts Your Credit
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Content: We’ve gathered some general information regarding foreclosures to help you get an idea of how it works. State laws vary significantly, so work with a legal professional to determine the laws governing your foreclosure proceedings. Foreclosure Defined
Foreclosure means that your mortgage lender can legally repossess your house due to nonpayment. They can then sell your house to help repay the debt you owe on it. This is true whether you are behind on your first or second mortgage. Your mortgage agreement will define when your lender can begin the foreclosure process. This is typically determined by the length of time you are behind on your payments. Keep in mind that every state has different rules and regulations for foreclosure procedures, and many states offer exceptions to this that may work in your favor. If you think you may be in danger of foreclosure, work with a legal professional to determine your state’s guidelines. For example, in some states you have to miss a certain number of payments before foreclosure processes can begin.