Foreclosure
When hard financial times hit an individual or a family, making high monthly payments on a mortgage may become extremely difficult or even impossible. Failure to meet these payment deadlines or inability to pay the full amount owed each month will lead to what is known as foreclosure. Foreclosure is the legal process of taking away a mortgagor’s right to redeem his or her estate. When one faces foreclosure, that person is at risk of losing his or her home.
The Steps Leading to Foreclosure
Foreclosure is not a process that is immediately initiated after the first defaulted payment. There are several steps leading up to foreclosure, and they are the following:
- After the first missed payment, you will likely receive a letter or phone call from the mortgagee notifying you of heir awareness of this situation.
- After the second missed payment, the mortgagee will likely call you to discuss why you have missed two payments.
- After the third missed payment, you will receive a notice (a “demand letter”) allotting you 30 days to send in all missed payments to the lender.
- After the fourth missed payment, you will be contacted by the lender’s lawyers about your pending foreclosure. You will also have to pay these attorney’s fees.
- After the foreclosure has gone through, your lawyer will schedule a date for the sale of your property. This is known as the day of your foreclosure.
Contact Us
If you would like to learn more about foreclosure, call the Austin bankruptcy lawyers of Slater, Kennon & Pugh Ltd.LLP today at 512-338-1100 to speak with one of our attorneys.