I am sad to hear about the foreclosure. Did you try to talk to the company and explain the reasons for your late payment?. If you feel you can catch up with your payments now with the new job then you must try to convince to stop the foreclosure.
A foreclosure can severely ruin your credit and can pose difficulty to you in getting a mortgage in future.
A lender has the ability to legally foreclose the property by selling it when the borrower fails to make the mortgage payments. But you know that is the last thing that a lender normally wants to do.
You can consult Chase and see if they allow you some alternative form of payment or deed-in-lieu at least.
You can also sell the house yourself and pay them off. By doing so, at least you will be saved from the negative effects of the foreclosure.
I have gone through those sections mentioned by Samantha. They are informative and can be useful.
In general in a foreclosure process the property is foreclosed by a lawsuit in the circuit court of the county where it is located. The party who hold the lien asks the court for a judgment against the owner for the unpaid debt along with the attorney fees and foreclosure costs.
If the owner fails to pay the full amount then the sheriff of that county auctions the property to the highest bidder for cash. If there is any deficiency even after foreclosure then there is no right to collect the deficiency from the owner.
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Posted: Sat Jun 24, 2006 5:18 pm Post subject: foreclosure process
Hi Poly,
Back again with some more points on the foreclosure process. Normally you find a foreclosure process to start when the loan becomes delinquent for three months.
The lender or holder of the mortgage Note files a Notice of Default with the county recorder and from that date the borrower have 3 months to restore or payoff the loan.
If the loan is not brought current at the end of this reinstatement period a foreclosure sale is set. A notice is sent to the borrower which probably you have got as you mentioned. The actual foreclosure takes place on a time specified in the notice.
Posted: Sun Jun 25, 2006 11:36 pm Post subject: RE:
Hi Polly,
The foreclosure is somehing that the lender is not actually willing to do always because he has to pay for the legal actions that he takes against the borrower. So I think you still have a chance out there.
Just try to convince the lender and take some time from him so that in the meanwhile you can arange for the payments and save your home. Tell the company about your new job and make them feel that all you need is some more time to cover up the payments.
pollyandsay
