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Foreclosure can happen to just about anyone, but that doesn’t make it less stressful or frustrating. If you’ve been served with a foreclosure notice, here’s what you should know about property tax foreclosure and how a foreclosure attorney can help.
Foreclosure: What is it?
Foreclosure occurs when a homeowner fails to pay the mortgage on their property. If your house goes into foreclosure, this means you have to forfeit all your rights to your property in order to pay off the debt you owe on your home. This is because you don’t technically own your home until the mortgage is completely paid off. If you fail to make the necessary payments on the property, the home is taken back by the bank and sold in a foreclosure auction in order to settle your debt.
Why might my home go into foreclosure?
Your home goes into foreclosure when you’re unable to pay debts. This financial strain could happen for any number of reasons. For example, many homeowners are forced into property tax foreclosure when they are:
- Laid off from their job
- Facing an unexpected medical issue
- Experiencing a sudden familial shift, like divorce
- Accruing other debts that must be paid off
Any number of reasons could prevent you from paying your mortgage on time each month. Talk to your foreclosure defense attorney for more information on forming an argument when seeking legal counsel.
When do I receive a notice of foreclosure?
You will receive a foreclosure notice in the mail if you fail to pay your mortgage for three to six months. Your lender will seek a public notice which will be posted on your door to alert you that you are in danger of losing your property in 30 to 120 days.
What happens if I don’t pay?
If you fail to pay your mortgage, you will be evicted from your home and the property will be put up for auction by the lender. Your lender or bank might even offer you a cash for keys option to get you to vacate the premises. The property will be sold to the highest bidder or back to the bank.
In a nationwide survey of homeowners, six in 10 Americans said that they wished they better understood their mortgage and its accompanying terms better. Whether you’re facing foreclosure or buying a home, rely on a foreclosure defense lawyer or real estate attorney to negotiate the terms of your mortgage. Contact Facing Foreclosure today for more information.