Foreclosure

Foreclosure

Avoid Foreclosure

A foreclosure is the legal process where your mortgage company obtains ownership of your home (i.e., repossess the property). A foreclosure occurs when the homeowner has failed to make payments and has defaulted or violated the terms of their mortgage loan.

There are two main types of foreclosure:

Judicial

supervised by a court with formal legal proceedings (civil law suit)

Non-judicial

non-court supervised

In both types of foreclosure, the homeowner receives the legal notice of foreclosure, the legal notice is published in the local paper (in most cases), and the home is sold at public auction. (For judicial foreclosures, you’ll be served with legal notice of the pending action, and the court will approve or set the foreclosure date and sale.)

A foreclosure can usually be avoided—even if you already received a foreclosure notice.

Walking away from your home voluntarily, may seem like the best solution when your home is valued lower than what you owe. However, this action may lead to financial consequences in the future. In some states, you may be required to pay a portion of your mortgage debt even after the home has entered foreclosure. Also, the impact to your credit may make it difficult to rent or purchase a home in the future. It may be best to explore other options to foreclosure with your mortgage company before making a decision to leave your home.

Keep in mind, your mortgage company doesn’t want to foreclose on your home. Just like there are consequences for you, the foreclosure process is time-consuming and expensive for them. They want to work with you to resolve the situation. However, some homeowners simply don’t take advantage of the help available and foreclosure becomes the only option.

Contact your local Citizens Mortgage Relief representative for more information and options to avoid foreclosure at 973-378-3030

June 1, 2020

Covid-19 Update

Due to the current health concerns related to COVID-19, the Citizens Mortgage Relief staff will be working remotely until further notice. Please contact via info@citizensmortgagerelief.com or leave a voice message at (973) 378-3030 and we’ll return your call. Citizens Mortgage Relief encourages our clients and partners to submit any and all documentation in an electronic format whenever possible as staff will continue to check email and review information submitted electronically.