<strong>Southfield foreclosures </strong>and the state of housing in this Michigan suburb has not improved since the housing crisis started. Many home owners have lost their homes to their lenders who offered them adjustable-rate home loans. It is a good thing though, that the whole country is closely scrutinizing the practices of lenders, particularly their way of carrying out foreclosures. The government has weighed in by boosting the assistance offered to people who may be in danger of losing their property and those whose mortgage is significantly higher than the actual cost of their homes.
<em>Preventing Foreclosures</em>
Bringing down the number of <strong>Southfield foreclosures</strong> may be a tall order, but it can be accomplished one property at a time. Even home owners who are not in any danger of getting foreclosed on should have a basic understanding of the foreclosure process because there really is no guarantee that they will not go the foreclosure route as thousands of others have. The only time that a home owner can breathe more easily is when they finally conclude their mortgage or pay their homes in full.
Foreclosure starts with a notice of default sent to the home owner after they miss paying for their monthly mortgage about three or four times in a row. This is the most ideal time to reach out to your lender and discuss how to prevent the foreclosure process from going any further. You might be surprised at the willingness of your lender to work with you in finding a solution to your current financial problem.
If left unheeded, the default notice will run its course and will be followed by the notice of acceleration, where the lender gives the homeowner the chance to close the loan by making a full payment. At this stage, the home owner can opt to offer their home on a short sale in order to prevent the actual foreclosure. If the home owner takes no action, the next notice they will get is the notice of sale, which indicates the schedule and venue of their home’s auction. Very few homeowners can bounce back after this point, eventually losing their home.
Avoid having your house among the <strong>Southfield foreclosures</strong> by managing your finances wisely and learning about your options when you do encounter financial hardships in the future.
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