It is not uncommon for a homeowner to panic and leave their home after they have missed a couple of their mortgage payments or after a Foreclosure Woodbury MN has been started on their home. There is no reason for you to panic or to rush out of your home. Legally, you have the right to stay in your home until the Foreclosure Woodbury MN process has been completed. This is a process that can take anywhere from a couple months to a year.
Missing a Payment
Missing a couple of your mortgage payments does not mean you need to pack everything up and move out. You should consult with a law firm such as Lamey Law Firm in order to explore your options. However, when you miss one or two payments the lender of your loan is likely to start by sending you a couple of letters to remind you that you need to pay your mortgage.
Once you miss a third payment, the lender is going to send you a letter stating that the loan has defaulted and that you will need to bring it current as soon as possible. Just about all lender policies require this warning letter to be sent out before a lender can actually start the foreclosure process. If you have hired a lawyer, your lawyer is going to refer to this letter as a demand or breach letter. Typically, the letter will state that you have 30 days to get your loan current before they will start the foreclosure Woodbury MN proceedings.
Foreclosure Sale
Legally, you have the right to continue to live in a piece of property as you are still the owner of it until the day of the foreclosure sale. You may even be able to stay in the property during the redemption period after the foreclosure sale. There are steps you can take to delay the foreclosure sale so you can get your loan current and keep your home. You just need to hire a foreclosure lawyer so you can figure out the best way to delay a foreclosure proceeding long enough to pay your loan up to date.
