How to Avoid Foreclosure- Consumer Proponents

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Are you looking for legal advice on foreclosure and want to know how to avoid it? if yes, Visit: Consumer Proponents for best legal advice for foreclosure.

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What is a Foreclosure & how to avoid a Foreclosure?:

What is a Foreclosure & how to avoid a Foreclosure?

What is a Foreclosure?:

What is a Foreclosure? It is a legal process in which a lender(in most cases the bank) attempts to recover the amount of the loan from the borrower by forcing the sale of the asset used as a collateral or security for the loan. The is usually done when the borrower fails to repay the installments of the loan amount to the bank. The asset is then auctioned by the lender in order to recover the amount of the loan. The auction is conducted by the lender either by the order of the court or by the provisions of the law.

Types of Foreclosure:

Types of Foreclosure There are 3 basic types of foreclosures. They are: Judicial Nonjudicial Strict

Judicial:

Judicial Judicial Foreclosure is also called as Foreclosure by Judicial Sale . It involves the sale of a property by a lender under the provisions of a judicial court. The lender initiates a judicial foreclosure by filing a lawsuit against the borrower. A judicial decision is announced after the exchange of pleadings at a state or local court in the US. In some rather rare instances, foreclosures are filed in US federal courts.

Nonjudicial:

Nonjudicial It is also known as foreclosure by power of sale . In this, the borrower gives the power to sell the asset given as collateral to the lender while borrowing the loan. Here, in case of a default of loan repayment, the lender has the power to sell the asset or property without moving to the court. It exists in some US states, like California and  Texas.

Strict :

Strict In   S trict F oreclosure , which is available in a few states including Connecticut, New Hampshire and Vermont, if the lender wins the court case, the court orders the defaulted borrower to pay the borrowed amount within a specified period of time . Should the borrower fail to do so, the lender gains the title to the property with no obligation to sell it. 

Steps in the Foreclosure Process:

Steps in the Foreclosure Process NOTICE OF DEFAULT: Here a notice is issued by the lender to the defaulter. LEGAL FILING: Here, if the defaulter fails to clear the dues within the given deadlines, then the borrower movers to file a legal case against him. NOTICE OF FORECLOSURE SALE: The legal body sends a notice for the foreclosure to the defaulter. PUBLIC SALE: The asset is sold in a public auction by the lender in order to recover the amount of the loan.

Why do sellers go into foreclosure?:

Why do sellers go into foreclosure?

Tips to Avoid Foreclosure :

Tips to Avoid Foreclosure Don't ignore the problem . Contact your lender as soon as you realize that you have a problem . Open and respond to all mail from your lender . Know your mortgage rights . Understand foreclosure prevention options . Contact a HUD-approved housing counselor . Prioritize your spending . Take help of foreclosure prevention companies. 

How does consumer proponents help in avoiding a foreclosure?:

How does consumer proponents help in avoiding a foreclosure? If you’re facing foreclosure, notice for a sale or auction date or you just can’t afford your payments our expert underwriters will force your lender to modify your mortgage. Talk to us first and go over your foreclosure options  for your defense and get fast, proven help so you can successfully stop a foreclosure sale date and continue to stay in your home . We Can:   Freeze Foreclosure Sale Date Reduce P&I Payments   Reduce Your Loan Amount   Keep The Bank Off Your Back !   Permanently Stop Foreclosure

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