The Modern Mom
March 28, 2012
0 Flares Filament.io 0 Flares ×

Foreclosure Signs (Photo credit: ImageMD)

Mortgage foreclosure is one of the biggest fear of homeowners today. But part of the battle in dealing with it is to know how mortgage foreclosure comes about and what can be done about it.

  1. What is foreclosure?

First of all, while it’s often associated with bankruptcy, in particular with bankruptcy 13, or chapter 13 as it is known, it isn’t the same as declaring bankruptcy. In fact, with the right legal advice and protection, people can declare themselves bankrupt and it won’t affect their ownership of their house.

So what is it? Well it’s part of a process followed once a party has defaulted on a loan (usually for a property) to recover the money owed by the defaulter. It’s important to note that it’s the last part of the process and it is only the last resort.

  2. Can we Stop Foreclosure?

Yes. There is a number of effective ways on how to protect yourself from mortgage foreclosure.

These are just a few of the steps to take to protect yourself against foreclosure. By following these, the chances of coming through the process and keeping the family home are greatly increased.

Comments are closed.

0 Flares Twitter 0 Facebook 0 Google+ 0 LinkedIn 0 StumbleUpon 0 Email -- Filament.io 0 Flares ×