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The stages of foreclosure and borrower's options

When buying a home in Mississippi, the thought of losing it to financial hardship is likely the furthest thing from one's mind. However, life can throw curve balls to people that they would never have been able to see coming and these things may well put homeowners in the position of being vulnerable to foreclosure. This can be a scary concept but understanding the steps involved and the options along the way is important and may help people avoid unnecessary actions.

The Consumer Financial Protection Bureau indicates that every state has its own laws around foreclosures but regardless of specific laws, there are clear rules about how homeowners must be notified about potential foreclosure action.

According to Zillow, once a borrower has missed a certain number of mortgage payments and not made other arrangements with a lender, the lender may give public notice about the mortgage delinquency. Posting a notice on the actual home may well be part of this process, something that can be very difficult for homeowners to see as there is a concern about embarassment among neighbors.

Once in a pre-foreclosure stage, homeowners might want to consider a short sale if they are otherwise unable to come up with the money needed to get current on their mortgage. This is one option to avoid a full foreclosure. If no short sale happens, an auction may be held in which the property can be sold to the highest bidder. If no purchase is made of the home at an auction, the bank may assume ownership of the property. Up to the date of the sale, the borrower may have the ability to work with the bank on terms amenable to both parties.

 

 

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Pond Law Firm
1650 Lelia Drive Suite 101
Jackson, MS 39216

Phone: 601-948-4878
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