When a bank files a notice of default on a property, it can become a messy situation for the owner's of the home. Everyday that a mortgagor overlooks taking care of the mortgage they incurr interest, fees and costly penalties; they also face a negative affect on their credit, inability to purchase a home in the future and unnecessary stress.
Don't wait any longer to take ACTION! The foreclosure process usually is a difficult process but can become easier and the bank can be cooperative because they recognize that you are making an attempt to correct the situation.
Over the years, we have turned this usually negative experience into a positive one for many people. Give one of our experienced agents a call and find out what your options are.
The King of Homes, PC
801.476.2813
Or e-mail us at info@thekingofhomes.com
Frequently asked questions about foreclosure...
Q: What happens when a mortgage payment is missed?
A: Foreclosure may occur. This is the legal means that your lender can use to repossess (take over) your home. When this happens, you must move out of your house. If your property is worth less than the total amount you owe on your mortgage loan, a deficiency judgment could be pursued. If that happens, you not only lose your home, you also would owe HUD an additional amount.
Both foreclosures and deficiency judgments could seriously affect your ability to qualify for credit in the future. So you should avoid foreclosure if possible.
Q: What should I do?
A: DO NOT IGNORE THE LETTERS FROM YOUR LENDER. Our office is more than happy to communicate with your bank to help you out, because of our experience in selling foreclosures, we have a strong relationships with banks making it easier to negotiate with them.