If you are already late on your monthly mortgage payment, don’t wait for things to happen. Be pro-active in solving the problem by talking with your lender or bank about your situation, and ask which options they suggest.
Both foreclosures and missed payments are negative inquiries to your credit score, and severely limit your options for future credit. Posts below help explain the foreclosure process.
Here are two resources that provide info if you’re facing possible foreclosure:
admin On Washington D.C. Foreclosure Timeline The District of Columbia (Washington D.C.) has a non-judicial process. For foreclosure to occur, a “power of sale” clause must be included in the loan documents that authorizes the mortgage company to sell the property if the homeowner is in default. The power of sale clause may specify the time, placeContinue Reading
admin On Maryland Foreclosure Timeline & Process In Maryland, foreclosure is conducted either of two ways: 1.) Judicial home foreclosure (through the courts) 2.) Non-judicial process if a “power of sale” clause is included in the mortgage documents or deed of trust. In a “power of sale” clause, the homeowner pre-authorizes the mortgage company or lender toContinue Reading
admin On Virginia Foreclosure Timeline & Process Mortgage payment is due 1st of the month. Most lenders give a 15-day grace period for homeowners to send in the payment before the payment is considered delinquent. Day 17, a late charge notice will be issued to the homeowner. The homeowner will be charged a late fee and possibly otherContinue Reading
