Foreclosure and bankruptcy are two words no homeowner ever wants to hear. But when you’ve given it your all, the only thing you can do is find the next best thing. Here are a few tips to consider.
What Exactly Is Foreclosure?
Foreclosure is the process by which the bank which loaned you money in the form of a mortgage, repossesses your home. The bank will often sell it in a public auction, take what is owed to them, and give you back the remainder. It normally takes three or four missed mortgage payments before the bank moves forward with foreclosure. You may be able to stave off the foreclosure process through loan mitigation or a short sale. But if those options aren’t available, bankruptcy may help.
