1. What is a
Foreclosure?
By South Florida Investment
Properties
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2. Foreclosure Defined
A foreclosure is the procedure involving
the collection of a mortgaged property
due to failure to make mortgage
payments.
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3. The Process
Thislegal process consists of an attempt of
the lender to recover the
remaining amount of a borrowed loan in
which the borrower has ceased to make
payments to the lender.
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4. Residential Mortgage Loan
In a foreclosure involving a residential
mortgage loan, the lender is typically a
bank or other financial institution.
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5. Those at Risk for Foreclosure
Who is at risk for foreclosure? Essentially
everyone could fall into risk of a foreclosure.
Financialsituations can change quickly and
without notice. Those who haven't missed
payments could easily become those at risk.
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6. How to Avoid Foreclosure
There are many ways to avoid risk of
foreclosure.
One of the easiest ways to prevent
foreclosure is to keep track of your
mortgage payments and do not ignore
letters of warning from your lender.
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7. Do Not Be Afraid
Do not be afraid to work with your lender and
ask about the options available to help you pay
your mortgage payments.
You may choose to hire a professional to help
you with your financial and legal needs. Various
government programs have also been created
to help those at risk of foreclosure.
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8. What to do When Faced with
Foreclosure
An attorney with experience and
knowledge of foreclosures can help
ensure the foreclosure process will be less
foreboding than it has to be.
Makenecessary preparations and
communicate honestly with your creditor.
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9. The End
A foreclosure does not have to be the end of
your financial well-being; a professional can help
you decide what foreclosure options are best for
you.
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