Non-judicial Foreclosure

I discussed judicial foreclosure last week, so now I want to look at non-judicial foreclosure. As you can imagine, there is no lawsuit in a non-judicial foreclosure.

First the lender needs to put out a notice that the mortgage is in default, as well as a notice that the property will be sold.

All is not lost, however. A homeowner can save the property from being sold by paying the lender what they owe or by settling with the lender. If the homeowner and lender can reach some kind of agreement about payment terms and the lender agrees not to continue with the sale of the property, then foreclosure can be avoided.

There are various possibilities for agreement. A homeowner and lender can outline a repayment plan. A lender may agree to allow the homeowner to delay payments for a time.

Yes, foreclosures are occurring at an alarming rate, but you do not have to be part of that statistic. Do what you can to avoid foreclosure. If you are currently facing it, do what you can to work with your lender. You don’t have to face it alone, either. Don’t be afraid to seek expert help.

I am available if you have questions about foreclosure. Call 410-507-2909 or e-mail me at john.day@longandfoster.com.

You can also click on the title of this post to view foreclosure information on my website.