We’ve talked about the importance of managing your spending and continuing to save wisely. We’ve discussed the value of maintaining your home. We’ve reviewed ways to prepare for emergencies and disasters. We’ve even looked at the different traps that lure homeowners and explored ways to avoid them. But what if—despite your best efforts—you start to have difficulty making your mortgage payments? What then? As unpleasant as it is to consider, there are homeowners who find themselves in this situation; and in cases where they are not able to remedy the situation, they lose their homes to foreclosure.
Foreclosure is a legal process by which the lender takes back ownership of mortgaged property (for example, a home) and sells it because a loan is in default, or in other words, because the owner is delinquent with their mortgage payments.
The process of foreclosure is different in every state, making it difficult to describe generically। In some states, a non-litigated foreclosure can take as little as 32 days. In other states, it’s a process that could take more than a year. In either case, the results can be devastating to your credit, making it far more difficult and more expensive to borrow in the future.
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