West Palm Beach Bankruptcy Lawyers

What to Expect During Foreclosure

Foreclosure is something that no home owner ever wants to go through, but with the reality of the current economic situation, it is more likely than ever to occur. More and more Americans are experiencing hard times financially, and even more still are losing their jobs. If you are afraid you might not be able to make your mortgage payments, here is what you should expect from foreclosure.

Are You Headed for Foreclosure?

Most mortgage payments are due on the first of the month. If you miss this due date, your payment is considered delinquent. Late fees are usually tacked onto your mortgage account by the 15th of the month. By the 16th, you will begin receiving phone calls and you will get your first notice in the mail.

By the time it is 30 days late, your mortgage goes into default, at which time you will receive your second notice in the mail. When a loan enters default, your credit score is negatively impacted.

Once your mortgage loan is 60 days past due, your bank or lender will usually notify you that they have begun the acceleration procedures, which are the beginning of the foreclosure process. The acceleration procedures may include the bank’s refusal to accept any partial payments, or the bank’s decision to void your payment agreement and call the loan to be paid in full.

Once you receive notice that the acceleration procedures have begun, the foreclosure proceedings will begin, which typically involves the repossession of your home. This usually occurs once the loan has been in default for more than 90 days.

Contact Us Today

If you are in danger of losing your home, filing for bankruptcy protection may be a good choice. To learn more about your options, contact the West Palm Beach bankruptcy lawyers of Eric N. Klein and Associates at 561-353-2800.