Staff Report
Imagine you own a home, but you’ve missed some payments on your house loan (mortgage). It can be a really stressful and confusing time. Knowing what happens during the foreclosure process can help you deal with this tough situation.
Usually, the very first thing that happens is you miss a mortgage payment. This missed payment starts a series of events that could lead to losing your house (foreclosure).
The bank or lender usually gives you a little extra time to pay (a grace period). But if you still don’t pay, they’ll send you a notice of default. This notice tells you that you’re behind on your payments and how much money you owe.
After you get this notice, you have a limited time to pay what you owe and stop things from getting worse. It’s really important to talk to the bank or lender during this time. They might have options to help you catch up on your payments or change your loan to make it easier to pay.
Understanding this first step is super important if you’re having trouble paying your house loan. Taking action early can make a big difference in what happens in the end.
