Foreclosure Beavercreek Ohio: Understanding The Process

It is not uncommon for panic to set in as soon as a homeowner misses a mortgage payment. As soon as a homeowner misses two mortgage payments, it is also not uncommon for them to start packing up and looking for somewhere new to live. You have to understand that when it comes to a Foreclosure Beavercreek Ohio you are not going to get kicked out of your house the day, or even the week, after you miss a couple mortgage payments. A Foreclosure Beavercreek Ohio is a very long and drawn out process. It could be several months or even a year before the process reached the point at which you have to vacate your home.

When You Miss A Payment

Despite how bad you feel about missing a mortgage payment, it does not mean you need to start packing and looking for a new place to live. You should start by Visit website of a law firm called Miami Valley Bankruptcy in order to see what your options are and what you can expect moving forward. When you miss a payment or two the first thing that is going to happen is your lender will send you a letter in the mail. The letter is just to remind you that your mortgage is past due.

It is when you miss a third payment that you are going to get a letter saying that your mortgage is in jeopardy and that it needs to be paid up to date as soon as possible. It is not until you receive this letter that you have anything to worry about. By law and policy, your lender has to send out this warning letter in order to start the foreclosure process. Naturally, that means if you have not consulted with or hired a foreclosure lawyer receiving this kind of warning letter is when you would definitely want to.

Fortunately, you have the right to continue to live inside of your home until the foreclosure sale. It is even possible that you can stay in the home during the redemption period which takes place after the sale. There are even steps a lawyer can help you take in order to delay the foreclosure process.