is a legal procedure that allows a lending company to take over your home in the event that you are not paying your mortgage payments and have fallen behind.
The lending company will send various notices when you become default in your mortgage. Do not ignore these notices. If you are having problems making your monthly mortgage payment, you should talk with the lending company. If you do nothing and ignore the notices, you will lose your home. There are many different ways in which to avoid foreclosure, however, you need to work with your lending company in order to resolve the issue. You can also consult with a foreclosure attorney
to learn your rights when it comes to foreclosure. Due to the many foreclosures all across America, there are new laws that help protect the consumer from losing their home.
You may even wish to talk with a housing counseling service to help you if you are struggling with making your payments. A free resource is the U.S. Department of Housing and Urban Development. The housing counseling service will be able to provide you with information regarding credit-counseling services in your area to help you work through your budget and may even help you keep your home while avoiding foreclosure.
One word of caution. Be careful when you are searching for help to avoid foreclosure. There are many individuals that would love to possess your home and will be devious enough to tell you they can help you keep your home if you sign the deed over to them. This is called a mortgage rescue fraud
. Once you sign the deed, you no longer own the home and can be evicted by the person that has possesses the deed. To learn your rights and to avoid scams and fraudulent individuals talk with a real estate attorney
that understands the laws regarding foreclosure in your state.