Sometimes, we face financial crisis which is temporary or long term. If we have a mortgage where it makes us have to pay every month, it will be a disaster. It is not impossible the mortgage company will do foreclosure. Then, How is the Nationstar mortgage foreclosure timeline? We will find out here.
Foreclosure is an action of taking the possession of a property that is mortgaged and it happens if the mortgagor fails to keep up their mortgage payments. The foreclosure process is stressful for homeowners. A notice is delivered to the owner of the house when the payment of mortgage is not received on time. The notice of default will set a date where the homeowners have to pay the balance to avoid further proceedings. When the homeowners can not pay by the given date, the process of foreclosure will continue and the lender will foreclose the property. Actually, you can avoid this situation because Nationstar has several options to give you a solution.
There are several options to avoid foreclosure when you face financial crisis. They are refinancing, repayment, short sICTale, deed in lieu, and loan modification. Refinancing means you will finance again with a new loan at a lower rate of interest. Refinancing is one of the easiest ways to get back on track without large impact to the score of your credit or living situation. To refinance, your account has to be current for he past 6 months and there can not be more than 1 payment that is late on the record over past 12 months. Repayment enables you to pay back a loan. Short sale is able to permit you to sell your home for less than you are in debt on the mortgage. If you are qualified to do this option and you can sell your home, the sales proceeds will be applied to the debt of your mortgage. For several cases, the remaining mortgage debt is forgiven. It depends on state law and the requirements of the investor. Deed in Lieu can be an alternative to a short sale. Deed in Lieu is transferring your home ownership to your lender. It is a process that is more streamlined than a foreclosure and it will not give much negative impact on your finance. You will have a lot of time to move from your home. Perhaps you are eligible as well for relocation assistance or assistance with paying the other liens and judgments to your property. How about loan modification? Loan modification will keep your existing loan and change the term. If you have qualification for loan modification, we will search for a way to reduce the monthly payment. We perhaps can lower the rate of interest or extend the time frame of the loan so we are able to lower each payment of month.
So, if you are facing financial crisis and you want to avoid Nationstar mortgage foreclosure timeline, you can call to us to consult about your payment as soon as possible.