Paying the mortgage is usually a debt that many people go unnoticed, without realizing it, From there many doubts arise as to why I cannot pay the mortgage on my house in the USA. What will happen?
That is why we have prepared this post for you so that you know all the incidents that you should consider before the insolvency in the payment of the same.
What is foreclosure?
For the US government, mortgages are debts that must be settled at the time determined by the contract between the parties. That is why, if I cannot pay the mortgage on my house in the USA, what will happen? Well, start the foreclosure.
But What is foreclosure? This is an administrative process that is carried out by the bank, with which the owner of the house entered into the contract where the loan is contemplated.
How to avoid foreclosure?
If you want to avoid foreclosure at all costs, and completely lose your family home, then take these steps:
1. Contact your bank
As is common, banks send notifications frequently, especially when it comes to settling debts, that is whythat before any payment reminder of your loan where the mortgage rests, you must give an answer.
Especially if you have a precarious economic situation, or you are in a state of illiquidity, so that the bank reconsiders the time of payments and also takes into account the reason for your insolvency.
2. Do not leave your home
Some people, for fear of losing their home, prefer to run away from it, thinking with it, that the bank is not going to proceed with the foreclosure, this being a true mistake, since the bank will proceed to collect the mortgage more quickly, with the sale of it, considering it abandoned.
3. Check with your local Housing Department
If you have doubts regarding your mortgage and the drafts that you must pay to settle it, or, accounts with economic problems that make it difficult for you to pay and the bank does not provide you with the due collaboration, you can turn to the Department of Housing and Human Development.
In this Department they will provide you with the necessary legal advice, so that you can proceed to a payment conciliation with the bank and thus be able to settle your debt and not lose your home.
What is the interest on a mortgage at Wells Fargo? The 10 Best Online Mortgage Lenders in the USA