options for keeping your home

Foreclosure Basics

Have you fallen behind on your mortgage payments? Are you worried you may lose your home? If so, your best defense is to learn as much as you can about foreclosure and get help with the problem. Which of these statements is true?

1. Foreclosure automatically takes place if you miss a mortgage payment.
2. Lenders typically decide to file for foreclosure when homeowners become 60 - 90 days delinquent on their mortgages.
3. Foreclosure is just a legal term; it seldom happens anymore.

“B” is correct. The foreclosure process begins when a document called a “Notice of Default” is recorded with the County Recorder’s Office. A copy of the notice is then sent to you. The best time to deal with foreclosure is before it ever happens. If you’ve already received a Notice of Default, there are still things you can do.