Difference between revisions of "Foreclosure"
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If you miss a mortgage payment, the lender will usually send a reminder letter. If they don’t hear from you or receive the missed payment, the lender will then follow up with a '''demand letter'''. | If you miss a mortgage payment, the lender will usually send a reminder letter. If they don’t hear from you or receive the missed payment, the lender will then follow up with a '''demand letter'''. | ||
In fact, under the law, the lender must send you a demand letter before they can start legal proceedings to take your home. | In fact, under the law, the lender ''must'' send you a demand letter before they can start legal proceedings to take your home. | ||
The demand letter must say exactly what you owe. It must also say that: | The demand letter must say exactly what you owe. It must also say that: | ||