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Difference between revisions of "The Bank Is Threatening Foreclosure on My Home"
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The Bank Is Threatening Foreclosure on My Home (view source)
Revision as of 20:00, 13 April 2013
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{{Template:Legal Help Guide TOC}}When a bank or other institution lends you money to buy a home, they take a ''mortgage'' to secure payment. A mortgage is registered against the title of your home, and if you don’t make the required payments, the bank may be able to ''foreclose''. This <span class="noglossary">will</span> usually mean you have to pay them the entire amount owing on the mortgage, though sometimes you can arrange to catch up your payments. If you cannot make some kind of arrangement, you risk your house being sold to pay the mortgage. The usual first step in a foreclosure is a ''demand letter'' from the lender or its lawyer, saying that you are ''in arrears'' (behind) in your payments and demanding that you bring them up to date. | {{Template:Legal Help Guide TOC}}When a bank or other institution lends you money to buy a home, they take a ''mortgage'' to secure payment. A mortgage is registered against the title of your home, and if you don’t make the required payments, the bank may be able to ''foreclose''. This <span class="noglossary">will</span> usually mean you have to pay them the entire amount owing on the mortgage, though sometimes you can arrange to catch up your payments. If you cannot make some kind of arrangement, you risk your house being sold to pay the mortgage. The usual first step in a foreclosure is a ''demand letter'' from the lender or its lawyer, saying that you are ''in <span class="noglossary">arrears</span>'' (behind) in your payments and demanding that you bring them up to date. | ||
== First steps == | == First steps == | ||