Foreclosure on a house happens when you can no longer pay the mortgage on your property, and thus it is a failure to follow the contract you signed. This means that you only have a couple options as to how to take care of your property. These options, while not ideal, can be worked out so that you are not left totally out dry.
Notice of Default
When you can not pay your mortgage, the lender will notify you. This can be anywhere between 3 to 6 months after refusing to pay the mortgage. In most instances, they will be required to post a notice on your residence, making you aware that you are in default. From here, you will have a short time to make up to money and pay off the remaining debt, which will allow you to remain in your home.
Right to Redemption
If your house is being foreclosed because of an unpaid mortgage, there is still a way for you to regain the rights to your house. Up until the very day your house would be auctioned, you have the ability to pay your debt. By paying the money that you owe, in cash, you are able to regain your home, and stop it from being foreclosed upon. The money has to be given in cash, and take care of the entirety of your debt owed by that date.
Pre-Foreclosure Grace Period
After being given the notice that your house is about to be foreclosed upon, you will be given a short grace period. These periods can range anywhere between 30-120 days. Foreclosure in Topeka KS falls within this range of days and the specific amount depends on the lender that you are dealing with. The grace period allows you to either pay the outstanding debt, or work out an arrangement with the lender. This can result in a short sale, where the house is sold for less than what is owed.
If your house is about to be in Foreclosure in Topeka KS, then you should contact your lender and see what options are available to you at this time. Some instances can be easily forgiven by the payment of the debt you owe, but sometimes paying off that debt is just impossible and you might lose the rights to your home. Click Here to learn more.
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