Foreclosures and Overwhelming Debt
Life comes at us quickly!
Illness, death of a loved one, divorce and overall economic uncertainty.
If you require assistance Cashyn Homes can help by providing viable solutions for your unique situation.
How do you know when it is time to let go of the property and begin a new chapter?
FORECLOSURE
The city is guided by the “Law of Property Acts” which is the legal way of acquiring due payment by a mortgage company, a bank or a designated lender. In most cases, the simplest way to begin this is to engage the services of a specialized lawyer and submit the request after you missed your monthly payments. This lawyer will write a Demand Letter that is sent to the said borrower. In the letter, there will be details about the situation at hand and how it can be resolved peacefully before a set date.
More often than not, there isn’t any need for actions when the demands of the letter are met. However, there are cases where there are missed payments, and the lawyer now writes a Statement of Claim. That begins a foreclosure between your lender and you as a borrower.
This could take a while to be followed through if a borrower is savvy enough to take all the necessary steps. It could also be very dangerous if they fail to act as quickly as possible. The borrower will also seek to get a reimbursement if you’re not careful enough, limiting all options into foreclosure.