"Understanding Foreclosures"
In today's ever-changing economy foreclosure is an unfortunate fact. Whether due to illness, loss of employment, death of a loved one, divorce or rising inflation many home owners are finding it harder and harder to make ends meet. When a property owner has missed payments and been unable to make alternate arrangements with the lender, the lender may choose to begin the foreclosure process.
The lender will file a notice of default with the county recorder's office and send a copy to the property owner. The lender can at that time demand that full payment be made or direct that the property be sold at public auction. A notice of sale will be published in the local newspaper and in a public place such as the county courthouse for three consecutive weeks. The property owner has until 5 days before the published sale date to bring the loan current. If the owner is able to bring the loan current, the deed will be reinstated and regular monthly payments will continue. If the owner is unable to bring the loan current, the property goes up for auction.
The loss of a home due to foreclosure can be extremely devastating to the property owner. In addition to losing a home and the money the property owner has into it, the impact on the owner's credit rating makes it difficult to start again. Additionally, the anxiety and frustration of having to start over often takes an emotional toll.
This is where Ray Corporation may be able to help. We provide free consultation to property owners who are facing foreclosure. We will sit down with you and talk about what your potential options are. In some cases we may be able to help you start over on a stronger financial footing.
If the difficulties of life have brought you to the point of possible foreclosure, please feel free to give us a call. We may be able to help you stop unwanted phone calls, preserve some of your credit standing and even get some money to start over with.
