?Foreclosure Law: Important Details You Should Know
Before buying a home, read the fine print of your contract so that you are aware of the details. This is especially true if you are purchasing a home with a subprime loan. If you can't make your loan payments and you face foreclosure, you will want to have already become familiar with foreclosure law.
According to foreclosure law, you will have a set amount of time to leave your home if you can't afford it. If you ever find yourself in this position, you will be better off if you already know your rights by reading your loan agreement before signing it.
Subprime Mortgage Lending
Due to their inability to continue paying for their homes, many people have been foreclosed, a sad fact which the media has reported on. These foreclosures are often a result of lenders who offered subprime mortgages that they claimed would help their clients to own their own home and live out the American dream.
They even assure these people that they don't need good credit. So, they offer loans and low rates to get people into their first homes. However, what these people generally don't know, because they don't read the fine print, is that their interest rates are going to jump in a few years. What happens is that these people can no longer afford their payments and they are now subject to foreclosure law.
Notice to Vacate the Home
Foreclosure law states that a homeowner will have to vacate the premises of their home within a set period of time after they have failed to pay their home loan payments. When payments are not made, the bank or other lending agency with whom you took out your loan will inform you of the date by which you must leave your home if you cannot make your payments. The police will get involved if you refuse to leave by the set date. In many cases people are being forced out of their homes because they did not take the time to read the details of their loan agreements and were not able to afford their payments after the interest rate went up.
You can protect yourself from foreclosure by doing all you can to make sure you will be able to pay back your home loan. That way you will be able to stay in your home without worrying about losing it to foreclosure. The Internet is a useful tool for individuals who would like to learn more about foreclosure. You can read people's personal experiences with foreclosure as well. If you want more information, speak to a lawyer who works with foreclosure law.
According to foreclosure law, you will have a set amount of time to leave your home if you can't afford it. If you ever find yourself in this position, you will be better off if you already know your rights by reading your loan agreement before signing it.
Subprime Mortgage Lending
Due to their inability to continue paying for their homes, many people have been foreclosed, a sad fact which the media has reported on. These foreclosures are often a result of lenders who offered subprime mortgages that they claimed would help their clients to own their own home and live out the American dream.
They even assure these people that they don't need good credit. So, they offer loans and low rates to get people into their first homes. However, what these people generally don't know, because they don't read the fine print, is that their interest rates are going to jump in a few years. What happens is that these people can no longer afford their payments and they are now subject to foreclosure law.
Notice to Vacate the Home
Foreclosure law states that a homeowner will have to vacate the premises of their home within a set period of time after they have failed to pay their home loan payments. When payments are not made, the bank or other lending agency with whom you took out your loan will inform you of the date by which you must leave your home if you cannot make your payments. The police will get involved if you refuse to leave by the set date. In many cases people are being forced out of their homes because they did not take the time to read the details of their loan agreements and were not able to afford their payments after the interest rate went up.
You can protect yourself from foreclosure by doing all you can to make sure you will be able to pay back your home loan. That way you will be able to stay in your home without worrying about losing it to foreclosure. The Internet is a useful tool for individuals who would like to learn more about foreclosure. You can read people's personal experiences with foreclosure as well. If you want more information, speak to a lawyer who works with foreclosure law.
About the Author:
Is secured debt consolidation a good way to get your debt paid off? Learn more about how it works and whether or not it's a good choice at the Debt Smackdown website. Visit http://www.debtsmackdown.com for more helpful information.
posted by Credit Counseling at
3:26 AM
0 Comments:
Post a Comment
Subscribe to Post Comments [Atom]
<< Home