A recent job loss or unexpected medical bill can cause you to fall behind on your mortgage payments. If you fall too far behind, your lender may start foreclosure proceedings, meaning you could lose your home.
Going through foreclosure is stressful and can negatively impact your credit score for up to seven years. Fortunately, there are steps you can take to avoid foreclosure, and ways to stop the foreclosure process once it starts.
Foreclosure is the process through which a lender repossesses your property because you’ve failed to make mortgage payments. Foreclosure can also be initiated by a homeowners association if you fall behind on annual dues, or a governmental entity if you fail to pay your taxes.
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