If you’re facing foreclosure, you are probably feeling extremely overwhelmed. To add to the stress of it all, researching the foreclosure process online hasn’t made you feel any better. There’s a lot of information out there from many different sources, and no one has time to read it all. Are you worried you’re missing something important or not asking the right questions? Don’t worry! In this article, we will let you know the top 5 questions to ask a foreclosure counselor or your lender.
5 Must Ask Questions About the Foreclosure Process
1. How long do foreclosures generally take in my state? Here is a list of all the different states and about how long a foreclosure takes in each of them. This list is also great because it’ll let you know if you have a redemption period, which leads us to our next question.
2. Does my state have judicial or non-judicial foreclosures? This is important because non-judicial foreclosures are a lot quicker. If you have a non-judicial foreclosure, you also don’t have a buffer between you and your lender.
3. Is there a deed of trust or power of sale? When you’re talking to your lender, ask them if you have a deed of trust foreclosure. This type of foreclosure may have a power of sale clause, which will describe how your property will be sold and advertised.
4. I have a redemption period? A redemption period is the period of time where a person can redeem their home by paying off any debt that has occurred with their lender.
5. I live in a state with deficiency judgment? Deficiency judgment is when you owe more on your house then it was sold for at the foreclosure sale/auction. If you owe more than the bank sold the home for, you can be liable for the leftover amount due. Click to see states that have deficiency judgment.
These questions may seem daunting, but that’s exactly why they need to be asked! And guess what, you can get answers to these questions for FREE! Foreclosure avoidance counselors come at no cost to you and they can answer these questions and more. Click here to find a foreclosure avoidance counselor.