First what is Foreclosure?
Foreclosure simply means that a lender can reclaim a home by legal means . If the borrowers is unable to comply with the mortgage agreement by missing the payments, the foreclosure process can begin.
Their are different types of foreclosure.
1.Deed In Lieu Of Foreclosure
This is the common type of foreclosure arrangement. Often called “strict foreclosure,” where the bank claims the title and possession of the property back to satisfy the debt.
2.Judicial Foreclosure
Judicial foreclosure or simply known as "foreclosure". In these proceeding the property is being subject to auction by country or a court official. Wherein the winner bidder will obtain the deed of the said property.
3.Statutory or Non-Judicial Foreclosure
In this case, when a borrower fails to make payments, the lender may be issued a notice of default and intent to sell. If the borrower does not solve the default with payments or other means, the property will be sold at public auction.
But still the question remains if you should try to stop foreclosure on your own or hire a foreclosure company to do the work for you. Thats why National Modification Corp is here to help and aid you in your late mortgage payments.
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