It is normal for you to go into panic mode after you miss a payment or two on your mortgage. It is even normal for you to think about packing up your belongings and moving out. However, there is no reason for you to rush out the door just because you missed a payment. In fact, it is not until you miss three payments in a row that the proceedings for a Foreclosure Cottage Grove MN are going to be initiated. You have to understand that a Foreclosure Cottage Grove MN is something that can take months or even years to play out and you do not legally have to move out of your home until the end of the process.
When you miss a payment or two on your mortgage, your lender is going to send you out a friendly reminder letter. The letter is just to let you know that it would be wise not to miss anymore payments on your mortgage. It is when you miss a third payment that it becomes a problem. After you miss a third payment you are going to get what is known as a demand or breach letter in the mail. This is a letter that a lender is typically required to send out by their own company policies before they can proceed with a foreclosure.
The letter is going to state that you have 30 days to get your account up to date or they will start the process of a foreclosure in Cottage Grove MN. Getting your account up to date means that you have to pay all of your missing payments and any interest rates you have accumulating. The best approach is to pay a little more than the missing payments and the interest rates to put yourself back in good standing with your loan provider.
Legally, you have the right to stay in the home up until the foreclosure sale. Technically, you can even stay in the home after that if there is a redemption period after the sale. In order to stop the foreclose so you can keep your home, you will still need to get your account up to date. Check out Visit the website to klearn more about foreclosures and how a foreclosure attorney might be able to help you.
