Five Consequences You Face On Ignoring Foreclosure Proceedings

You might be going through tough times and not be able to pay the mortgage amount back. The consequence might be you receive a foreclosure complaint. What happens when you get a foreclosure complaint, and you ignore.

1. Less Time in Hand: Many people seek legal assistance when they receive a foreclosure However, while a few go to the lawyers right away, many others decide to push it under the carpet like a random pamphlet in the mailbox. Once you receive the mail, you will note there is a month or even lesser time in hand to respond. Talk to your lawyer and seek the defense. You might have skipped a few mortgage payments, but still, your attorney will help.

2. Judiciary Proceeds With the Sale of House: You might assume that if you do not respond to the foreclosure, there will be no proceeding. You are wrong on this count, and the case will go to the judge after 20 or 30 days. The judge might pass a proceeding and send you another letter while allowing for the sale of your home. This will be something you can avoid by responding promptly and not ignoring the foreclosure complaint.

3. Your Property will Find a New Owner: If you choose to ignore the foreclosure letter, the judiciary will take the proceedings one-step further. They may even announce the house to be sold on auction. The new highest bidder will receive your property papers, including the title, and can move in ten days.

4. Lower Sale Proceeds Might Mean More Dues: If a house does not fetch enough money on the sale and the court finds it lesser than the mortgage dues, you have to pay to the lender too. So, you might lose your home and even pay through your nose to the moneylender and settle the dues of the mortgage.

5. Taxes Add to the Problem: In tough times like these, when you are already dealing with the sale of your home, you might have the additional stress of paying taxes.

If only you had not ignored that letter of Foreclosure and sought timely legal advice, you might not have put up the “Buy my House” board on your property. Thus, take the right steps immediately and seek legal advice for a better future.