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Understanding Judicial Foreclosure
Foreclosure is one of the most severe and difficult financial processes for any consumer.Unfortunately, foreclosures are also peaking, meaning thousands of American families are nowfacing this dire consequence. What does it mean, and what can you do to avoid foreclosure?
What is Foreclosure?
Foreclosure is the legal process through which a lender (most typically a mortgage lender) claimsan asset from the consumer borrower. Foreclosure is almost always the result of default on payment. A very important consideration for mortgage payment is that lenders cannot take partial payment on the mortgage monthly payment. What that means is that, unlike a credit card,you cannot mail in a portion of your payment… a mortgage payment is all or nothing. This alsomeans that if you miss one payment, the next month you have to re-pay the current month and allarrears! This, in addition to exotic mortgage products and rising rates, can drive many otherwisefinancially stable people into foreclosure.There are two types of foreclosure: judicial and non-judicial foreclosure.
Judicial Foreclosure:
A judicial foreclosure basically means that the foreclosure is a court ordered legal process.Instead of a trustee, the foreclosure actual moves (sometimes moves very slowly) through thecourt system. In states that use a judicial foreclosure process, the mortgage deed or mortgage liendoes not have a forced power of sale clause… so the lender has to formally take the homeowner to court. This can help by buying you some time.
Non-judiciary Foreclosure, or Statutory Foreclosure:
Many states avoid the judicial foreclosure process, and instead, the mortgage lender notifies the borrower with a notice of default. Since the mortgage loan terms already specify that a sale process kicks off right away (without going through the court system) – the lender can start theforeclosure process very quickly. Then the borrower has a fixed period of time (which varies
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It didn't help to know I wasn't alone when I got that foreclosure notice. I felt like people looked at me like there was a scarlet F on my forehead. I'm so glad that 1st Foreclosure Prevention were able to help me set everything right. I owe them more than I can imagine. They saved my home.

I made a couple of loans to a friend, or at least I thought he was a friend but he skipped town and left me in a lurch. That money was supposed to help me pay the bills while my wife was off of work with our twins. They were preemies and we didn't want to send them to a sitter. She was going to be off of work for at least 8 to 12 months. I tried to get a second job but couldn't find one that worked in time wise with my full time job. We got behind on the house and the bank was threatening us with foreclosure. What a mess. I called 1st foreclosure prevention and they assured me that they could help. And they did. They saved me from having to tell my wife that we were going to have to pack up and move with 2 babies in the house. My friend finally called me and has promised to return the money with interest. That will be nice but it would not have saved our home.

I was the bread winner and the one who was supposed to take care of my family. I let my finances get out of control and it looked like we were going to lose our home to foreclosure. How was I supposed to tell my wife and kids that I messed up and we were going to have to move? I tried to work things out with the bank but they wouldn't budge. I found some info on the web and decided to give it a try. Turns out it was the best thing I ever did. 1st Foreclosure Prevention helped me get everything straightened out. They worked with my bank and the foreclosure was stopped. Things are looking pretty darned good thanks to them.

It's one thing understanding the law, but it's another thing knowing where to get real help. I found it with 1st Foreclosure Prevention. They were able to work with me to save my home. I am forever in their debt.

A foreclosure is not something I thought I would ever have to deal with. Of course, I didn't think I'd lose my job after 16 years either. I found another job about 5 months later but by then I was hopelessly behind in all my bills. The only one I was really concerned about was the foreclosure notice on my house. No amount of talking moved my bank to work with me. They wanted everything I owed them. Thats a laugh. Don't they know if I had it, they would have gotten it? I found several references on the web to 1st Foreclosure Prevention. I knew it couldn't get any worse, so I gave them a call. They were great people. With their help I was about to get a loan modification and the dust has finally settled. The new job is actually better than my old one and my house is secure again. Thnaks guys for all the help.

No one buys a house and thinks about the possibility of foreclosure. You just know, that is something that will never happen to you. Well, it did happen to me. I did not plan on my company going bankrupt and me being out of work. I live in a small town and the job market is slim to none. By the time I got another job in a bigger town nearby I was really behind on my mortgage payments. I had gotten a foreclosure notice but thought the lender would reconsider when they found out I got another job. They wanted all of what I owed before they would talk to me. There was no way. I got in touch with 1st Foreclosure Prevention and they were able to help me get it all straightened out. They saved my home, I know I couldn't have done it alone.

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