Recently, my significant other and I found ourselves facing bank foreclosure on our home. We knew it was coming. We had missed a number of mortgage payments while we were laid off from our jobs at the mine.
Stupidly, we did not communicate our problems to the bank. We tried to make do with part time jobs at fast food restaurants, but trying to make all of our payments on time and still have money to buy diapers and food for the children was very difficult. It was a scary circumstance to be in.
The first step in bank foreclosure is missing a payment. It does not matter why you miss that first payment, but the foreclosure ball starts rolling at that point. Once fifteen days have passed from your missed payment, the bank normally tries to contact you.
If you do not speak to the bank, more problems are in store. Forty-five days later, the next step is taken. At this point, you are usually warned, in writing, that you are facing foreclosure if you do not take action right away. If you allow another four weeks to pass with nothing, the formal paperwork will begin.
There are several steps you can take before the formal foreclosure process begins. All of these vary between states. In some states, you'll be able to file for bankruptcy. Most will allow you to keep your property as a protected asset.
There are two types of bankruptcy you can file for. You can have your debts wiped out, or you can have your debts reorganized so you can continue to pay loan companies as much as you can while still having money to survive on.
Either way, the ability to file for bankruptcy and keep your household will depend entirely upon the laws in your state. Another thing you can do before the formal bank foreclosure process starts is talk to your lender.
Most lenders are willing to work with clients to lower payments temporarily, suspend payments for a few months until you get back on your feet, or make some other arrangements. Banks don't want to foreclose on people.
The important thing to remember is to try to prevent this nasty process before it starts. For some of you business owners, this may involve the help of investor capital. Ask an investment expert about "going public ipo" and then find out what your market capital is.
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