Receiving a foreclosure notice as a San Antonio, TX resident is like losing your home, this is the common misconception of home owners about foreclosure. But the truth is, it is just an initial step of the very long process which will take time to be accomplished. That is why it is recommended that you have a working knowledge on these processes so that you can take control of the expected outcome.
MISSED OUT BILLS
Sometimes some banks will set up a property owner to bowdlerize you. This commonly happens when they assume to collect your month bill or mortgage fee on or earlier that the deadline. Generally banks offer a ten-day grace period for all customers. Within that given ten days, you can pay your bills without worrying about the additional fees that you may have due to the delayed payment and of course minus the foreclosure.
If you have paid the amount due within the said date, then you are already good to go. But in the event that you have not arranged it, or paid for it you will be given a missed-payment notice. This will come with a statement saying that you need to pay right away or they will do the next step of this case, the initial foreclosure step.
To avoid putting yourself and your property in a serious trouble, you need to send your payment on time. You can have a system that you will enroll in the billing process, or any scheme that would help you pay your bills efficiently and conveniently. Online banking can be one great way, a hassle free way to pay your bills, so maybe you can also try to have your own Paypal account or any reputable banking institution for that matter.
You will only receive a notice of default once your payment comes later than 30 days and more. It could either mean that you need to pay or you can opt not to pay and have the house on foreclosure status. The notice will include information about property which will include your name, amount, number of days you are behind. Furthermore the statement indicates that you are in default under the terms of the note and also a mortgage that is already signed is sent to you. When we buy houses in the San Antonio, TX real estate market, we sometimes search for lists of individuals who just recently went into default. Why? Because of the reasons below:
- The homeowner may prefer to sell the house than default on it and loose all the equity in the home.
- The homeowner probably doesn’t have as much attachment to the house as they once had before the notice.
- The homeowner may need to know all of their options before the auction takes place in Bexar county.
The good thing is that this notice will explain the whole process and will shed some light to you on that matter. If the default is not treated right there are then, the bank will be forced to take the next step of the process which is now including the foreclosure. Nobody wants to leave their comfort zones early on when they are still not ready. The best thing to do in this situation is to gather funds to pay the expected fee that you must have paid. Paying it will give you peace of mind, since you will be steps away to the foreclosure of your dear old home.
FEARED FORECLOSURE NOTICE
In the worst case scenarios when a customer cannot respond immediately with the demands of the bank, they will have no choice but to have the property in a foreclosure status. The said customer will most likely receive the feared foreclosure notice. When the bank have already started the process, they will send you a notice. Then and there the bank holding the property in that foreclosure status will schedule the auction date of your home.
This is but only the first step of that long process that the bank will go through before finally closing the deal of your house. So from that on, you can do something to remedy.