NH Foreclosure Myths And Information For Homeowners

There can be some misinformation about foreclosures. It is useful for current and future home owners to know what is fact and what is fiction. This article covers NH foreclosure myths and information for homeowners.

Misconceptions about Foreclosure

Stop Paying to Get Help

Home owners can apply for loan modification and other assistance before being delinquent. These programs review your finances to determine eligibility.

There Is Nothing You Can Do After Receiving a Foreclosure Letter

Lenders take a bigger loss on foreclosure. Even after foreclosure proceedings have started, lenders may attempt to work out a solution to stop foreclosure. Short sales are one possibility prior to a finalized foreclosure. Short sales involve finding an offer on a property and asking the mortgage company to accept less than the amount owed.

You Must Move Out Right After the Foreclosure Notice

The foreclosure notice is only the first step in a lengthy process and it ordinarily is generated when you are a few months late on your mortgage. It can take several months for a lender to complete the necessary paperwork to actually evict you from a home. Even though you are not required to immediately vacate the premises, you should plan for it.

I Can Never Purchase Another Home

Even though a foreclosure is viewed negatively by future lenders and dramatically declines your credit score, you can still be able to get another home in several years. Use that time to improve your credit ranking. Also expect a larger required down payment and higher interest rate. This is how lenders will offset the risk of granting you another mortgage.

The Lender Will Take All of My Property

Furniture, clothes, and other personal items are not taken. Only items attached to the property must remain. This includes flooring, light fixtures, and plumbing. Consider what you would typically leave behind when selling a home and use that as a general guideline.

I Have No Financial Responsibility After Foreclosure

After foreclosure, a residence may sell for less than what you owed to the lender. That balance is your responsibility. There are ways for the mortgage company to "charge-off" that amount. Consult with a local attorney for clarification.

NH Foreclosure Myths And Information For Homeowners

There are several other myths regarding foreclosure. Procedures can also vary from state to state. This article on NH foreclosure myths and information for homeowners is simply a general overview and must not be considered legal advice. Be sure to request legal advice if you are in danger of foreclosure, and start the process before you miss any payments.

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