When Does Foreclosure Start?
If you’re struggling to keep up with mortgage payments, foreclosure might feel like a distant worry—but it could be closer than you think. Foreclosure is a process that starts with a single missed payment, and understanding when it officially begins can make all the difference in protecting your home, credit, and financial future.
In my latest video, I break down exactly when foreclosure starts, what triggers it, and the steps you can take to manage the process before it’s too late.
The First Missed Payment: A Quiet Start
Foreclosure doesn’t begin with a bang. It starts quietly when you miss your first mortgage payment. While lenders might not take immediate action, they begin tracking your account closely. Late fees can start piling up, making it even harder to catch up.
When Does It Escalate?
After two or three missed payments, the situation becomes more serious. Lenders may start sending formal notices and calling you directly. If ignored, this can lead to a notice of default or a lis pendens, signaling the formal beginning of the foreclosure process.
But here’s the thing—many homeowners don’t realize that even at this stage, there are still options available to stop the process.
What Can Trigger Foreclosure?
It’s not just missed payments that can lead to foreclosure. Ignoring lender notices, unpaid taxes, or other financial issues tied to your property can also accelerate the process. Understanding these triggers is crucial to taking control.
What Can You Do?
Even if foreclosure feels inevitable, there are ways to prevent it. From loan modifications to temporary hardship programs, lenders often offer solutions that can give you the breathing room you need. In my video, I explain the steps you can take to act quickly and effectively.
A Powerful Tool to Help: The Hardship Letter
A hardship letter can be a game-changer in communicating your situation to your lender. This letter has helped countless homeowners explore options like loan modifications or short sales. You can download my sample hardship letter to get started.
Want to know more? Watch my full video here: When Does Foreclosure Start? to get the detailed answers you need and learn how to regain control of your situation.
Foreclosure is serious, but it’s not the end. Take the first step today and explore your options before it’s too late. Let’s tackle this together!
. 📥 Download the Hardship Letter Template Here: [Insert Link]
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Esphir Popilevsky NY & NJ Licensed Real Estate Broker NY: Supreme Home Sales, Inc. and in NJ: DreamLife Realty 44 Robin Ct. Staten island, NY 10309 718.689.4737 / 917.579.4455 supremehomesales@gmail.com https://www.supremehomesales.com
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