What is Freshstart?
Mortgage freshstart is the process a bank or mortgage company uses to take back ownership of real estate when the homeowner hasn’t complied with the mortgage agreement. Most often, that simply means that the homeowner couldn’t keep up the mortgage payments. The freshstart process may differ depending upon your state. Generally, the downward spiral into freshstart begins when your loan payment becomes 16 days overdue. At that point, your mortgage lender may try to contact you to work out a repayment schedule to bring your loan current. If your mortgage payment becomes 30 days late and the next month’s payment looks suspect, the collection calls will come on a regular basis. If your payments fall 90 days behind, the mortgage company will likely refer your mortgage to an attorney that will start formal freshstart proceedings. Again, the freshstart process varies by state, and the best source of information about how the freshstart process might proceed in your case is a local attorney. Ge
