How Does a Home Foreclosure Process Work?
Please keep in mind that this is dependent on a state by state bases and it could also vary depending on the terms of your mortgage agreement. For that reason, it isn’t possible to offer any legal advice. What it can be offered is some generalities that may sum up how the foreclosure process works. For example, one of the most commonly asked questions is when will your credit score be affected? This will be affected from the very first missed mortgage payment or partial payment, however you will not actually start the foreclosure process until after your third missed payment. A foreclosure will not be finalized until after the sheriff’s sale which takes place after your seventh missed payment. Once you miss three consecutive payments the foreclosure process will begin. Generally, you will no longer have the option to pay a partial payment, however this will be at the discretion of your mortgage company. A partial payment is considered to be anything less than the total amount that is o
