Receiving a foreclosure notice in the mail is perhaps the most dreaded notice a homeowner could get. As simple as the notice may appear, the word printed in a home foreclosure notice is more than enough to bring a sense of fear and uncertainty to the Billings Homeowner since her/she is now faces with the realty that he/she could lose the home.
I want to say that the most important tip I can give homeowners is to act right away and take action. You cannot stop the foreclosure by just sitting on your butt. You should always try and contact the bank or find someone in the Billings community to help. I recommend seeking legal advice. Be bold; don’t be ashamed it happens to more people than you think. There are hundreds of foreclosures a year in Billings Montana. Everyone I have every known has run into financial difficulties sometime in their life because of illness, job loss, or something devastating.
A foreclosure is the legal process that is taken by a mortgagee or lien holder. When a foreclosure is taken out, the court is ordered to issue an individual with a notice. As a result the borrower is now in debt towards the lender of the funds that have been used to finance the purchase of the property, which is your home.
So why do people go into foreclosure?
The reason most foreclosures are issued is because a borrower has been unable to pay any outstanding bills for a certain period of time. This could include taxes, contractor bills, loan payments, HOA dues and other payments associated with your house.
I will always stress the importance of acting fast. Even if you have called a bank and told them that you may be a little late or short on the next few payments that will not be enough to stop them from foreclosing. I recently talked to a friend who said the bank said it would be ok if he was a little short on payments for the next couple months but nothing would happen if he was still making some kind of payment. So he thought it was all good and soon after that he say his name in the paper and received a foreclosure notice.
The bank will not stop until you have worked out a modification with them, brought the loan current or sold the property.
Big Sky Property Solutions LLC is Billings Montana’s solution for property owners who are facing foreclosure.
If you need to save your house they can help to get a loan modification done. Or they will buy your house from you.
The good news is for homeowners in Billing Montana who have received a foreclosure notice is that they still have time to keep their home and save it from being sold at auction.
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