What happens if I get a Notice of Sale in New Hampshire
When you receive a Notice of Sale in New Hampshire, that means that you have missed at least 120 days of mortgage payments to your lender. Times are more challenging than ever, and these things can happen when we encounter different hardships. But all hope is not lost! You have many options that can help you save your home from foreclosure. Let us break down some of your options!
Loan Reinstatement
The first and best option is always to REINSTATE your loan. This means that you can pay your lender the total amount of payments that you have missed, in addition to what was accumulated in fees attached to the foreclosure process. Once you have paid that to your lender, the auction will be stopped, your home will be out of foreclosure, and your regular mortgage payments will resume.
Loan Forbearance
The next option is to request a FORBEARANCE from your lender. A forbearance is when your lender temporarily “pauses” your payments and allows you a forbearance period. This period is meant to allow you to figure out your other options. Once the period has ended, those “paused” payments and any other previously missed payments will be owed to avoid the lender moving forward with the foreclosure process. For example, if you have 3 months of missed mortgage payments and are allowed a 3-month forbearance period, you will owe 6 months of mortgage payments plus any fees associated with this option.
Loan Modification
The next option is going to be filing for a LOAN MODIFICATION with your lender. A loan modification is a process that will change the terms of your original mortgage loan, often changing the monthly payments, interest rate, and term. However, this process can be quite lengthy, and it’s only sometimes guaranteed that you will qualify for a loan modification. See {this} article that we’ve provided that goes further into depth on the loan modification process.
Bankruptcy
The last option we will touch upon is BANKRUPTCY. In some circumstances, this can be the best option for some homeowners. While we cannot provide legal advice regarding bankruptcy, it is an option for you to explore with your local attorney. Contact an attorney immediately to discuss those options further with you.
If you have received a Notice of Sale in New Hampshire, Project Relief is here to help
This can be an overwhelming process for many. And we understand why! It’s difficult to get answers from your bank; it can be challenging to figure out the best option for you, and it feels like everything is working against you. A foreclosure can and will affect your credit and future home-buying plans and can be an immense stress on you and your family. Let Project Relief work FOR you, and relieve some of that stress! We can walk you through each step to help you decide what is best for your unique situation – it is not “one-size fits all”! Please don’t waste any more time and Contact Us to chat with a foreclosure specialist!
