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Facing Foreclosure?
At Trident Odyssey, we never want to see someone’s house go to auction. On this page, we will review a few ways to stop foreclosure in its tracks!
We understand it’s easy to panic when you’ve missed your payments, but please don’t let fear stop you from receiving help.
What does “foreclosure” mean?
A house going into foreclosure can be a stressful process for owners. Foreclosure occurs when an owner cannot pay their monthly mortgage payments. At this point, the owner’s lender will have the house sold at an auction. At the end of this process, the owners and their belongings will be removed from their home.
Types of foreclosure
There are two types of foreclosure: judicial and non-judicial. In a judicial foreclosure, the lender goes through the court system to claim your property. The process is organized and handled as a civil lawsuit against the homeowner. In a non-judicial foreclosure, the process does not occur in a court system. In this scenario, the homeowners initially used a deed of trust instead of a mortgage. A trustee initiates foreclosure.
“I think selling is my best option.”
If this is something you’re saying to yourself, please call us today! We can help you at every step, from buying your property to helping you find a new home to helping you move your furniture.
“How do I stop foreclosure?”
- See if the government can help you. Please see the U.S. Department of Housing and Urban Development’s webpage. This department offers programs such as “Making Homes Affordable” and assistance for FHA-insured homeowners.
- Contact your lender. Your lender could help you explore options such as loan modifications, a repayment plan, refinancing, or forbearance.
- Sell your home
Trident Odyssey 