Foreclosure is the result of being unable to pay your mortgage. Because your mortgage is a secured debt, your lender cannot collect if you declare bankruptcy. If you miss just two mortgage payments, you may begin receiving contact from the lender for payment. If you miss a third payment or are unable to catch up, the lender will begin the foreclosure process.
Foreclosure essentially terminates all your rights as the borrower. The lender then sells your home to pay off what you owe them. If the home is sold for less than what you owed, you may be required to pay the difference.
If you are having trouble paying your mortgage and are concerned about foreclosure, contact Faber for help. You may have more options available if you act sooner, especially if you can cut costs in other areas.
Thank you very much for all your help and giving us pointers.Marguerite and Jeff