If you have recently bought your first home or have never owned a home at all, you may not know all the ins and outs.In a perfect world, everyone who ever purchased a home would be able to make their payments in the full amount and on time always. However, this is not the case. Sometimes things in life get messy and homeowners cannot always make their payments on their mortgage. When this happens and continues to happen, the house will be foreclosed on. This means that the property will first be put up for auction. If the house is not auctioned off for any reason, the home will then become the property of a lending institution, most often a bank.
You may be wondering how someone can lose a home that they are the owner of but there are many agreements that are made when a person signs a mortgage. The most important of all of these agreements is that the homeowner will pay the set amount each month in order to remain living in the home. In laymen’s terms, a mortgage is just a loan.
We would suggest that before you ever purchase a home that you do research surrounding every aspect of your mortgage. This means knowing things like what will happen should you not be able to make your mortgage payments, learning about secure and unsecure loans and much more. If you have questions about foreclosure or need a lawyer to help you during a foreclosure, call the expert litigators at Pavithran Law today!