Recently, my significant other and I found ourselves facing bank foreclosure on our home. We knew it was coming. We had missed several mortgage payments while we were laid off from our jobs at the mine.
Stupidly, we didn't communicate our problems to the bank. We tried to make do with part time jobs at fast food restaurants, but attempting to make all of our payments on time and still have money to buy diapers and food for the kids was very challenging. It was a scary scenario to be in.
The first step in bank foreclosure is missing a payment. It does not matter why you miss that very first payment, but the foreclosure ball starts rolling at that point. Once fifteen days have passed from your missed payment, the bank usually tries to contact you.
If you do not talk to the bank, more problems are in store. Forty-five days later, the next step is taken. At this point, you're usually warned, in writing, that you are facing foreclosure if you do not take action immediately. If you allow another 30 days to pass with nothing, the formal paperwork will begin.
There are many steps you can take before the formal foreclosure process begins. All of these vary from state to state. In some states, you'll be able to file for bankruptcy. Most will allow you to keep your house as a protected asset.
You will find two types of bankruptcy you'll be able to file for. You can have your debts wiped out, or you can have your debts reorganized so you can continue to pay lenders as much as you can while still having money to survive on.
Either way, the ability to file for bankruptcy and keep your house will depend entirely upon the laws in your state. Another thing you can do before the formal bank foreclosure procedure starts is talk to your lender.
Most lenders are willing to work with customers to lower payments temporarily, suspend payments for a few months until you get back on your feet, or make some other arrangements. Banks do not want to foreclose on people.
The important thing to remember is to try to prevent this nasty process before it begins. For some of you business owners, this may involve the help of investor capital. Ask an investment professional about "going public ipo" and then find out what your market capital is.
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