Foreclosure

Foreclosure Advice and Assistance from Bills.com

Foreclosure can be one of the most horrible financial experiences. You end up defaulting on too many mortgage payments and your home is taken away from you. Not only do you lose your home in foreclosure, but it can have a long-lasting impact on your credit rating.

Foreclosure is a serious situation that has serious repercussions. If you can, you want to avoid a foreclosure as much as possible. If you’re on the verge of getting your home reposed by the bank, let Bills.com help you learn about the foreclosure process so that you can save.

Bills.com is here to help. If you’re in over head in debt which is causing you to miss mortgage payments, we can help you get a debt consolidation loan to handle your debt and avoid a foreclosure. We also offer helpful guides, foreclosure FAQs, glossary terms, and other helpful tools to help you keep your home and avoid a bank repossession. You’re in good hands with Bills.com.

• At what point can the bank initiate the foreclosure process?
  It all depends on the terms of your loan. However, normally if mortgage payments are not received within 150 days, the bank can proceed with the foreclosure process. Consult your lender for details.
• If the bank forecloses on my home and sells it, do I owe anything else?
  Each foreclosure situation is different but normally the repossession and liquidation of your home covers the outstanding debt you owe the bank. Sometimes you will owe a deficiency balance after the foreclosed home is sold.
• Will a foreclosure affect my credit?
  Absolutely. A foreclosure is a negative mark on your credit report and can drastically affect your score. Ideally you don’t want any foreclosures on your credit report.