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Foreclosure Survival Guide
Having Trouble Making Your Mortgage Payment?
No matter the reason you've fallen behind on your mortgage payment, MSUFCU wants to help keep you and your family in your home.
Your financial setback may be short-term in nature and temporary, or it may be long-term and your payment is just too much for your income and budget. Don't wait! If you are having trouble making your monthly payment, act now. Communication with MSUFCU is very important for us to help you maintain your home. Not making your loan payments and not communicating with your lender about your situation can have serious consequences.
Foreclosure is a legal process that allows a lender to recover the amount owed on a defaulted loan by selling or taking ownership of the property securing the loan. The foreclosure process begins when a borrower defaults on mortgage payments, and the financial institution that holds the mortgage files a public default notice, called a Notice of Default or Lis Pendens. Homeowners may also lose their homes due to unpaid property taxes. As a result of the foreclosure (at the end of the redemption period), the homeowner loses the rights he or she had to the property.