What is a Foreclosure?By South Florida Investment Properties

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Foreclosure Defined A foreclosure is the procedure involving

the collection of a mortgaged property due to failure to make mortgage payments.

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The Process This legal process consists of an attempt

of the lender to recover the remaining amount of a borrowed loan in which the borrower has ceased to make payments to the lender.

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Residential Mortgage Loan In a foreclosure involving a residential

mortgage loan, the lender is typically a bank or other financial institution.

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Those at Risk for Foreclosure Who is at risk for foreclosure? Essentially

everyone could fall into risk of a foreclosure.

Financial situations can change quickly and without notice. Those who haven't missed payments could easily become those at risk.

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How to Avoid Foreclosure There are many ways to avoid risk of

foreclosure.

One of the easiest ways to prevent foreclosure is to keep track of your mortgage payments and do not ignore letters of warning from your lender.

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Do Not Be Afraid Do not be afraid to work with your lender and

ask about the options available to help you pay your mortgage payments.

You may choose to hire a professional to help you with your financial and legal needs. Various government programs have also been created to help those at risk of foreclosure.

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What to do When Faced with Foreclosure An attorney with experience and

knowledge of foreclosures can help ensure the foreclosure process will be less foreboding than it has to be.

Make necessary preparations and communicate honestly with your creditor.

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The End A foreclosure does not have to be the end of

your financial well-being; a professional can help you decide what foreclosure options are best for you.

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