This is becoming more and more common. Many people are facing adjustable rate mortgage (ARM) hikes, or their property values have declined to levels below their purchase value. Couple this with lost jobs, sudden illness or just plain bad luck, and you have a mortgage problem. As for what happens next, here is the process, in a very summarized way: If you do not pay your mortgage, you will be in default, per the terms of your mortgage agreement. Usually the first step is a call from the mortgage company asking you what happened. This is a time to ask for any programs that may help you save your home. If you are unable to work something out at this stage, the next step is for the mortgage company to issue you an acceleration notice. This means that the entire amount of the mortgage due immediately. After the acceleration, the mortgage company may file for a foreclosure, in which they can place the house for auction (typically on the first Tuesday of the month). After the house is sold at auction, the new owner may file suit for an eviction. If you are evicted, a constable will be issued to your home, remove the contents, and eject you from the house. As with most legal matters, the longer you wait to speak with someone, the more difficult it becomes to help you. If you are in trouble with your mortgage, then you should consider getting help as quickly as possible.
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