Details of Carrington Mortgage Foreclosure Process
It is safe to say that everyone wants to avoid house foreclosure. That is a very painful process since your house has meaningful history to you. Nonetheless, for some people, this process can be unavoidable. When facing this situation, you have to educate yourself about every step in this process. This article will be useful for Carrington’s customers. The steps of Carrington Mortgage foreclosure process are going to be explained in details.
The Breakdown of Carrington Mortgage Foreclosure Process
Everybody who is taking mortgage loan faces risk of foreclosure up to certain degree. Let’s break down how home foreclosing happens.
- Missing Monthly Payment
Every Carrington Mortgage foreclosure process begins with missing payment by borrower. There are several reasons that may cause it. Perhaps, you do not have enough money to pay for mortgage that particular month or endure financial hardship which affects your ability to pay for mortgage. If so, you are recommended to contact the company’s loss mitigation service at 1-866-874-5860 from Monday to Friday at 9 a.m. to 7 p.m. on Eastern Time. You will have several assistance options that can help you avoiding foreclosure. There are also instances where people miss payments due to forgetfulness. This company provides auto payment option to minimize such case.
- Notice of Intent (NOI) from Mortgage Lender
The second step of foreclosing process is Notice of Intent sent by your mortgage lender on the missed second payment date. The notice informs that due to missing payment, the lender has intention to foreclose your house. Normally, borrower is given up to thirty days to come up with solutions (e.g.: paying the amount due) before the next step takes place. However, in many cases, borrowers lose chance to take advantage of this given period. Despite many platforms offered by the mortgage company to reach out for help, the lack of knowledge hinders them from utilizing them.
- Judicial or Non-judicial Process?
Carrington Mortgage foreclosure process is differentiated into two kinds: non-judicial and judicial. The differentiation is influenced by your property location. It is started by Notice of Default by your mortgage lender. In non-judicial process, your foreclosing documents are filled by a local county. Notice of Trustee Sale is going to be placed at the front of your property. After that, your house will be auctioned publicly. Your house is going to be sold to someone who bid the highest price.
Judicial foreclosing process is more laborious than that. It can take you months, even years. After you received NOI on your second default, you will be given thirty days to complete due payment and pay for penalty. The lender will appoint an attorney to file complaint to defaulting borrower on court. The court then will send notice to allow you chance for defense. If you do not defend yourself, your house will face foreclosure immediately.
House foreclosing is not a fun process. However, being knowledgeable in Carrington Mortgage foreclosure process is really important. You can avoid the process entirely by negotiating with the company at the right time.