Citimortgage Foreclosure is a situation that is similar to a traditional foreclosure process. However, when you are using a no obligation quote, your interest rate is based on the prime rate. A no obligation quote is where the lender pays a lump sum payment out of the proceeds from your loan. This type of payment is used for paying expenses and for marketing your property as well as making any repairs. Citimortgage foreclosure is also referred to as judicial or non-judicial foreclosure. The process for this type of foreclosure involves a set of steps that has been laid out by the courts in the past. When you have decided that you would like to use a no obligation quote to stop foreclosure you will need to work with a broker or lawyer. You will need to find out if you can use a no obligation quote in a state that does not use the judicial foreclosure. Most lenders will tell you if the quote is allowed in the state of your choice.
what to do when facing citimortgage foreclosure
Most borrowers facing foreclosure will need to work with a loan modification. Many times this is the only way that a person can save their home from foreclosure. A loan modification can be used to renegotiate your mortgage payment terms. It can also be used in conjunction with a modification. A modification is often used to prevent the home from going into foreclosure. However, there are other methods to stop foreclosure besides a loan modification. In some states you will not be allowed to use a no obligation quote if you are facing judicial foreclosure. A judicial foreclosure is when the lender files a lawsuit against the borrower. This lawsuit can be done in a number of ways including serving a Notice of Default. The lawsuit must be filed within 30 days of the notice being served.
If your home has gone into the new clause and you have been given a Notice of Default then you may have the right to go into a non-judicial foreclosure process. A non-judicial foreclosure process is much like a civil lawsuit. The proceeds of the lawsuit are used to repay the debt of the lender. A borrower can go into either a judicial or non-judicial foreclosure process. In either case the proceeds of the lawsuit must be dispersed by the court. If the borrower fails to pay the money to the lender, they can move to have the foreclosure court order the lender to sell the property. Citimortgage Foreclosure Alternatives can be a great way for many homeowners to stop foreclosure. These options include working with a loss mitigation specialist, using a free quote tool, negotiating with the lender, or going through the courts. No matter which of these options a homeowner chooses they must take action in order to save their home. With the help of an experienced loss mitigation specialist and other means of help there is hope for many homeowners.