North Dakota Foreclosure Process

The North Dakota foreclosure process is started when a borrower misses or is behind on mortgage payments on their home loan. This process is the legal steps needed for a lender to take so they can recover the property and sell it at an auction. This is not similar to repossessing a vehicle and it is far more damaging on your credit.

When you have a repossession of a vehicle it is nothing compared to having a North Dakota foreclosure process on your credit. A foreclosure can be damaging for years and a vehicle repossession may not affect you at all. The foreclosure process can take up to 8 months to complete but during the entirety of this duration you will have every opportunity to save your home and hang onto it as your own. A bank doesn’t want your house. They want your money and they will do everything they can to work with you so they do not have to recover your property.

When you go through the North Dakota foreclosure process the lender is going to send you several letters a week that say the same thing. They are also going to call you on a daily basis and ask you why you haven’t paid, when you plan on paying, if you are still working, and everything else. You need to answer these calls and answer these questions, especially if you want to keep your home. The bank will find an option to help you keep your home and get caught up.

The North Dakota foreclosure process begins with a missed payment but doesn’t mean your home is gone quite yet. You can get caught up on the payments and save your house by working with the bank. Pay attention to all of the notices that you receive from the lender.

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