I was told that if I default on my mort and receive a summons to appear in court that i will be allowed time to catch up my payments. if I don’t catch them up in the specified time, then the judge will set a sale date on my home. i was told that i still have until the day before the sale to catch up my payments. can anyone verify this for me or put me in touch with someone who can verify specific sc laws?
Call your mortgage company. They are the only one that can tell you for sure what their policy is. They don’t want your house, they want their money. They will usually work with you if you are showing good faith in making some kind of effort. Good luck to you.
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It varies by state and also depends on what your original mortgage note said. You would have gotten a copy of it at closing.
You will be allowed to make payment during the foreclosure process but once you start missing payments the additional interest and fees charged start to add up like crazy. It’s not just a matter of making those original payments but thousands and thousands of additional dollars that will be tacked on. In a lot of cases, the mortgage company calls the note due in full after so many payments are missed. The only way you can save yourself from losing the house in that case will be to get another loan for the full amount which you probably won’t be able to do because your credit report will already be showing that you’ve defaulted on the original loan.
Call the mortgage company and tell them what’s going on. If you keep in contact with them through the process they will try to work with you in most cases. Good Luck!
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