An essential point that homeowners should think about is keeping on top of all the court proceedings if the bank sues them for foreclosure. Borrowers have each and every proper to know and defend against any actions taken against them by their lender; merely falling behind on a mortgage payment doesn’t automatically mean eviction is inevitable and will occur randomly, which is what numerous homeowners irrationally fear. If for no other reason, homeowners really should keep up using the legal process just to know just how much time they’ve left to save the home before a sheriff sale or move just before being forced out.

Our mortgage was a variable rate mortgage, and my husband had lost his job and bills were out of control… We decided to cut our losses and do a short sell and avoid foreclosure (which had started). At this present time we are slowly regaining financial abilities even thru our country’s economic hard times…We want to purchase another home in about a year. Will banks see me as a risk, and deny me a mortgage because of my past situation?