After 120 days of missed payments, the bank will reach out with notice of default.
During this time, the bank will try and work out a payment method with the owner. If an agreement cannot be made the house will be sold at auction. Before the house goes to auction, the owner may try and sell the house to recover their damages and saving their credit.
The house will be bid upon at auction to the highest bidder. In some events the bid will not cover the previous owner's debt, leaving them in a financial crisis.
At CT Care our team has personally been affected by foreclosures in the past and understands the devastation it can cause. Our goal is to reach people before the banks take their home and by doing so we can provide a positive alternative saving them time, money and their credit.
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