Facing Mortgage Default or Foreclosure?
If you are struggling to make your monthly housing payments, missing deadlines, or falling behind on your home loan, time is your biggest enemy. Ignoring calls from your loan servicer will not make the problem disappear—it speeds up the process that leads to losing your home.
Understanding the foreclosure process and taking immediate control of your situation is the single most important step you can take right now.
A mortgage default occurs when a homeowner breaks the terms of their mortgage agreement. While the most common cause is missing monthly mortgage payments, breaking loan rules—such as allowing your homeowner's insurance to lapse—can also trigger a technical default.
When your loan goes into default, the clock starts ticking. Here is what you can expect if the situation goes unresolved:
• Late fees and penalties that stack up quickly
• Severe, long-lasting credit score damage that limits your future housing and borrowing options
• Aggressive collection notices and demand letters from your servicer
• A public foreclosure auction resulting in total loss of homeownership and formal eviction
Under federal law, loan servicers generally cannot initiate formal foreclosure proceedings until you are 120 days delinquent. While 120 days may sound like a long time, relying entirely on your mortgage company can be a costly mistake.
Sell Fast for Cash Now
Avoid the forced auction. We purchase homes for cash, allowing you to settle your debt and walk away with your dignity and some money in your pocket before the bank takes control.
Protect Your Equity Before It Is Too Late
Contact Imugi Properties today for a direct assessment of your situation. Whether you are facing a pending sale or have already lost your home, we focus on getting you the money you are legally owed in Maryland.