{"id":481,"date":"2019-10-09T19:16:44","date_gmt":"2019-10-09T19:16:44","guid":{"rendered":"https:\/\/bundleloan.com\/blog\/?p=481"},"modified":"2021-06-21T18:07:55","modified_gmt":"2021-06-21T18:07:55","slug":"foreclosure","status":"publish","type":"post","link":"https:\/\/bundleloan.com\/blog\/foreclosure\/","title":{"rendered":"Foreclosure"},"content":{"rendered":"

Foreclosure is a process in which a lender takes ownership of a property if the borrower of a mortgage fails to keep up with their monthly mortgage payments.<\/p>\n

Foreclosure is usually a last resort for banks after other alternatives our exhausted. <\/p>\n

Working with the Home Owner<\/h3>\n

If a home owner misses a payment, the bank starts the process of working with the home buyer to get everything in order. At first this may be a simple reminder – a phone call or a letter. This is phase is sometimes refereed to as collections. The home buyer may have just forgotten to pay their mortgage payment. In this situation, they can just make the payment and pay any late fees and be on their way. Usually, if your less than a month behind, the bank won’t even report the late payment to the credit bureaus. <\/p>\n

If collections fails, the bank will try and work with the home owner to modify they loan or spread the missed payment out over a few months. They work out a plan that gets the home buyer back on track and allows them to stay in the home.<\/p>\n

If the bank is unable to work out a payment plan with the home owner, they may offer a short sale or a deed in lieu of foreclosure. Both of these solutions allow the home owner to transition out of the house without foreclosure, but requires cooperation on both sides.<\/p>\n

Foreclosure as a Last Step<\/h3>\n

The bank will file for foreclosure if all of these attempts fail. This process allows the bank to take legal ownership of the property and they are able to sell the property to offset some of the losses they will incur on the property.<\/p>\n

Foreclosure can happen for many reasons, but it is important you buy a home that your can afford. This will lower your risk of foreclosure. Bundle has some great tools<\/a> that will help you budget for your home.<\/p>\n

Read more on monthly mortgage mortgage payments here<\/a>.<\/p>\n

Use Bundle<\/a> to find your mortgage today.<\/p>\n

Read more Key Mortgage Terms<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

Foreclosure is a process in which a lender takes ownership of a property if the borrower of a mortgage fails to keep up with their monthly mortgage payments. Foreclosure is usually a last resort for banks after other alternatives our exhausted. Working with the Home Owner If a home owner misses a payment, the bank […]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"quote","meta":{"footnotes":""},"categories":[10,20],"tags":[],"yoast_head":"\nForeclosure - Bundle<\/title>\n<meta name=\"description\" content=\"Foreclosure is a process in which a lender takes ownership of a property if the borrower of a mortgage fails to keep up with their mortgage payments.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/bundleloan.com\/blog\/foreclosure\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Foreclosure - Bundle\" \/>\n<meta property=\"og:description\" content=\"Foreclosure is a process in which a lender takes ownership of a property if the borrower of a mortgage fails to keep up with their mortgage payments.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/bundleloan.com\/blog\/foreclosure\/\" \/>\n<meta property=\"og:site_name\" content=\"Bundle\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/bundleloan\/\" \/>\n<meta property=\"article:published_time\" content=\"2019-10-09T19:16:44+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2021-06-21T18:07:55+00:00\" \/>\n<meta name=\"author\" content=\"Eric Mager\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@ericmager\" \/>\n<meta name=\"twitter:site\" content=\"@bundleloan\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Eric Mager\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/bundleloan.com\/blog\/foreclosure\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/bundleloan.com\/blog\/foreclosure\/\"},\"author\":{\"name\":\"Eric Mager\",\"@id\":\"https:\/\/bundleloan.com\/blog\/#\/schema\/person\/94283bb24af42ea9bf6852e177593e66\"},\"headline\":\"Foreclosure\",\"datePublished\":\"2019-10-09T19:16:44+00:00\",\"dateModified\":\"2021-06-21T18:07:55+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/bundleloan.com\/blog\/foreclosure\/\"},\"wordCount\":351,\"publisher\":{\"@id\":\"https:\/\/bundleloan.com\/blog\/#organization\"},\"articleSection\":[\"Homebuyer\",\"Key Mortgage Terms\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/bundleloan.com\/blog\/foreclosure\/\",\"url\":\"https:\/\/bundleloan.com\/blog\/foreclosure\/\",\"name\":\"Foreclosure - Bundle\",\"isPartOf\":{\"@id\":\"https:\/\/bundleloan.com\/blog\/#website\"},\"datePublished\":\"2019-10-09T19:16:44+00:00\",\"dateModified\":\"2021-06-21T18:07:55+00:00\",\"description\":\"Foreclosure is a process in which a lender takes ownership of a property if the borrower of a mortgage fails to keep up with their mortgage payments.\",\"breadcrumb\":{\"@id\":\"https:\/\/bundleloan.com\/blog\/foreclosure\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/bundleloan.com\/blog\/foreclosure\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/bundleloan.com\/blog\/foreclosure\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/bundleloan.com\/blog\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Foreclosure\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/bundleloan.com\/blog\/#website\",\"url\":\"https:\/\/bundleloan.com\/blog\/\",\"name\":\"Bundle Blog\",\"description\":\"\",\"publisher\":{\"@id\":\"https:\/\/bundleloan.com\/blog\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/bundleloan.com\/blog\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\/\/bundleloan.com\/blog\/#organization\",\"name\":\"Bundle\",\"url\":\"https:\/\/bundleloan.com\/blog\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/bundleloan.com\/blog\/#\/schema\/logo\/image\/\",\"url\":\"https:\/\/bundleloan.com\/blog\/wp-content\/uploads\/2018\/12\/bundle_u-square.jpg\",\"contentUrl\":\"https:\/\/bundleloan.com\/blog\/wp-content\/uploads\/2018\/12\/bundle_u-square.jpg\",\"width\":624,\"height\":624,\"caption\":\"Bundle\"},\"image\":{\"@id\":\"https:\/\/bundleloan.com\/blog\/#\/schema\/logo\/image\/\"},\"sameAs\":[\"https:\/\/www.facebook.com\/bundleloan\/\",\"https:\/\/twitter.com\/bundleloan\",\"https:\/\/www.instagram.com\/bundleloan\/\",\"https:\/\/www.linkedin.com\/company\/bundleloan\/\"]},{\"@type\":\"Person\",\"@id\":\"https:\/\/bundleloan.com\/blog\/#\/schema\/person\/94283bb24af42ea9bf6852e177593e66\",\"name\":\"Eric Mager\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/bundleloan.com\/blog\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/b30a0755a9444607262873cfe02baac8?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/b30a0755a9444607262873cfe02baac8?s=96&d=mm&r=g\",\"caption\":\"Eric Mager\"},\"description\":\"Eric Mager is the founder of Bundle, a mortgage marketplace built for home buyers. Prior to founding Bundle, Eric held senior roles at Movement Mortgage, Citi, Bank of America, and HSBC in credit risk, marketing, and finance. He holds a Master of Arts degree in economics from the University of South Carolina and a Bachelor of Science degree in economics from the College of Charleston.\",\"sameAs\":[\"https:\/\/bundleloan.com\/\",\"https:\/\/twitter.com\/@ericmager\"],\"url\":\"https:\/\/bundleloan.com\/blog\/author\/ericmager\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Foreclosure - Bundle","description":"Foreclosure is a process in which a lender takes ownership of a property if the borrower of a mortgage fails to keep up with their mortgage payments.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/bundleloan.com\/blog\/foreclosure\/","og_locale":"en_US","og_type":"article","og_title":"Foreclosure - Bundle","og_description":"Foreclosure is a process in which a lender takes ownership of a property if the borrower of a mortgage fails to keep up with their mortgage payments.","og_url":"https:\/\/bundleloan.com\/blog\/foreclosure\/","og_site_name":"Bundle","article_publisher":"https:\/\/www.facebook.com\/bundleloan\/","article_published_time":"2019-10-09T19:16:44+00:00","article_modified_time":"2021-06-21T18:07:55+00:00","author":"Eric Mager","twitter_card":"summary_large_image","twitter_creator":"@ericmager","twitter_site":"@bundleloan","twitter_misc":{"Written by":"Eric Mager","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/bundleloan.com\/blog\/foreclosure\/#article","isPartOf":{"@id":"https:\/\/bundleloan.com\/blog\/foreclosure\/"},"author":{"name":"Eric Mager","@id":"https:\/\/bundleloan.com\/blog\/#\/schema\/person\/94283bb24af42ea9bf6852e177593e66"},"headline":"Foreclosure","datePublished":"2019-10-09T19:16:44+00:00","dateModified":"2021-06-21T18:07:55+00:00","mainEntityOfPage":{"@id":"https:\/\/bundleloan.com\/blog\/foreclosure\/"},"wordCount":351,"publisher":{"@id":"https:\/\/bundleloan.com\/blog\/#organization"},"articleSection":["Homebuyer","Key Mortgage Terms"],"inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/bundleloan.com\/blog\/foreclosure\/","url":"https:\/\/bundleloan.com\/blog\/foreclosure\/","name":"Foreclosure - Bundle","isPartOf":{"@id":"https:\/\/bundleloan.com\/blog\/#website"},"datePublished":"2019-10-09T19:16:44+00:00","dateModified":"2021-06-21T18:07:55+00:00","description":"Foreclosure is a process in which a lender takes ownership of a property if the borrower of a mortgage fails to keep up with their mortgage payments.","breadcrumb":{"@id":"https:\/\/bundleloan.com\/blog\/foreclosure\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/bundleloan.com\/blog\/foreclosure\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/bundleloan.com\/blog\/foreclosure\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/bundleloan.com\/blog\/"},{"@type":"ListItem","position":2,"name":"Foreclosure"}]},{"@type":"WebSite","@id":"https:\/\/bundleloan.com\/blog\/#website","url":"https:\/\/bundleloan.com\/blog\/","name":"Bundle Blog","description":"","publisher":{"@id":"https:\/\/bundleloan.com\/blog\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/bundleloan.com\/blog\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/bundleloan.com\/blog\/#organization","name":"Bundle","url":"https:\/\/bundleloan.com\/blog\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/bundleloan.com\/blog\/#\/schema\/logo\/image\/","url":"https:\/\/bundleloan.com\/blog\/wp-content\/uploads\/2018\/12\/bundle_u-square.jpg","contentUrl":"https:\/\/bundleloan.com\/blog\/wp-content\/uploads\/2018\/12\/bundle_u-square.jpg","width":624,"height":624,"caption":"Bundle"},"image":{"@id":"https:\/\/bundleloan.com\/blog\/#\/schema\/logo\/image\/"},"sameAs":["https:\/\/www.facebook.com\/bundleloan\/","https:\/\/twitter.com\/bundleloan","https:\/\/www.instagram.com\/bundleloan\/","https:\/\/www.linkedin.com\/company\/bundleloan\/"]},{"@type":"Person","@id":"https:\/\/bundleloan.com\/blog\/#\/schema\/person\/94283bb24af42ea9bf6852e177593e66","name":"Eric Mager","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/bundleloan.com\/blog\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/b30a0755a9444607262873cfe02baac8?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/b30a0755a9444607262873cfe02baac8?s=96&d=mm&r=g","caption":"Eric Mager"},"description":"Eric Mager is the founder of Bundle, a mortgage marketplace built for home buyers. Prior to founding Bundle, Eric held senior roles at Movement Mortgage, Citi, Bank of America, and HSBC in credit risk, marketing, and finance. He holds a Master of Arts degree in economics from the University of South Carolina and a Bachelor of Science degree in economics from the College of Charleston.","sameAs":["https:\/\/bundleloan.com\/","https:\/\/twitter.com\/@ericmager"],"url":"https:\/\/bundleloan.com\/blog\/author\/ericmager\/"}]}},"_links":{"self":[{"href":"https:\/\/bundleloan.com\/blog\/wp-json\/wp\/v2\/posts\/481"}],"collection":[{"href":"https:\/\/bundleloan.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bundleloan.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/bundleloan.com\/blog\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/bundleloan.com\/blog\/wp-json\/wp\/v2\/comments?post=481"}],"version-history":[{"count":2,"href":"https:\/\/bundleloan.com\/blog\/wp-json\/wp\/v2\/posts\/481\/revisions"}],"predecessor-version":[{"id":483,"href":"https:\/\/bundleloan.com\/blog\/wp-json\/wp\/v2\/posts\/481\/revisions\/483"}],"wp:attachment":[{"href":"https:\/\/bundleloan.com\/blog\/wp-json\/wp\/v2\/media?parent=481"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bundleloan.com\/blog\/wp-json\/wp\/v2\/categories?post=481"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bundleloan.com\/blog\/wp-json\/wp\/v2\/tags?post=481"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}