Nowadays economy is in great change. Properties lose their value day by day, people even lose their jobs. Financial difficulties can occur everywhere, in every family. In North Dakota there are several organizations, financial advisers and lawyers who are working to help these people is such great difficulties. The common mistake is that a lot of people ask for help only in the last minute when it is very hard to find a solution. That is why lenders always ask people to turn to them and make some agreement.
They have to give 30 days before the foreclosure procedure starts. They give another chance but mostly they do not receive answer or any act before that from the borrower. In North Dakota there are two types of Foreclosure, judicial and non-judicial. In judicial foreclosure the court examine the depth of the borrower and gives him a short period of time to bay pack. Mostly this period is not enough for those who just now wake up and start to do something. This period is enough for those who already contacted their lenders or financial advisers and they have started to work out a solution.
The court and the lender intention is not to take away your property as soon as possible, they give you several opportunities you just have to live with them and decide whether which one is good for you and which one is not. You, the borrower so have the possibility to stop the foreclosure procedure if you pay back the ineloquent amount, the foreclosure amount and some fees which are decided by the court. A lot of people try to fulfill this opportunity because they do not want to lose their property, their family’s security and financial protection.
The foreclosure procedure is done by the sheriff or his deputy in North Dakota. The property is sold in the highest price. After a period, decided by the court, the borrower has the possibility to buy once again his property if it was not sold for a new owner. As you can see nobody`s intention is to keep your property and leave you without a house or land. But the ending of the situation is in your hand, you decide what kind of solution you want to choose.
Be attentive to your financial situation day by day or month by month. Do not spend over your limits because the consequences might follow you.