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Tips on Mortgagee sales

By Leanne Glavin

Here are a few tips to consider when dealing with a mortgagee sale:

  1. Understand the process: A mortgagee sale occurs when a lender sells a property to recover the amount owed on a mortgage. It’s important to understand the process and your rights as a borrower.

2. Communicate with your lender: If you are struggling to make mortgage payments, it’s important to communicate with your lender as soon as possible. They may be able to work with you to find a solution, such as a temporary payment      plan or a loan modification.

3. Explore your options: If a mortgagee sale is imminent, consider exploring your options. This could include selling the property yourself, finding a buyer who is willing to assume the mortgage, or negotiating a short sale with the lender.

4. Seek professional help: Consider hiring a real estate agent or attorney to help you navigate the process. They can provide valuable guidance and support.

5. Take care of yourself: Dealing with a mortgagee sale can be a stressful and emotional experience. Make sure to take care of yourself and seek support from friends, family, or a professional if needed.

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