If you have a mortgage or credit on real estate property and fail to make your mortgage payments, you will be in default on the loan. The loan is normally subject to foreclosure and involves the lender taking the mortgaged property and selling it off to recover their money. Therefore, if you do not make your payments as dictated by the terms of your loan agreement, you may end up losing your home through foreclosure Ottawa, KS. 

There are two types of foreclosures namely non-judicial and judicial foreclosure. The latter occurs when a lender files a lawsuit against a borrower with the whole process being handled by the court. It is filed once with the court setting the auction time and bid amount. On the other hand, the non–judicial foreclosure allows the lender to advertise and sell the property in question at a public auction without involving the court.

Very few people in Ottawa choose to go into foreclosure Ottawa voluntarily. Most residents often stop making their payments for various unpredictable reasons like being laid off, quitting job, inability to work due to medical conditions, job transfers mostly to another state, a fall out with co-owner, a divorce, and excessive debts. Luckily, there are many programs currently administered through the U.S Treasury Department to help you avoid foreclosure. These programs feature different options, which include:
1. Modifying or refinancing your loan for lower mortgage payments.
2. If the value of your home is less than what you owe, you may ask your service provider to reduce the amount you owe.
3. If the value of your home has declined, you may be eligible to refinance into a new affordable, more stable mortgage. 
4. If you are out of work, then you may seek temporary reduction or suspension of your mortgage payments for at least one year as you seek employment. 
The programs offering the above options differ. If you lose your home to foreclosure Ottawa, KS, you can still reclaim your home after a certain period of time usually after a foreclosure sale. However, to get your home back, you will have to pay all outstanding mortgage balance and costs incurred during the foreclosing process. It is also advisable that you contact your lender directly to find out if there are any options available to help you prevent a foreclosure Ottawa, KS. If you find it hard contacting your loan provider, many organizations contact lenders on your behalf. Hiring a foreclosure lawyer will help you with all the legal procedures.

In case you are unable to make your mortgage payments:
1. Do not ignore the problem
2. Contact your lender immediately and find out what your options are
3. Respond to all communication from your lender
4. Find out what your mortgage rights are
5. Familiarize yourself with foreclosure Ottawa KS prevention options
6. Contact local department of housing
7. Hire a lawyer for legal assistance