Foreclosing on your mortgage is not something any of us want to do. But, in uncertain times it can come at us pretty quickly.
Any unforeseen problems can leave us vulnerable.
It can be a scary time and your best bet is to seek advice. Being proactive can stave off the foreclosure and save your home.
But you need to act. Here are a few things you can do.
The first thing you need to do is act.
1. Don’t Ignore The Problem
Even after your first notice, you must take action. You might be tempted to just ignore the first notice assuming you will be okay. Even so, you must take these notices seriously.
2. Contact Your Lender
Make contact right away. They are not your enemy, they are simply doing their job. Contact them and find out what your options are. If you are expecting money but not immediately, they need to know that.
3. Gather Your Loan Information
Chances are you will be invited in for a meeting with your lender. You should not only bring all your loan documents but be very familiar with them. Are there any clauses or loopholes you are missing? Be very familiar with what is in them.
This should include statements from any payments you have made, insurance information, and any other letters or correspondence related to your mortgage, bank, or home.
If you have medical bills or you lost your income, have those documents with
you, as well. Bank statements and statements of all other income for the family should be included.
4. Know Your Rights
Laws vary from state to state so know what your state’s laws say. This can include being able to make up the late payments, late charges that may apply and any other fees or monies owed.
A foreclosure doesn’t happen overnight. There are steps and procedures that need to be followed. Knowing what these are can help save your home.