The foreclosure process can be a stressful and worrisome time. Learning every tip possible may mean the difference from losing and saving your home from foreclosure. There is so much information out there; it can be quite overwhelming on knowing where to begin. In this article I will go over the top 5 things you must know to avoid foreclosure.
1. You need to know the date that your bank will start the foreclosure process. The best way to find this out is to call them and find out their policies. Every state and financial institution has its own rules and regulations, so it is critical that you become familiar with yours. For instance some banks start the process after 90 days of no payment others wait 120. So knowing which one your bank does is needed to stop foreclosure.
Another key component to finding out when you foreclosure date may be is your willingness to work with the bank. Some banks may not even start the process, if they know you are on the same page as them and looking for a solution. Make sure to keep them informed of what is going on with you, that way you have a much better chance of working something out with them.
2. Knowing just how long the bank will keep you in foreclosure before selling your home also depends on you bank and state. Again the best way to find this out is to call your bank and speak with your lender. Some banks get it done as quickly as 6 months, while others may take up to a year. This makes a big difference on how much time you have to find a solution or the money to pay off your mortgage before you lose your house at a foreclosure auction.
3. Find out as many alternatives to foreclosure as you can. There are always ways to avoid foreclosure. Which one may work for you depends on your specific situation. With enough digging and research you should be able to find a method that will save your home. Before you ask for help make sure you can answer questions like; is your financial situation temporary or permanent, do you want to stay in the house and how much money do you owe on the house? Answers to these questions, can speed up your process in finding a solution that will work for you.
4. Talk to the right people. Don’t spin you wheels when trying to find someone to help you fight the foreclosure. If you are working with your bank, make sure you are talking to the right department. This department can change depending on what stage you’re in the foreclosure. If you started talking to someone at the bank before you were in foreclosure, you were probably talking to the workout department. If you home goes into foreclosure, you need to talk with the foreclosure department. Keep in contact with you bank and stay up to speed on what they are doing to help you. Don’t waste you time talking with the wrong people.
5. Understand the legal paperwork you are getting. During the foreclosure process, you will be getting all kinds of paperwork from the mortgage company’s lawyers. You may want to look into getting a foreclosure attorney, so one you know who is on you side. If you can’t afford one, do some research yourself to understand all the paperwork and terms. Understanding the paperwork well let you know where you are in the foreclosure process and exactly what is going on.
So with time and effort you can fight the foreclosure, just keep on top of it. Work with the right people and try your best to understand everything. Hoping it will just go away isn’t the answer and may make things more stressful. Being proactive and knowing that you are trying your best to save your home, is the only way to relieve some of the stress and worry that foreclosure brings.
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