The foreclosure process can be a frightening one. When a family is faced with potentially losing their home and having their lives uprooted, it is often a devastating time. During foreclosure – more than any other time – it is crucial to keep a level head and realize that “this, too, shall pass.” But while the process is happening, there are at least three mistakes you should avoid to increase your chances of coming out on the other side of the chaos with your health and wellbeing (and your home!).
- Handling it alone
The laws relating to foreclosure are complex and constantly changing. If you try to handle the process on your own, you will certainly be at a disadvantage—unless you are a foreclosure defense attorney. If you aren’t, then you should hire one. Foreclosure defense attorneys know the process, can easily navigate it, and will be your most powerful asset when facing foreclosure.
- Moving out
You will find that in a foreclosure, a bank or mortgage company will tell you anything and everything to make sure that they come out on top in the situation—and this includes lies. People falsely assume that just because a bank tells them that a sale date is scheduled, that that’s it—there’s nothing to do but move out. This is far from the truth. If you move out, you may give up your right to apply for a loan modification or short sell, or one of the many other options available to you.
- Ignoring your summons
When banks and lenders sue for foreclosure, the homeowner usually only has 20 calendar days in which to respond. Ignoring the summons doesn’t make the problem go away; it just means that you will lose your available recourses to save your home.
No comments:
Post a Comment