Foreclosure Self-Defense For Dummies
By Ralph R. Roberts, Lois Maljak, and Paul Doroh, with Joe Kraynak
If you or someone you know is having trouble paying the monthly mortgage payment or has received a foreclosure notice or notice of default, the clock is ticking. The sooner you take action, the more options you have and the more time you have to pursue them.
Here are more steps you should be taking to avoid foreclosure.
4.Banks and other lending institutions do not want to foreclose. They make more money if you can make your payments. When they foreclose, they not only lose your monthly payments, but they also have the expense of foreclosing, rehabbing the home, and then selling it. There's a good chance they'll have to sell the home at a loss. This is all good news for you – it means the bank is highly motivated to make a deal with you.
5. If you own the home with your spouse or life partner, tell them immediately. Far too many people try to keep their partner in the dark. Eventually, the person will find out. It's always better if they find out from you earlier rather than from someone else when they have little or no time to do anything about it. Couples who work as a team almost always see much better results.
6. Call your lender – the sooner, the better. As soon as you stop making payments, the foreclosure clock starts ticking. The earlier you know your options, the more time you have to pursue those options.
7. Pursuing a too-good-to-be-true quick fix with a con artist is the absolute worst course of action. As soon as the notice of default or foreclosure notice is published (they are public knowledge), legitimate investors as well as con artists will try to contact you. If you choose to work with someone who contacts you, check their credentials and make sure they are legitimate.
You're usually better off working directly with your lender or a reputable professional – attorney, credit counselor, or real estate agent.
For more Help for Homeowners, visit our website: http://www.firsttimehome.us
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