Foreclosure is one of the most terrifying challenges of life. The only thing worse than dealing with a bankruptcy or foreclosure, is facing the illness or death of a loved one.
Advice for homeowners is abundant. These tips come from news reports, mailings, email, phone calls and even, home visits.
Depending on the state, foreclosure proceedings begin when the bank files a Notice of Default. Once filed, this document becomes part of the public record.
Everyone has access to the public record. Real estate investors subscribe to services that keep watch on the notices of default. Each month those services publish a list of homeowners facing foreclosure.
Bankruptcy Attorney Denver CO, Bankruptcy Attorney Denver CO, San Antonio Bankruptcy Attorney,
Once published, real estate investors send letters to those names on the list. These mailers should serve as a warning that the bank has taken legal action to foreclose on the property. Most likely the property is scheduled for sheriff's sale.
In addition to offers from investors, there will be others. Bankruptcy attorneys, mortgage brokers and loan modification companies all have access to the foreclosure lists.
On one hand, offers of professional assistance are beneficial. Even so, fear, confusion and desperation are invitations for scams. A notice of default requires action, but action without caution will only make matters worse.
Caution involves investigating and getting educated. From an emotional standpoint, this is a difficult time to do either. Ask a trusted friend to help with this. It won't take long, and the extra set of eyes and ears will be priceless in the long-term. The following suggestions will help:
Know what is likely to work and what is not.
Payment arrangements and loan modifications are out of the question. Unless you can hand over the entire amount of back payments, late fees and legal fees, the property will still be scheduled for auctions. The time to save the house has long since passed.
Beware of upfront fees in exchange for promises of performance
Even though many companies make money from helping those in foreclosure, those companies rarely charge upfront fees. As with anything, there are exceptions. But before paying an upfront fee, make certain that the company is legitimate. Put the company name into any search engine and read the comments. One comment does not necessarily mean the company is bad. Multiple complaints about the same practices are cause for alarm.
Learn to accept what you can't stop
Moving may end up being the only choice. The bank hired an attorney to start a legal process. Chances are great that moving will be necessary unless late payments, late fees, penalties and associated legal fees are paid in full.
Decide how quickly you want to move.
You have four options. First, you can do nothing, and simply wait for the Sheriff to come and move you out. Second, you can move out on your own. In this case, the bank may even give you some money for moving. Third, you can call a professional to petition the bank for a short sale. This will buy more time to move. Fourth, you can declare bankruptcy for more time. In this case, you will need a qualified attorney to further advise you.
In any case you will still need to move. The sooner you accept this, the happier you will be. The time to save your house was months ago. The best action is to make an informed decision, and then move in that direction.
Is Bankruptcy Right For You? Talk to Bankruptcy Attorneys Free and Confidential. Licensed bankruptcy attorneys are available. Attorneys will call you to discuss your case for free. Find out if bankruptcy is right for your situation.
Rating of Bankruptcy Attorney San Diego
Get Online Application at online Bankruptcy Lawyer.
0 comments:
Post a Comment