You don't want to think about mortgage foreclosure on your home, one of your most valuable assets but it is happening to many people across the country due to the poor state of economics today. Since mortgages and foreclosures is not something the average consumer deals with on any kind of regular basis, getting a foreclosure notice is very likely new territory for most, sending them into panic mode. |
There is no need for panic. Take time to realize and understand that the foreclosure laws were created for two purposes – one to protect the lender and one to protect the consumer. Both parties have rights, although your mortgage holder might tend to want to play hardball with you, assuming that you don't know your rights and will not take the time to discover what your rights are.
Although it may seem obvious, you should stay in touch with your mortgage holder. When you see that you are going to be late with your mortgage payment, will be short with a payment, or even if you are going to miss a payment, be proactive about it and let your mortgage holder know about it. Taking this step goes against the pride that most people have where they don't want to let the mortgage holder know about it, but being silent about it is the single most worst thing you can do.
Keep in mind that your bank or mortgage holder does not want your house. They get no benefit from doing a foreclosure on your house and believe me, they do not want it. They may threaten and send letters of doom and gloom, but at the end of the day, they absolutely do not want to foreclose on your house. If they do, it is done as a last resort on their part, where they have been led to believe that you do not have any ability to make even partial payments anymore. This means that they need to complete a mountain of paperwork and auction your home, where they will probably only get pennies on the dollar on it anyway. Don't ever give your mortgage holder the impression that they will never get a payment ever again, since that forces them into a position that they have to take, even if they don't want to, which is foreclosure.
Could you handle the mortgage payment if the payment was reduced? If so, you might want to work with your mortgage holder about doing a refinance. If your current mortgage payment is say $1000 a month, depending on how much equity you have in your home, your payment might only be $750 after a refinance. Would that help you? Find out if that is an option and then determine what number fits into your budget.
If refinancing is not an option, you still have rights that you can exercise to delay and even stop foreclosure proceedings, but it is up to you to become familiar with those laws and how they can be applied to your specific circumstances. Instead of allowing your home to be foreclosed, your time is much better spent to find options you can use to stop foreclosure before it gets too far down the path to be reversed. Doing so is clearly in your ultimate financial benefit, because nobody wins in a mortgage foreclosure. For more insights and additional information about how you can Stop Mortgage Foreclosure please visit our web site at http://www.guidetostoppingforeclosure.com
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