When you purchased your home, you signed on the bottom line without reading all that fine print. Who really reads all that fine print anyway? First of all, you’d need a magnifying glass to see it, and, second, you’d need to be a law professor to decipher it. Realize, though, that you’re not alone. There are lots of people who signed on that dotted line without really understanding what they were signing. Just like you perhaps, these people are finding that their interest rates on their loans have jumped suddenly and they are no longer able to make their payments. They’re facing the ugly mess of a foreclosure.
If you’re facing foreclosure, which means the bank is coming to repossess your home, there are some things you can do. In most of the cases, foreclosure happened because of shady lending business practices. You should have been told what you were signing. But that’s all in the past. You must work on securing your future.
Contact Your Bank or Mortgage Company
One of the first things you should do if you’re facing foreclosure is contact your lender. If your lender is a bank, contact the bank and ask them if there’s any type of arrangement you can work out. You must realize that banks don’t like to conduct foreclosures. They would rather have you stay in the house and make payments so they’ll do all they have the ability to to make things work.
When a bank conducts a foreclosure, they risk the home remaining empty for a long period of time. If they do happen to sell it, they usually end up getting far less for it than if you were paying. So ask them for help if you’ve fallen on hard times. You’re not alone and it’s likely they’ll work with you.
Contact Your Lawyer
You may have a case that you can take to court if you’ve been the victim of lending fraud or shady business practices. Contact a lawyer to see if they can help you make that determination. Caution, though, because lawyers can be pricey and some might think that if you can’t afford to pay for your home, how are you going to pay them. While that question may be legitimate, some lawyers will work on a contingency on your case, which means they won’t charge you unless there is a settlement or judgment in your favor. It is definitely worth a try, especially if it means you don’t have to go through a foreclosure.
Don’t Run Away From Foreclosure
When facing foreclosure proceedings, the best advice anyone can give you is not to run away or skip out on your obligation. You not only are in danger of ruining your credit rating for a long time, lenders will be less apt to trust you in the future. Besides that, you’ll have no place to go and will be out on the streets. Do everything necessary to avoid a foreclosure. Make the effort to call the bank, lender or mortgage company, or call an attorney if you think you have a case involving fraud or deception. Don’t let your pride get in your way. Ask for help from your church or local charity that helps people in financial difficulty. You are not alone in facing tough times, so do what you can to ensure that you do not lose your home to foreclosure. Part of the ‘American Dream’ is owning a home. Just be sure you do not needlessly let that dream slip away.