Let me be the first to tell you that there is NOTHING sexy about Foreclosure. And I’m sure that there are HUNDREDS of websites out there that will give you a million and one tips to fight off the foreclosure monster.
Well, allow me the opportunity to provide you with tip number 1 million and TWO:
1) Detail who you discuss things! When things get crucial, you will probably get a lot of correspondence from the lender regarding the property. Keep these letters for your benefits. Also, write down the name, title and phone number of any representative that you spoke to regarding your case.
2) Your MORTGAGE is MORE than just a piece of paper! Your mortgage typically outlines what things have to happen before you get foreclosed. In some instances, the mortgage documents will outline specific provisions the lender can provide to you. Pay attention to whether these things have happened.
3) TAKE it to the BANK! In some instances, lenders will tell you (maybe not in writing, which is why you need to document who you are talking to when you speak to the lender) that you don’t need to pay anymore because you are in foreclosure. As a result, you have a surplus of money. DON’T SPEND IT!! Put that money in a savings account or trust account (if you have a lawyer) so that you have those funds if you need renegotiate or refinance your mortgage.
4) You gotta SHOW them the money. You have to be able to demonstrate how you’re getting money. This means, you need to have your pay stubs, tax records, and any other documents to demonstrate your financial means.
5) Recognize your position. People, foreclosure usually means the DOGS are at the DOOR! In other words, your ability to financially maintain the household has some how changed and prevents you from being able to continue to do so. The reality is that you have to ask yourself “CAN you afford to pay for the place you are living?”
6) Understand their position but don’t push it. No matter how much you want to say that the property you live is not worth the aggravation to the lender to get it back, it is STILL their property to pursue. Lenders are smart. They know what they are dealing with and it’s smart to not assume that they are just going to ‘ROLL’ and let you stay in the property ‘just because’ they can’t sell it.
7) Always FIGHT! If you REALLY want to keep your home, do your homework, contact an attorney, reach out to the lender, keep your documents, and DON’T GO QUIETLY!
Alot of times when the foreclosure monster comes calling, we don’t always know what to do in order to properly fight the proceedings. Be prepared to take the steps to keep your home and hold on to it as long as you can.
