No one wants to be served a foreclosure notice, but this has unfortunately become commonplace in America.
The current state of the economy has left millions of Americans struggling to simply make ends meet.
Consequently, the number and percentage of foreclosures are at historic highs.
It is easy to understand what makes the prospect of foreclosure such a frightening scenario.
Losing your home and winding up in even worse financial ruin than you already face are some of the worst consequences imaginable.
What Happens During the Foreclosure Process You have to receive official notice of the foreclosure.
You will almost certainly be contacted by several telephone calls and letters from your lending institution.
Regardless of what else you may do, ignoring them will not make halt the process.
In fact, doing so is one of the worst possible "strategies" you could select.
Your best bet is to take the initiative by contacting your lender, keeping them informed of your situation.
Sit down face-to-face with a representative of your lending institution and do your best to negotiate an agreement to avoid foreclosure.
What Homeowners May Not Realize Many homeowners don't understand that lenders hate foreclosures almost as much as the homeowners.
Foreclosures require a great deal of expensive work on behalf of the bank, and they always run the very high risk of losing money by having to sell the home for a loss to property bargain hunters.
Thus, if you can demonstrate you are willing to do whatever it takes to get yourself back into a financially sound position, your lender may be willing to negotiate a deal with you and avoid the foreclosure process altogether.
Try to convince your lender's representative to offer more time if your financial problem is temporary.
For example, if you have lost a job or been injured (with a relatively brief recovery period), they may indeed be flexible to work out a deal that works both for you and them.
Know Your Foreclosure Laws (Or Find Someone Who Does) Foreclosure laws vary widely from one state to another.
Do some basic research on the laws in your geography, or make it a point to meet either with a housing counselor or attorney - if the attorney is affordable.
These are excellent resources to help arm yourself with core information needed to successfully fight a pending foreclosure.
You should explore all legal options and take whatever steps necessary to prevent a foreclosure, as this would not only uproot your and your family but also ruin your credit.
It comes down to a matter of keeping your home or potentially winding up on the street (as with my own next-door-neighbor), so you've got to be at least willing to compromise.
The current state of the economy has left millions of Americans struggling to simply make ends meet.
Consequently, the number and percentage of foreclosures are at historic highs.
It is easy to understand what makes the prospect of foreclosure such a frightening scenario.
Losing your home and winding up in even worse financial ruin than you already face are some of the worst consequences imaginable.
What Happens During the Foreclosure Process You have to receive official notice of the foreclosure.
You will almost certainly be contacted by several telephone calls and letters from your lending institution.
Regardless of what else you may do, ignoring them will not make halt the process.
In fact, doing so is one of the worst possible "strategies" you could select.
Your best bet is to take the initiative by contacting your lender, keeping them informed of your situation.
Sit down face-to-face with a representative of your lending institution and do your best to negotiate an agreement to avoid foreclosure.
What Homeowners May Not Realize Many homeowners don't understand that lenders hate foreclosures almost as much as the homeowners.
Foreclosures require a great deal of expensive work on behalf of the bank, and they always run the very high risk of losing money by having to sell the home for a loss to property bargain hunters.
Thus, if you can demonstrate you are willing to do whatever it takes to get yourself back into a financially sound position, your lender may be willing to negotiate a deal with you and avoid the foreclosure process altogether.
Try to convince your lender's representative to offer more time if your financial problem is temporary.
For example, if you have lost a job or been injured (with a relatively brief recovery period), they may indeed be flexible to work out a deal that works both for you and them.
Know Your Foreclosure Laws (Or Find Someone Who Does) Foreclosure laws vary widely from one state to another.
Do some basic research on the laws in your geography, or make it a point to meet either with a housing counselor or attorney - if the attorney is affordable.
These are excellent resources to help arm yourself with core information needed to successfully fight a pending foreclosure.
You should explore all legal options and take whatever steps necessary to prevent a foreclosure, as this would not only uproot your and your family but also ruin your credit.
It comes down to a matter of keeping your home or potentially winding up on the street (as with my own next-door-neighbor), so you've got to be at least willing to compromise.
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