Fight foreclosure

If you are in foreclosure don’t walk around feeling like you have the scarlet letter stamped on your forehead, bad things happen to good people. This is only a bump in the road and you will survive it.

Below are helpful tips:

First and foremost: Don’t ignore the problem!!
Just because it’s raining outside and you are inside, doesn’t stop the rain from pouring. The further behind you become, the harder it will be to reinstate your loan and the more likely that you will lose your house.

1. Audit the Note and Mortgage.
   Before you begin talking to the bank, get an audit of the paperwork – the note and mortgage. You may discover that someone dropped the ball and who ever is attempting to collect on the debt may not be the rightful party.

2. Contact your lender as soon as you realize that you have a problem.
   Lenders do not want your house. They have options to help borrowers through difficult financial times.

3. Open and respond to all mail from your lender.
   The first notices you receive will offer good information about foreclosure prevention options that can help you weather financial problems. Later mail may include important notice of pending legal action (specially if you are in a judicial state). Your failure to open mail will not be an excuse in foreclosure court.

4. Know your mortgage rights.
   Find your loan documents and read them so you know what your lender may do if you can’t make your payments. Learn about the foreclosure laws and timeframes in your state (as every state is different).

5. Understand foreclosure prevention options.

   Most important people need to know that foreclosure is “closure” once the process is completed the whole problem is behind you. A foreclosure is NOT personal, the lender is making a business decision that is driven by investor expectations. The lender foreclosed on your house because it is their job and they probably do feel bad for you.

   Remember your happiness is not about what happens to you, but how you choose to respond to what happens. A positive attitude can help you move through the process. It’s up to you to make the next phase of your life a success.