Foreclosures Feed Family’s Fear Of Unknown
Every time we drive to work, school, or church we pass the empty homes. These are the houses our friends lived in and now they were largely unkempt and vacant. The stories behind each of the foreclosures was different but the anguish at saying goodbye was identical.
A medical emergency, divorce, or job loss might trigger the process. I received my Notice of Default the day I was holding my garage sale. Looking past the treadmill, books, and my lose weight fast program I was struck with reality. I sunk into a chair by my wife’s electric breast pump and stared at her strapless wedding gown.
With three energetic boys and no daughter to inherit the gown, I no longer needed either item. We bought this house with my parents’ help right after I was married and my wife got pregnant with our first. It no longer mattered how we got to here from there in eleven years. What mattered is that I had no idea how to avoid losing our home.
I put the box down and picked up the phone. That was the moment I took action to avoid losing my home. I left messages for the lender holding my mortgage. I did online research and even called a local Realtor I know. She provided me with a list of helpful websites and briefed me on loan modification programs.
There are several categories of special needs or age qualifiers that can help you get a mortgage reduction. VA, HUD, FHA, and your state offer toll free foreclosure counseling. Your state attorney general may have guidelines posted on their website. If you already have a Notice of Default you need to get moving on a solution.
Check out your state’s foreclosure rules. Ask about your redemption rights. No matter who you speak to or how informed they may be, make sure your speak to an experienced real estate attorney to confirm everything. You must know how many days you have to catch up on your back payments. You need to know if your auction date can be extended.
The process may vary from state to state. You need to check to determine if you have a one year right of redemption. The time period may be different and it may not apply to your state. Redemption rights should be established.
If you cannot come to terms with your lender your home will finally go to auction. It will likely not be purchased by a bidder who knows that after the bank takes it back they will get a steep price reduction. Whatever you do, do not sit in your attic collecting memories when you could be at your computer collecting the information that might forge a solution.
Filed under: Financial Advice