When you are served with a pending foreclosure a lot of questions and concerns immediately come up. The first question is: what do you do when you are facing foreclosure? Learning about foreclosure defense and what you can do to remedy the situation can help alleviate many concerns you may have. Hiring an experienced attorney to assist in the process will help ease the burden even more.
One of the first things you should do is to review your foreclosure notice and mortgage documents. Read the fine print and familiarize yourself with the steps that your lender can take on your mortgage paperwork.
The next step is to contact your lender and ask questions about what you have received and what your options are. Make sure to take thorough notes and record names with every one you speak with.
After you have reviewed your documents and contacted your lender you need to get organized. Getting your paperwork in order will help you along in the process. It is important to get any and all communications from your lender together, along with any foreclosure notices or sheriff’s sale notices. Getting other financial paperwork such as two of your most recent mortgage statements, your homeowner’s insurance policy if you pay this directly, two months worth of pay stubs, two of your most recent tax returns for anyone listed on the mortgage, all of your bank account statements for the last 2 months, and any other proof of income you may have will assist you and whomever you seek assistance with in your case against the bank.
The next step in preparing your foreclosure defense is to seek help in fighting the foreclosure.
Do not procrastinate as this will only make the situation worse.
It is important to remember that foreclosure procedures will not start until a homeowner is delinquent in their mortgage payments. While there are many options available to you, consulting with a foreclosure defense attorney is the best option available. A seasoned attorney knows the nuances of foreclosure defense and the options available with your lender, as they deal and negotiate with lenders all of the time. Once you contact an attorney make sure you submit all of the paperwork you have gathered and follow any instructions that are given to you.
Keep in mind that the foreclosure process takes time. On average a foreclosure takes around 2-12 months to complete depending on how fast your lender moves forward and where you reside. If you truly want to save your home then you need think about keeping up on your other important payments such as property taxes and homeowners insurance to avoid any other potential issues in the future.