Legal Aid Facts

Are you a homeowner who has been receiving multiple phone calls and letters from your mortgage holder?  If so, are you facing foreclosure?  Many homeowners say that they are surprised to be facing foreclosure.  With that said, the telltale signs are often there.  Most reputable financial lenders, including locally owned and operated banks, will do just about anything to keep borrowers in their homes.  Unfortunately, this is an important point that many either do not know or just do not take into consideration.

If you are a homeowner who has received an intent to foreclose notice, you may want to start packing your bags right away.  Yes, this does sound like the most logically step to take, but it isn’t your only option.  As a reminder, financial lenders want to keep borrowers in their homes, especially those that are only facing temporary financial hardships.  That is just one of the many reasons why you should pick up the phone and schedule a meeting in person with the bank’s chief loan officer.

Before your property enters into foreclosure, homeowners are also encouraged to try and sell their property.  In some states, the process of foreclosing on a home and it acquiring a new owner can take up to 120 days.  This does leave you room to try to find a new buyer.  You may have nothing to lose by placing a for sale sign in your yard or by placing advertisements in your local newspaper.  You may even want to use the assistance of a professional real estate agent.

When trying to sell your home at the last minute, there are some important steps that you must to take.  If you want to sell your home at any costs, remember that you still need enough money to payoff your current mortgage.  For example, if you owe $50,000 on your mortgage, you cannot sell your home for $45,000.  It is also important to take your moving and living expenses into consideration.  Make sure that you walk away with enough money to help you find a new home, even if it only involves renting an apartment.

As it was previously stated, the entire process of foreclosing on a property can take up to 120 days or more in some states.  Instead of moving right away, you can use this time to try and make good on your outstanding mortgage.  Consider selling your valuables or getting a second job.  At the very least, stay in the home and save as much money as you can.  Remember, you need to have access to some money to move and rent a new apartment.