The prospect of losing your home is always terrifying, but there’s no need to just accept it. There cases where homeowners were able to successfully beat, or at least significantly delay, their impending foreclosures. If you want to have a chance of keeping your home, these steps will help.
1. Speak with the bank – Before anything else, there might be a chance that you can work out a deal with the bank. This is in their best interest as well, as they will likely lose money in the foreclosure sale, and they would much rather keep your business.
Explain your circumstances and ask if you can work out a repayment plan. This is especially useful if you merely suffered a temporary setback, such as losing your job, but will eventually regain your financial stability.
2. Get a lawyer – Should negotiations fail, it is crucial that you find legal assistance immediately. The quicker you do, the more time you have to prepare for the case and discuss your options. Preferably, consult a group with extensive experience in this particular field, like The Baim Law Firm. A regular lawyer won’t cut it for something this important.
3. Gather your documents –To get the biggest chance of winning the case, organize everything related to the foreclosure. Make sure to read and examine the documents related to the procedures your lender must follow in case of foreclosure, and look for any discrepancies in the payments they claim you have missed.
4. Prepare for court –It is crucial that you do not do anything that will hurt your chances during the time leading up to the trial, so consult your lawyer before making any decision related to the mortgage. Prepare yourself emotionally and mentally for the difficulties ahead, and make plans in case things do not work out.
5. Consider bankruptcy – When all else fails, remember that you have the option of filing for bankruptcy. It might ruin your credit, but getting a fresh financial start might be what you need to get back on your feet. If nothing else, this will usually give you a few more months in your home. This is especially useful if you have many different debts, and will still have to pay them even after foreclosure.
This will likely be one of the most stressful and demanding times of your life, but just remember that there are countless others who have gone through it before. Learn from their experiences, and apply it to your own situation.