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Mine After
Facing Foreclosure Head On Or Head In The Sand
The economy crushed our neighborhood. Empty lawns, silent barbecues, and vacant driveways surrounded empty homes on our streets. I knew I was not going to be able to pay my monthly mortgage but I was paralyzed.
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 electric breast pump and stared at my strapless wedding gown.
The thought of losing our house was simply not in the cards. I am typical male that does not really listen. I just want to solve the problem. I had no experience in losing a home or more importantly how to avoid losing a home to the bank.
I got proactive. I determined who had my mortgage and contacted them to see what options I had available. Mortgages are bundled together and sold and often resold. You mortgage may now be with a company thousands of miles from the downtown bank that financed your house. FHA loans, Fannie Mae and Freddie Mac loans all have free counselors with toll free numbers.
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.
You have a specific number of days from the time you default to the day your home will be taken back by the lender. You have several weeks to cure the payments you are in arrears. If you can cure the default you will then resume your regular monthly payments as if nothing ever happened.
Check the rules in your state and research your redemption rights. The time lines are important and it is crucial that you know it works in the state where you live.
What if you cannot bail yourself out or find a solution in partnership with your lender? Your home will be scheduled for auction. Do not wait until you are standing in the middle of your garage sale holding your default notice to find a solution. Start the minute you even think you may not be able to make your monthly mortgage payment.
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