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.
I lost my job and my wife took a second low paying one. I sat in the attic sorting items to put up for sale. Our personal history included my powder blue tuxedo and my wife’s strapless wedding gown. Toys we gave are now grown children surrounded an electric breast pump. My plan to lose weight fast included several discarded exercise devices.
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.
VA and HUD also have free counselors to determine if you qualify for loan modification programs. You may also fit a special needs category that entitles you to modified loan. Work quickly and do not waste any business days. The clock is ticking on your foreclosure.
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.
The key to success may rely upon your ability to follow up. Write down names, dates, and times of contacts. Call back over and over again if necessary to get action from your lender. Remember getting your loan modified may result in a lower payment but if you cannot afford to make it you will simply delay your dark day.
It is vital that your lender performs a loan modification agreement you can afford. If they cannot and you find no other way to rescue yourself then your home will go to auction. The bank will bid their interest and most likely own it longer than they want. Do not drive by empty houses when you could be finding a way to keep yours full of family.
