Just because you are behind on your mortgage it does not necessarily mean you will lose your house in a foreclosure. What happens often depends on how you respond to your situation and if you do so in a timely manner.
Here are five mistakes to avoid that could help you save your home:
Do Not Ignore Calls or Letters from the Bank, their Lawyers or the Sheriff
It is better to contact your mortgage company as soon as you know you will be late on payments. Many lenders will help you work out another solution that works for you. Further you need to review all communication to know if you are being sued and what options you might have. When you fall behind on your mortgage, you’ll start receiving letters from the bank. You can get a notice of default, notice of intention to foreclose among other documents. You can also start getting letters from the bank’s attorneys. These documents all contain important information about what’s happening with your home and your mortgage. It is important to read everything carefully.
Do Not Wait Until the Last Minute to Get Help
There is a federal law that does not allow lenders to begin a foreclosure until payments are 120 days delinquent. However, the sooner you act to save your home, the more options that might be available to you. Do not wait until you are sued or until a Sheriff’s sale is scheduled to contact an experienced foreclosure defense attorney. Our law firm has talked to many people who deal with foreclosure by ignoring everything and not taking any steps to save their home until they have a judgment of foreclosure or a Sheriff Sale of their home is scheduled. The sooner you address what is happening the more options that are available to you.
Do Not Pay a Foreclosure Rescue Company to Help You
There are foreclosure “rescue” companies that may ask for you large fees to help you save your home. They may also tell you to pay your mortgage payments to them instead of your mortgage provider. Do not do this, as they may take your money without doing anything to stop the foreclosure.
Do Not Assume Your Lender is Going to Help You
Your lender has the ability to help you but you should not assume that they will. They have no legal requirement to offer a homeowner a loan modification. Often, the lender will let the homeowner think they are going to give a modification and then they and then issue a denial.
Do Not Try to Do Everything Yourself
Generally, a foreclosure is too complex to handle on your own. There are ways to postpone a sale date, extend the foreclosure process, increase your changes of obtaining a loan modification and file a Chapter 13 bankruptcy to pay the arrears and keep your home. As soon as you are having trouble paying your mortgage you should contact an attorney such as Levitt and Slafkes, PC who are experienced in both foreclosure defense, loan modification and bankruptcy.
Contact Us to Help You Save Your Home
If you are struggling to pay your mortgage, or are in foreclosure contact the experienced, honest and compassionate attorneys at Levitt & Slafkes, PC to understand your options your options.
You can call our office at (973) 323-2953 or contact us online to schedule a consultation.
We are proudly designated as a debt relief agency by an Act of Congress. We have proudly assisted consumers in filing for Bankruptcy Relief for over 30 years. The information on this website and blogs is for general information purposes only. Nothing should be taken as legal advice for any individual case or situation.