4 Tips For Navigating A Foreclosure - As Seen On NBC6
Categories: Foreclosures, Front Page, Mortgage News, Real Estate News
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The unfortunate reality is that tens of thousands of families all across America are currently dealing with the nightmare of foreclosure. Foreclosure is not only a time of extreme financial stress but emotional stress as well. For more on the emotional side of foreclosure please visit Dave Magua’s blog which discusses this aspect in detail.
Every foreclosure situation is different and difficult but these 4 tips should make the experience a bit more tolerable.
1) Contact your lender immediately and open all correspondence. When you call you may want to ask for the “Loss Mitigation” department. These departments usually handle loans that are in default (behind in payments) but not yet in the foreclosure process. If you are not currently behind in your mortgage payments your lender may advise you that they can not begin negotiations until you are in default. You should ask that they make a note on your file that you have contacted them to advise of a potential problem and want to work with them to resolve the situation.
2) Keep records and take notes. You should keep a log of everyone you speak to during the process, their contact information, department and title. Make notes of what you spoke about, the date and time of your conversation. Don’t throw correspondence from your lender away and save all email correspondence as well.
3) Get help negotiating with your lender. If you can afford to, have an attorney or qualified professional contact your lender on your behalf. Otherwise you can contact a HUD approved Housing Counseling Agency. To find one in your area go to: South Florida HUD Housing Counselors.
4) Explore all options with your lender. Ask if a loan modification is possible that will allow you to catch up on your payments and remain in your home. If and when you are able to reach a payment plan with your lender make sure that it is realistic for your budget. If you fall behind again in most cases you won’t get a second chance.
Remember that foreclosure is a process that will take weeks or months. Don’t expect immediate results or answers and always try to remain civil with the people you are speaking to that work for your lender, they are human too.
James R. Venney is a 20 year veteran of South Florida real estate and is currently the top producing Home Mortgage Consultant at HomeServicesLending An Affiliate of Wells Fargo Home Mortgage.
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