| MAIN
Home
Life Home
Legal Guide Foreclosures What
to do if you're faced with foreclosure?
First,
and foremost - don't panic, say the experts.
Swallow your
pride and your emotions, and respond immediately to any threat of foreclosure
from your bank. Also know that, in the U.S., you're not alone as recent headlines
show a startling rise in bank repossessions and foreclosures nationwide as the
economy nosedives in a global credit crunch. Getting
in, and out, of foreclosure After
a few months of missed payments, the bank will call in the defaulted loan and
begin foreclosure
proceedings. If
this happens, TALK TO YOUR LENDER and be honest and forthright about your financial
situation. Ask
about loan refinancing, or making interest-only payments on the loan. Believe
it or not, many reputable lenders would really rather not repossess or foreclose
on your home. It's usually a money losing proposition for them, so they are happy
to work with you on creative ways to get you back on a regular mortgage payment
schedule. Meanwhile,
watch out for any sharks that may come circling calling themselves foreclosure
"consultants" and offering services (i.e., like talking to your lender)
that you would be better off doing yourself for free. Other
such foreclosure
scams include equity skimming in which a "buyer" offers to take
over the deed, leaving unsuspecting homeowners with the defaulted loan. I'm
in foreclosure - now what? Foreclosure
rules vary from state to state, but generally there are two basic procedures -
judicial and non-judicial - by which foreclosure proceedings are carried out.
A judicial foreclosure sale is one that is filed with the court and subject to
court approval. A non-judicial sale is one that is followed according to an already
agreed-upon clause in the deed of trust. Depending
on where you live, you may be given a fighting chance to reclaim your house for
foreclosure under what is commonly called "right of redemption". Alabama
allows up to 12 months to reclaim your property, while Tennessee allows up to
two years, while in a number of other states, there is no right of redemption. More
about foreclosure on the Web: Elsewhere
on the Web, take advantage of a wealth of related information & advice on
foreclosures including expert tips on how to avoid it, stop it, or otherwise arm
you with tools & knowledge you can use in the foreclosure battle ...
Preventing
and Stopping Foreclosure - How you can quickly face foreclosure and what
to do about it with tips on budgeting and shopping for the best mortgage rates
plus additional advice on immediate steps to take to halt foreclosure proceedings,
with more on how to spot a foreclosure lending scam. Avoiding
Foreclosure - BankRate guide with expert tips including a table illustrating
typical steps in a foreclosure timeline. How
to Avoid Foreclosure
- Online brochure from HUD with general information on the topic for homeowners
with FHA insured loans, although tips & advice apply to homeowners everywhere
within the U.S. How
to Avoid Foreclosure - Step-by-step advice from EHow.com with related
tips & warnings, visitor comments. Foreclosure
- Overview of common foreclosure practices in the U.S. with a further explanation
of deed
in lieu of foreclosure, from Wikipedia. State
Foreclosure Laws by State - Clickable map to all 50 states with brief
summaries, attorney general contact information and related resources.
also
see -> Bankruptcy
| Eviction Laws | Mortgage
Insurance also
see in House & Home -> Buying
Foreclosures The
information provided on these pages is intended as reference only and does
not constitute professional legal advice. |