How to Handle Your Foreclosure Procedure
Posted on March 6, 2010
Filed Under Florida Foreclosure |
Every foreclosure procedure is different because the laws that govern foreclosure in every state are different, because every mortgage company handles foreclosure differently and because every person that goes through foreclosure is different. If you want to handle your foreclosure procedure well, there are a few things that you need to do.
One of the biggest things that helped me handle my foreclosure procedure was getting informed. When I first decided to save my home from foreclosure, I was in a state of panic. I had no idea what to do and no idea where to start. I knew that if I stayed in that frame of mind, I would never save my house from foreclosure. So I decided to start doing some research. The library and the internet are great sources of free education about foreclosure. So is your mortgage company. One of the first things I did was call my mortgage company and tell them that I wanted to save my home from foreclosure. As soon as I did that, they started to work with me and told me what to expect next. Being informed also helped me keep the feelings of panic at bay during my foreclosure procedure. When you know what to expect next, it is a little easier to handle.
Another thing I did that helped me handle my foreclosure procedure was to remain calm. I admit it, no I did not remain calm though the entire process, but I did for a lot of it. And when I was calm, I had a much easier time dealing with the mortgage companies. It also made it easier to deal with the other people who were a part of my foreclosure procedure. It is easy to get angry or depressed during foreclosure. But keeping in control of your emotions is one of the best things you can do. Not only for the people that you deal with but also for yourself. Getting stressed out or depressed will not solve your problem and will only make you feel bad. So do whatever you can to make sure that you do things that make you feel good during your foreclosure procedure.
Jill Borash
http://www.articlesbase.com/mortgage-articles/how-to-handle-your-foreclosure-procedure-705918.html
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4 Responses to “How to Handle Your Foreclosure Procedure”
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Best way to foreclose on house?
My wife and I are not doing well financially and are probably going to foreclose on our house. We are behind on our monthly mortgage payments by about 2 months now. Our house has been for sale for about 2 months also. We are aware that being behind on payments as well as foreclosure itself looks very bad on your credit score, so we are considering moving to an apartment before the credit score gets too bad. My wife and I move want to move to an apartment and just let the house foreclose. I’m looking for some advice on the procedure on how to handle everything that is happening. I was told the foreclosure process takes about 4-6 months for everything so, if we move to an apartment in the mean time we would still own the house for another 3 months or so. Would we just turn off all the utilities and pretty much abandon the house until everything is taken care of? Also what is the best way to foreclose? A Deed in Lieu or just a regular foreclosure? My loan is through CITI mortgage and I read somewhere on their website saying they would accept a deed in lieu if we are behind on the payment and the house has been for sale for 3 months. What you recommend doing? Hopefully you understand all of this. Thank you very much in advance for your help on this. I greatly appreciate any advice your willing to give.
A few of you mention filing bankruptcy as a main option. To me, I believe this is a bad idea, because the only debt I have is my home. All my credit cards and other bills are completely paid for. Also to file bankruptcy requires legal fees which I dont really want to pay. Also some people mention that I should just stay in the house, but I am changing colleges in the fall and I am trying to move closer to school if I can. The difference in distance is about 20 minutes, but that can add up over the course of two years of driving. I am just trying to move on and forget about this house. Thanks again for all your help so far.
Why not file bankruptcy, ask the bank to restructure your loan and then reaffirm your home loan and keep it, because you won’t have any other bills, then can you make your house payment.
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You need to call your Lender & ask to speak with a Supervisor. Talking to them directly & honestly can open up many doors. You have options. Also, the rate of foreclosure is so high right now, it is taking 5-6 months for banks to foreclose in many cases.
1. If you qualify, due to new government guidelines, they have to offer you a lower fixed rate or a refinance so that you can pay your mortgage
2. Ask them if a short sale is acceptable - this is when the lender agrees to take less $ than you owe them on the house, so you can lower the sales price. Your Lender spends thousands in legal fees to foreclose & will many times approve a short sale.
3. A Deed in Lieu of Foreclosure will keep a foreclosure off of your credit. You would be signing your house over to your bank (you would no longer own it) & would no longer have to make payments on your mortgage.
EDIT: IF you do decide to leave your home, you are smart to rent asap before you have a foreclosure on your credit. No one will rent to you with a bad credit history & you would have to apply for low income housing. Do not listen to others who tell you to stay in your home until they foreclose. If you must rent, you are smart to get approved before your credit plunges.
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in the business
either file bankruptcy or live in the house and make no payments until you have to move out. Why move into an apartment and pay rent while your house sits empty. The forecloser is going on your record either way at least save some money by not paying rent for a few months. I know it sucks but when times are tough you have to look out for you and your family first
good luck with whatever you decide
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