What You Should NOT Do When Trying to Prevent Foreclosure

When you are forced to deal with the threat of foreclosure, it is easy to lose your composure and panic, even though you know that keeping your head is important. There are several things that you should never do when trying to prevent foreclosure, not if you are serious about keeping your home.

The first common mistake people make is ignoring, or choosing not to litigate your other assets to help take care of your past due mortgage payments. If you own other properties, such as land, or other homes, sell them, and take the money to help save your primary residence. If you have a second car, don’t hesitate to list it for sale. Whole life insurance policies also hold cash value, and they can be cashed in and used as well. Yard sales, consignment shops, and E-Bay are also great places to sell extra items that you may find around the house, and will add some extra funds to your home saving efforts. When all else fails, seek a part time job, or do freelance work online from home in your spare time, to get the extra funds you need to save your home. You may not be able to get enough money from these sources to payoff your mortgage, but you can likely get enough to pay for the past due payments and have your mortgage loan reinstated.

Don’t think that you have to just accept the foreclosure of your home and give up without a fight. Take the time to do some research into home foreclosure laws in your state, and to seek out other options that can help you to save your home. There are many companies that offer to help you prevent foreclosure, but they charge hefty fees for their services, and really don’t do anything for you that you can’t do yourself, with a little research and effort. Foreclosure attorneys or financial advisors may also be able to make suggestions that help get you back on the right track as well, but again, charge fees for their time. Some larger cities have free legal aid offices, and if your income level meets their qualifications, you may be able to get the help you need at no cost, so this is something you might want to look into if you are on a fixed or limited income right now.

Never sign any document that you don’t fully understand, especially not concerning your mortgage. Be wary of companies that contact you claiming that they can help you save your home, as these most often are scams. If your mortgage lender sends you any paperwork, make certain you read it carefully, and maybe even seek legal advice before signing, just to make certain you know what you are doing. You wouldn’t want to sign away your rights to your home and not even realize it!

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A homeowner who fought foreclosure and won - Kansas City Star

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Foreclosures Draw Private Equity as U.S. Selling 200000 Homes: Mortgages - Bloomberg

Bloomberg

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Council Acts on Foreclosures - Gotham Gazette

Gotham Gazette

Council Acts on Foreclosures Gotham Gazette The bill will require the HPD to update their website quarterly with the number of foreclosure actions that exist in each community district. For buildings with twenty or more units, the HPD must list basic building information on the site so tenants ... Sunlight for City's Foreclosures, ContractsWNYC (blog) Stephen Levin, Darlene Mealy and Christine Quinn. Dana RubinsteinCapital New York all 4 news articles »