What in the heck should I do when faced with potential foreclosure? It is a scary proposition when the foreclosure notice gets delivered from your mortgage company.. For so many different reasons these days homeowners are finding themselves in hardship, behind on payments and faced with the possibility of losing their homes. On top of that unless you are familiar with the bank's language and know how to follow their exact guidelines you could end up out on the street!
There are ways to communicate and a process to follow when faced with potential foreclosure. Don't try to handle this alone - get an advocate that knows the process and can help describe to you all the potential options. If you make enough money to make the payments but have stopped for whatever reason the bank will not be very sympathetic. On the other hand if you have had a cut in pay or lost your job a loan modification or short sale of the home may well be in order. (Short Sale - meaning the bank will agree to accept less than what is owed on it to allow it to sell versus foreclosing on it) Whatever the situation you must be proactive - time is of the essence!
To find out the possibilities you may want to work with a knowleadgeable real estate broker that has helped others through the process. It is not near as stressfull when you have a competant professional in your corner. Banks will want to see recent paystubbs, recent bank statements, evidence of hardship, and a full explanation of your situation before committing to assisting you and it may be wise to have someone identify all the requirements and step in to help negotiate for you. FOR A FREE BOOKLET -"THE FORECLOSURE WORKOUT GUIDE" to help you through the process please contact me at firstname.lastname@example.org or call 425-478-6758