The definition of Fear is:
a distressing emotion aroused by impending danger, evil, pain, etc., whether the threat is real or imagined; the feeling or condition of being afraid, something that causes feelings of dread or apprehension.
With all the news spreading doom and gloom I completely understand wanting to tuck tail and run!
Please know one thing . . . .
YOU ARE NOT ALONE!
Thousands of people are upside down in their homes, behind in their mortgage, unemployed, under employed, just trying to stay afloat. I know it may not feel like that but you are not alone! Why do I say all of this? Well for one reason I am here to help!!! Yes there is help out there!
More than 70% of all foreclosures have never even been listed. A lot of people don’t think a Realtor® can help.
What can a Realtor® do?
We can support you & your attorney while you negotiate with your bank to help either settle your debt for less in a short sale or allow you to negotiate with your bank to give your home back to the bank in what is called a Deed-In-Lieu of foreclosure. We can also walk you through the foreclosure process.
Most people don’t know what to expect when they can’t pay their mortgage. Some people are just sick with the fact that the houses around them are selling for half of what they spent. Here is what you can expect:
If you are behind in your mortgage prepare for your phone to ring off the hook! I mean every hour on the hour. It
is also possible that your bank can be rude. These people are trained to get your money. They will say anything to get you to say you are going to make a payment. Know that there are laws to keep them from being abusive. If they are abusive keep records of the phone calls & record them!
You can contact a Realtor® now!
Next you will get letters from your bank. They are going to try and contact you everyway possible. In the state of North Carolina they will send you a letter after 60 days of non-payment to inform you that you are in default of your mortgage promissory note.
You can contact a Realtor® now!
The next step you will receive a certified letter that you will have to sign for letting you know that the bank is going forward with foreclosure proceedings. This letter will give you 45 days to bring your account current. This is required by the state, as well.
You can contact a Realtor® now!
From there if you haven’t paid them, talk to them, applied for a loan modification, or gone through the courts you will receive a knock on your door. A sheriff will be standing at your door with notification from the courts that your bank has filed foreclosure proceedings. Don’t be scared he is not asking you to pack your things right then and leave. This is official notification that you now have a court date. Typically your court date will be 45 days from the date on the letter (the day he knocks on your door). If you are not home he will tape it to your door!
You can contact a Realtor® now!
You CAN and SHOULD attend this court date. You can ask for a continuance from the courts. If you have already listed your home with a Realtor® the court will see that in your favor.
If you have not called a Realtor® yet, now is the time!
The court will look favorably on granting a continuation (sometimes 60-90 days) if your home is currently listed for sale.
Did you see that?? 60-90 days to allow you to move into your next residence.
From there is the sale date of your home. The court will take possession of your home and sell it to the highest
bidder on the court house steps. If your home doesn’t sell there, then the bank will list it again for sale with a Realtor®.
Know that this can be a time-consuming process. Some banks are taking 500+ days to foreclose on a home. While some are taking about 180 days. Bottom line is: you can expect this process to take a minimum of 5 months to well over a year! It all depends on your bank.
I hope this has helped to relieve some of your fears that you are facing.
YOU ARE NOT ALONE!
This article is just an overview of what can happen. There are many more options available that I didn't go over. If you have more questions please do not hesitate to contact me!
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