Have you received a foreclosure notice and facing foreclosure? If this describes you then you may be dealing with a range of emotions including anger, sadness and above all you may be dealing with an overwhelming amount of stress. No matter what you may be feeling, the last thing you want to do is not do anything. It’s time for you to take action and start detailing a plan of action. Depending how far down the path you are on for a foreclosure sale your plan of action may vary.
Getting assistance and help is probably one the first step or action that you will want to take. One the place for help is through HUD (Housing and Urban Development). They provide counsellors that can help you sort through your situation and give you advice and a plan of action. They will provide you material and documentation on how you can avoid foreclosure. They will also be able to help you if your foreclosure is imminent and you need to know what steps you need to take after you have been displaced due to a foreclosure.
Foreclosure defense attorneys may also provide advice and counsel if you are a homeowner facing foreclosure. They will give you legal advice and will review your situation. When selecting an attorney you need to make sure that you find an attorney that has handled real estate and foreclosure cases. One area that an attorney may explore is in a loan forensic audit.
A foreclosure defense attorney will be able to determined if you have potential fallen to fraud or scam by your mortgage lender and know what steps to take to avoid foreclosure. He or she will also guide you through a foreclosure process and detail several ways to avoid foreclosure or alternative in lieu of foreclosure. Depending on what the state laws are you may find that professional service will charge you an upfront fee to handle your case. No guarantee can be made however that a foreclosure can be avoided.
Other that an attorney or HUD you may need to reach out to family and close friends for advice. Even through you may not like the situation you’re in and it may be somewhat embarrassing, your family and friends will be needed to provide support and encouragement. In some case a family member may be able to help you get caught with your payment and bring you mortgage back into good standing with your lender. Family and friends may have a better understanding of your situation and know that it is temporary and that you will be able to pull of your debt within months. Family and friends could be a good source to borrow money to avoid a disastrous foreclosure.
Probably the most logical place to seek advice is your bank or lender. With the HAMP program banks and lenders received billion of fund of our tax dollars. Because they received these funds, most of the bank have signed up to received incentives for every loan modification or short sale that they complete. The bank will require you to provide financial and various other documents. Bank and lenders want to avoid foreclosure because the cost of foreclosure far exceeds a work out or modification of customer loan. The key in a bank making the decision to work with you will be your hardship. If you’re hardship is temporary there’s a good chance that they will work with you.
Other location to find assistance and foreclosure help is the internet. When researching on the internet you will want to proceed with caution. Educate yourself as much as possible before selecting a company to assistance. There are fraudsters that will be take advantage of you but that are the exception to the rule. For the most part most companies are honest and have a genuine interest in helping you avoid foreclosure. In most case professional service will charge you an upfront fee unless it is prohibited by law or based on if you are a licensed professional. The internet is full of information and free advice to avoid foreclosure.