Foreclosure can be a stressful, frightening, and intimidating experience because nobody wants to lose their home. High amounts of stress can cause mistakes, such as not taking the right action when necessary or making the wrong decision. If you want to keep your home and survive the process with minimal anxiety, it’s crucial to learn the do’s and don’ts when facing a foreclosure. The Groce and DeArmon law firm explains more in today’s blog.
Facing Foreclosure – What to Do
Contact Your Mortgage Servicer
Call your mortgage servicer right away if you think you’ll have difficulty making your monthly payment. You may be able to develop a repayment plan. Also, keep track of when you call, who you spoke to, and what was discussed. You might need records of all communication with your servicer to help you fight the foreclosure later on.
Find Out Your State Laws
Your foreclosure could be judicial or nonjudicial, depending on your state laws and your circumstances. Learn each step in the foreclosure process so you know what to expect. You should also research federal and state laws that can protect you while you’re in foreclosure.
Engage in Foreclosure Mediation (If Your State Offers It)
A mediation program might help you avoid foreclosure. Some states, as well as certain counties and cities, offer special mediation programs to homeowners who are in foreclosure. This is when the borrower and lender come together, along with a neutral mediator, to attempt to resolve the misdemeanor. To learn more about foreclosure mediation in Missouri, consult with Groce & DeArmon today.
Facing Foreclosure – What Not to Do
Ignore Phone Calls or Letters From Your Servicer
Rather than being a nagging authority figure, your servicer is likely trying to help you. The phone calls or letters often tell you how to apply for the options to avoid foreclosure. Don’t ignore these calls.
Pay Your Mortgage to Anyone Besides Your Mortgage Servicer
Be careful of the companies out there who claim to be foreclosure rescuers. Sometimes they say you should pay them instead of your servicer, but this is probably a scam. The company might take your money and fail to stop the foreclosure, which would put you even more behind on your payments.
Move Out Early
If you vacate your home, you won’t get the chance to stay there for free during the foreclosure. In order to qualify for assistance, homeowners usually need to be living in their home. Also, remember that you’re still responsible for the property until the foreclosure ends, even if you aren’t living there. For these reasons, it’s unwise to move out of your house early.
Related Post: Filing Bankruptcy After Foreclosure
Groce & DeArmon is Here to Help
If you want to fight a foreclosure, consider hiring the attorneys at Groce & DeArmon to represent you. With over two decades of legal experience in Springfield, we are committed to helping our clients regardless of their situation. We can help you decide what to do and we will explain your legal rights and responsibilities. Schedule your free consultation with Groce & DeArmon, P.C. today.
