When you went through the process of buying your new house, you signed on the dotted line without reading everything, including the fine print. No one ever reads all that fine print anyway! First, if you did, you would need a microscope to see it all. Besides, in order to fully understand what you read, you would need a law degree or two! I have news for you: You are not alone! Many people sign on the dotted line with no understanding of what they are signing. Perhaps like you, these people are now finding that their interest rates have skyrocketed and they are no longer able to afford to make their new payment. In other words, they are facing foreclosure.
Foreclosure simply means that the bank is coming to take back possession of your home. If you are facing this drastic measure, there are still ways and means that can be employed to help you through this. In a majority of cases now, foreclosure happened because of greedy lending practices. Mortgage lenders and brokers were out to make a fast buck. You should have been told what you were signing and what it meant, but that did not happen. Unfortunately, that is now in the past. You must now do some work on your part to find a solution and secure your future.
Call Your Lender
If you are facing foreclosure, one of the first things you should do is contact your lender. If your lender should be a bank, contact the bank directly to find out if there are any arrangements that can be made. You must realize that a bank does not like to go through a foreclosure any more than you do. They would much rather you make your payments and stay in your home. Because of this, they will do all that they can to work things out for both parties.
When a bank goes through a foreclosure, they risk that the house will not sell quickly and will remain empty for a long time. Then, when they do sell the house, they usually get far less for it than if you had stayed and continued paying on it. Don't be afraid to ask them for help if you have fallen on hard times. Remember, you are not alone, and it is likely they will work with you.
Contact Your Lawyer
You may indeed have a case you could pursue in court if you have been the victim of greedy lending practices or unscrupulous business procedures. Get in touch with an attorney to see what your rights are. Be careful, because attorneys can be very expensive, as we all know. They may even question whether or not you can pay their fee if you are unable to even pay your house payment. While that may be true in some instances, you may be able to find an attorney that will work on your case on contingency. Working on contingency means the attorney will not charge you anything unless there is a judgment or settlement in your favor. They do not get paid unless you get paid. It is positively worth a stab at this angle, especially if it means you can avoid the foreclosure proceedings.
Don't Skip Out
The last thing you want to do is skip out on your obligation when facing foreclosure. You could potentially ruin your credit for a very long time. Lenders will then be less likely to trust you with any amount in the future. Not only that, but you'll be out on the street with no place to go. So do all you can to prevent a foreclosure. Call the lender, call the bank, call a lawyer. You can even call and ask your church or local charity for assistance. Don't be too proud. Again, you're not alone. You can get through this. Just make sure you don't lose your house. After all, owning a house is a big part of the American Dream.
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About the Author: Sean Roberts has penned several unique articles about foreclosure. Read more of his writings here about foreclosure. You can also see other articles by him at the blog Desert Blogger.
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