Facing Foreclosure – What to do next
When you are faced with the possibility of losing your home, you may feel like your life is in shambles. It is understandably frightening to receive a foreclosure notice, especially when you don’t know where to turn next. You can rest in the fact that there is help available to you if you find yourself defaulting on your mortgage – you just need to know who to turn to and what questions to ask.
Investopedia defines foreclosure as, “…the legal process by which a lender attempts to recover the amount owed on a defaulted loan by taking ownership of the mortgaged property and selling it.”
Lenders are given the legal right to foreclose on your home because of the terms outlined within your mortgage document. It is important to review your mortgage paperwork to get a better understanding of the timeline for the foreclosure proceedings. Furthermore, each state has different rules and regulations for foreclosure processes. Research foreclosure laws in your state to make certain that your lender is legally pursuing foreclosure.
Continue reading to learn more about what you should do if you are facing foreclosure.
Talk to Your Lender.
Ignoring the problem won’t make it go away. The U.S. Department of Housing and Urban Development states, “[l]enders do not want your house. [t]hey have options to help borrowers through difficult financial times”. First and foremost, you won’t know until you ask. Be transparent and honest with your mortgage company. You might be surprised by the help they are willing and able to provide.
Talking to your lender sooner rather than later is always a good idea. The last thing you want to do is further aggravate the situation by failing to respond to important, legal communications. Start the conversation with your lender as soon as you know that you are in jeopardy of foreclosure. The more time you and your lender have to discuss the problem the better. Don’t leave options on the table simply because you ran out of time to discuss them.
Research Government Assistance Options.
You might be surprised to find out that there is government assistance that could potentially help you avoid foreclosure.
For example, if you are a resident of Ohio, it is in your best interest to research Save the Dream Ohio to determine your potential eligibility. Save the Dream Ohio, “… provides assistance to Ohio homeowners facing foreclosure and/or who cannot afford to pay their mortgage payments or other related housing costs as a result of economic hardship caused by the COVID-19 pandemic”. This program, operated by the Ohio Housing Finance Agency, could possibly be the assistance you have been searching for.
The above example should be seen as a reason to research the government programs in your state that offer foreclosure help to find out if you qualify for assistance.
Speak to an Experienced Attorney.
You don’t have to navigate foreclosure alone. Although it’s important for you to research what your basic rights as a homeowner are, you must remember that you are not an expert in this field.
Don’t let feelings of embarrassment or shame stop you from seeking legal help. An attorney who specializes in foreclosure law can provide you with the advice so you can make an informed decision. You can rest easier knowing that a lawyer who has a comprehensive understanding of your rights as a homeowner is advocating for you.
We are here to help.
The attorneys at Flanagan, Lieberman & Rambo have the experience and heart to help if you are being threatened with a foreclosure. Our team will be diligent in treating you with the utmost respect and compassion throughout the legal process. There is no reason to fight this legal battle alone.
We have helped clients just like you who were facing similar legal situations – let us be the helping hand you have been searching for.
Contact us today.