The foreclosure process is no walk in the park. However, as scary as it might sound, it is manageable. With the right knowledge, resources, and professional help, you can navigate the tricky waters of the foreclosure process successfully! Don’t let all of the doom and gloom talk on the news debilitate you from taking control of your situation.
The Early Stage
No one simply wakes up one morning to find that they’re being foreclosed upon. Foreclosure happens in gradual stages. And, with the swell of foreclosures that’s followed the housing bubble burst, government regulations have tightened up so that mortgage holders and lenders are required to give more notice now than ever before.
The most important thing you can do in the early stage of foreclosure is to pay attention to your mortgage debt. If you’ve been struggling to make payments to your mortgage holder, then you know you’re going to have problems. Do whatever it takes to pay your mortgage every month, on time and in full! This might mean an additional loan (last resort). Hopefully, you have expenses you can cut, assets you can sell, or can take on extra work.
If you have no method for coming up with more cash, don’t despair. It’s time to start actively pursuing options with your lender. Be a prompt and clear communicator, and keep your lender abreast of all changes in your financial situation. Doing so establishes good faith and trust with your lender. You’re far less likely to be their primary target. There are plenty of other borrowers with mortgage debt who are making no effort to resolve the situation.