Facts About Your Foreclosure

: Chris Lee Law Firm

  Filed under: Foreclosure

If you are facing foreclosure you are probably already dealing with additional stress and anxiety over the thought of losing your home. While there is some cause for concern and a call for action, it is important to know a few things about how to deal with the foreclosure process.

Knowledge Is Power

First, understand that each state has different laws when it comes to the foreclosure process. In a non-judicial foreclosure state, the process can be completed quickly. In these states, the lender is not required to obtain a court order for the foreclosure process to be initiated, which can mean you have as little as 30 days to fight the process. In a judicial foreclosure state, the lender must first go through the court to obtain rights to foreclose. The court intervention in a judicial foreclosure state does slow down the process and can definitely work in your favor.

Also, know your options when it comes to fighting foreclosure. Loan modifications, short sales and deed in lieu of foreclosure are all avenues you can pursue. A loan modification may grant you a reduced payment and allow you to keep your home, but they can’t help everyone. Many lenders carry strict qualification standards and missing more than one payment or a poor credit score are often two factors that may disqualify you. A short sale or deed inĀ  lieu can help save your credit during a foreclosure, but both will result in you having to leave the home.

Last, seek professional advice and representation. A foreclosure attorney can be a valuable asset in fighting against foreclosure. They can help you understand where you are in the process, review your options and represent you in mediations with the lender.

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