Foreclosure Notification Actions

: Chris Lee Law Firm

  Filed under: Foreclosure

foreclosureForeclosure, the “F” word is every homeowners nightmare. Falling behind on payments can happen quickly when economic pressure arises and financial hardship strikes, leaving your home vulnerable to the hands of the bank. Even worse is that, depending on your state of residence, you could have less than 30 days notification of your impending foreclosure.

That Dreaded Letter

If you have received a letter of foreclosure notice, time is of the essence. Some states are non-judicial foreclosure states, meaning that they do not require the intervention of the court to proceed with a foreclosure on your home. This could result in you having less than 30 days to resolve your mortgage debts. Even if you haven’t officially been informed of your impending foreclosure you may still be short on time. If you are, or think you may soon be, at risk of foreclosure, follow these steps to maximize your chances at successfully resolving your debts:

  • Contact a foreclosure attorney right away to discuss your situation, find out your rights and approximate timeline for negotiating a deal.
  • Contact your lender to obtain written verification of your mortgage debt and proof that the lender has followed legal protocol for foreclosing on your home.
  • Collect your financial documents, including tax records, income verification, proof of financial hardship, etc.
  • Review your foreclosure options such as a loan modification, short sale or deed in lieu.

 

 


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