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Tips Which Can Assist You with Foreclosure on a Real Estate Mortgage
There are lots of things that people don't know or understand about real estate foreclosure.
This process can be extremely damaging and can mean the difference between saving your home and losing it if you don't get educated.
If you are going through a foreclosure there are 5 key elements that you need to understand in order to prevent the bank from taking back your home.
Please read below to learn more about real estate mortgage foreclosures.
Real Estate Foreclosure!
This can be a scary and an extremely frustrating and daunting procedure.
There are confusing words and terminology used that most of us including homeowners don't understand along with the mountain high stacks of paperwork that is arriving to you on a weekly basis. It is enough to make you want to scream and hide.
The two most critical things you can do during the pre-foreclosure process are to constantly educate yourself and to keep in close communication with your bank manager.
Below are some key items you need to know and understand about the pre-foreclosure process and how you can avoid it like the plague.
1. Understanding when the bank will move forward with the foreclosure
The easiest way to get this information is to contact the bank to find out what their guidelines are. When the foreclosure starts depends on the lender. Some will move forward with it after 90 days of not having received a payment. Other lenders will take longer. Talk to you lender and get informed about how to stop it. Most lenders do not want to foreclose on you but are willing to assist you if they can; and the two of you can come to some form of arrangement. A lot of it also depends on your commitment to work with the lender. If you can convince them that you are willing the work with them then they may not start the foreclosure process at all. Some banks will try and work out a solution that works best for you and your current situation. If you keep them up to date about what is happening with you, your odds will increase dramatically of getting a payment planned worked out, just contact your lender and ask it is that simple.
2. Figure out the length of the foreclosure process in your area
It is different from bank to bank and again, the best thing to suggest is that you call the bank directly to find this information out directly from each financial lender. Try and contact somebody directly in the foreclosure department. It varies from lender to lender. Spend the time to find out it could be beneficial to you in the end.
3. Find out if you have an alternative to foreclosure
There is more than one way to skin a cat and there is more than one way to stop a foreclosure. The options you have depend on your situation and if you are willing to do something about it. This includes examples like what your debt on the house is, is your financial situation permanent or temporary, would you like to stay in the house or not. Speaking with the bank and your lawyer will assist you in deciding what your best available option is and how to solve your current situation.
4. Find the right person to talk to at your bank
This is something that may change throughout the foreclosure process. If you contact the bank before the property goes into foreclosure then you might talk to somebody in the workout department. If the property actually falls into foreclosure, then you will more than likely get sent to the foreclosure department. Stay in constant contact with your lender at all times and make sure you are dealing with the correct department at all times. It would be a total waste of your time if you start faxing paperwork and mailing information to the wrong department. If there is one thing I know about the foreclosure process it's that time is definitely not on your side. Also talk to the same person each time you make a telephone call to the financial lender as they will know your case situation and be of assistance to you.
5. Figure out what all the paperwork you are getting means
Throughout the foreclosure process, you will be getting tons of letters and postcards from attorneys who work with the bank. If possible, hire a lawyer yourself so that you will know exactly what everything means. If it is not possible to hire a lawyer, then try and do some of the research yourself so that you have a better understanding of the meaning behind what you are getting. Having knowledge of what is getting mailed to you is vital to knowing exactly where you are at in the foreclosure process. Bottom line is it could save you your home.