Facing foreclosure can be intimidating, but don’t panic. Being proactive is important when it comes to this kind of situation, and it’s important to take the right steps to either save your home, or lessen the blow of losing it. There are many routes and options to consider, and at J&B House Solutions we can help determine which options are best for you and ways to approach the situation for the best outcome. Here are some tips to consider when facing foreclosure of your home.
Communicate With Everyone Involved
While it can be embarrassing to discuss money problems and the facts of the situation that you are facing, it’s important to communicate with anyone directly involved with the impending foreclosure. This will help you to start writing out every detail of your finances and discuss with your lender the circumstances that led you to this point so they can help you find a way out of it. They will help you request a modification and lead you through the steps of the entire process. Open up to your family as well. This may be difficult to do for many people, but you may be surprised at the support you receive.
Face your problem head-on by getting organized (and staying that way) with all documents you have received, such as foreclosure notices and other important mail relating to your home. Ignoring these or dismissing them can cause severe consequences, and can make an even bigger headache for you.
Know Your Rights
Dig up the loan documents you received when you purchased your home and go over the conditions of the agreement and your rights as a homeowner facing disclosure. Look for answers to questions such as what your lender can/will do if you are unable to make mortgage payments, and learn about specific foreclosure laws and statutes of limitations in the state you live in. Having this information will result in productive and clear conversations with your lender.
Set Financial Priorities
Rearrange your budget to fit your current circumstances. Keeping your home should be your top priority, and creating a good relationship with your mortgage lender is very important and beneficial. Keep in communication with them to show them that you are serious about getting back on track so you can keep your home, such as selling assets, taking on extra work, eliminated optional monthly expenses, and other ways to get yourself back into financial comfort.
J&B House Solutions, LLC is a team of experienced real estate solution experts & cash buyers specializing in short sales, REOs & rental properties. We typically acquire distressed assets, add value and either reposition them on the market or hold them as rentals for long term equity growth. Our houses become beautiful homes that create tremendous value in the very neighborhoods we invest in. Visit http://www.jandbhousesolutions.com/ for more information.