The Faces Of Foreclosures Include Mine

Every time we drive to work, school, or church we pass the empty homes. These are the houses our friends lived in and now they were largely unkempt and vacant. The stories behind each of the foreclosures was different but the anguish at saying goodbye was identical.

I was sat on the bench press in the basement where I was determined to lose weight fast and look good quick. I think I used it once. I noticed the strapless wedding gown that my wife wore once. I packed away the tiny space heater, the electric breast pump, and the kids old wood burning kit into a box and taped it shut.

I was packing up some of our best memories for the neighborhood yard sale. I realized I had the default notice in my coat pocket where it had been for nearly a week now. Some of my friends described feeling scattered, lost, benched and depressed when facing their foreclosure. I never thought it would be me too.

I got proactive. I determined who had my mortgage and contacted them to see what options I had available. Mortgages are bundled together and sold and often resold. You mortgage may now be with a company thousands of miles from the downtown bank that financed your house. FHA loans, Fannie Mae and Freddie Mac loans all have free counselors with toll free numbers.

There are several categories of special needs or age qualifiers that can help you get a mortgage reduction. VA, HUD, FHA, and your state offer toll free foreclosure counseling. Your state attorney general may have guidelines posted on their website. If you already have a Notice of Default you need to get moving on a solution.

Check out your state’s foreclosure rules. Ask about your redemption rights. No matter who you speak to or how informed they may be, make sure your speak to an experienced real estate attorney to confirm everything. You must know how many days you have to catch up on your back payments. You need to know if your auction date can be extended.

Check the rules in your state and research your redemption rights. The time lines are important and it is crucial that you know it works in the state where you live.

If you cannot come to terms with your lender your home will finally go to auction. It will likely not be purchased by a bidder who knows that after the bank takes it back they will get a steep price reduction. Whatever you do, do not sit in your attic collecting memories when you could be at your computer collecting the information that might forge a solution.