Facing Home Foreclosures

- Anita J.

At one time, almost everyone could purchase a home with low interest rates and the real estate market was booming, however, interest rates are on the rise across the nation and the real estate market is either dropping or holding steady. With this occurring foreclosures are rising.

Of course, you do not wish to lose your home because of a home foreclosure. There may be several reasons that you are in behind in your house payment, an illness, death, accident, or the loss of employment. Whatever the reason, you must contact your lender. This may be very hard to do especially if you have been avoiding them on the telephone or not opening any correspondence you received in the mail.

The very first mistake people make when it comes to falling behind in their home mortgage payment is not contacting their lender as soon as they know they are having problems. Of course, if you wait until a home foreclosure is knocking at your door, your lending will not look at you very favorably.

No matter just how hard it might be to contact the lending company this is something you must do in order to keep your home and of course, your reputation as a person that pays their bills.

When you do call, you should ask to talk representative who is the point of contact for your file. Do not talk with any one else about your mortgage. You will more than likely have to leave a message or maybe several messages before they return your call. Be persistent!

Begin keeping a journal. Write down each and every time you call the lending company or their attorney. If you leave a message, write this information down along with the exact date and time and even the name of the person that took your message. If you do get to talk with a person concerning your mortgage, write down what you discussed along with names and dates once again.

If at all possible, use a tape recorder and tape your conservations. If your home foreclosure comes to talking with a judge, you will need all the proof you can to show that you did in fact try to work with the lending company to come up with a solution for you to keep your home.

If you happen to end up in court and the court can see that, you have tried many times to contact the lending company to work out your financial problems and keep your home, they will be more sympathetic to your situation. The court will be able to override the lender’s process of taking your home, can reverse the foreclosure and even stop the sheriff’s sale.