Even if you think you’ll be fine in the end, to be in pre-foreclosure and then progressing on to foreclosure can be difficult. After all, you’re stepping away from your previously invested money in your home and a failed investment. A pre-foreclosure attorney Victorville will ease the process if you contact them.
Jennifer and I have gone through it, and we feel that knowledge is the best remedy to adversity. (Well, that plus a sense of humor!) Power comes from knowledge. If you’re contemplating foreclosure, you’ll want all the leverage you can get.
So, what exactly is pre-foreclosure?
This is the interval between when you opt to stop paying your debts and when you receive the first notification.
This is a tremendous period when you start to have possibilities you did not previously have. However, you must plan for your future in pre-foreclosure to be prepared for the foreclosures—and, more crucially, for life beyond your foreclosures!
First, ensure that all your other repayments are current and continue to be so. You’re no longer making monthly repayments; utilize those funds to pay your other expenditures! Keeping the remainder of your expenses current helps to keep your credit score from taking such a knock following your foreclosure.
Do you require any large purchases? A new vehicle? Do it right away, especially before your existing mortgage’s first payment is due.
Simply taking this step will save you hundreds of dollars in interest charges!
If you have any properties with your mortgage company other than your mortgage, take the money out of those banks before you delay your second payment! You wouldn’t want your lender attempting to withdraw funds from your other accounts! Also, demonstrating hardship is one strategy to deter your lender from pursuing you after foreclosure. If at all feasible, place your valuables in a trusted friend’s or family’s hands.
Once the foreclosure processes commence, you will still have alternatives.
Very few individuals receive them; for the most part, they are ineffective—but the application can delay the foreclosure proceedings by 6 months or more. That’s 6 extra months of rent-free living in your home!
Another thing to remember concerning pre-foreclosure and foreclosure is the importance of being calm! Stop picking up the phone if your lender attempts to harass you. Better still, please remove that pricey landline and replace it with a pre-paid cellphone with an unlisted contact!
Your relatives and the entire family may believe you should do the “honorable” thing and continue to service that submerged mortgage.
Unless, of course, they’re prepared to take on your mortgage!
When considering pre-foreclosure or foreclosure, remember that this is not a life-or-death scenario until you make it one. There is life after foreclosure, and if you keep your mind together, know everything you can, and prepare wisely, you will have a good one!