The Faces Of Foreclosures Include Mine

The economy crushed our neighborhood. Empty lawns, silent barbecues, and vacant driveways surrounded empty homes on our streets. I knew I was not going to be able to pay my monthly mortgage but I was paralyzed.

I lost my job and my wife took a second low paying one. I sat in the attic sorting items to put up for sale. Our personal history included my powder blue tuxedo and my wife’s strapless wedding gown. Toys we gave are now grown children surrounded an electric breast pump. My plan to lose weight fast included several discarded exercise devices.

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 decided to dig in and find out what I needed to know. I find my mortgage documents and contacted the entity that now owned my loan. I found out that my loan was one of the types that offered free counseling services. This was when I entered the world of loan modification and learned the rules.

I discovered a world of free counselors, several confusing government initiatives, and categories. There are different types of loans that offer a variety of help. Do you have an FHA loan, VA loan, or Rural Development loan? Do you know what Freddie Mac and Fannie Mae have to do with your mortgage.

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.

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