Trying
to explore your options while you tackle the problem of how to
stop house foreclosure can feel overwhelming and quite
honestly, they are overwhelming. There is a ton of advice out
there about what the best way to save your home is. And half
of it seems to contradict each other. Having gone through the
foreclosure process myself, I understand in a way that others
can't what you are really feeling and what you are really
going through.
The advice that I wish someone had given me when my house
went into foreclosure:
1. Ignoring the problem will not make it go away. I did
what many homeowners do, I hid my head under a rock and
pretended that it wasn't a problem. I ignored the calls from
my lenders and just tried to pretend it wasn't happening. Big
mistake and one that cost me both emotionally and financially.
You will never stop house foreclosure by ignoring your
bank. Your bank can work with you but only if you are willing
to work with them. 2. You will have to be your own advocate
because no one will care as much as you do that your house is
in foreclosure. No one is going to come save you from the
financial mess that you are in. And while the banks would
prefer not to foreclose on your house, they have no personal
interest in your problems. If you are going to stop house
foreclosure and save your home, it is going to be up to you to
figure out the solution. Being your own advocate means that
you are going to need to educate yourself about the
foreclosure procedure and about ways to save your home. This
often will mean asking for help. Not easy but if you're going
to stop it, you need to be willing to do what you need to do. 3.
Foreclosure will indeed destroy your credit. There seems to be
this myth floating around that you can get out of foreclosure
unscathed financially. Not true. My own credit score sunk by
over 200 points in a six month period because of foreclosure.
I am paying ridiculous interest rates on some of my credit
cards and others decided to decrease the limit I could spend
on them. Try getting any kind of credit is all but impossible. There
are a lot things I wish I had known about foreclosure before
my own started. The absolute best piece of advice that I can
give you about how to stop mortgage
foreclosure is to become an educated homeowner. Get as
much information as you can about what your options are and
what you can do in your situation. |
