If you are in the middle of a financial crisis, chances are you feel like your world is collapsing. I know what it’s like to have the sheriff ring the bell and give you the papers. When you’re facing foreclosure on your home, getting the mail out of the mailbox can be a scary experience. I needed help dealing with a foreclosure on my house and so do you.
First let me tell you up front that I am not a lawyer and cannot give you any legal advice. If you can afford a lawyer, I encourage you to hire one. He couldn’t afford a lawyer when he was experiencing financial difficulties. I had the $1,600 fee that the lawyer demanded to help me. However, he was afraid to give up that amount of money. My thought was, “If I’m going to lose the house, why give up $1,600 that I could use for other expenses?”
However, I was able to find a lawyer who was willing to consult for free. I was like an angel because when I walked out of his office, I felt like a ton of bricks had been lifted off my shoulders. He took an hour of his time to explain what the bankruptcy process is like. Visiting his office was one of the best decisions I made in facing my financial crisis. I slept well for the first time in a long time.
I recommend that if you can find an attorney who is willing to consult with you for free, that you go to their office as soon as possible. Find out where you are in the legal process and get some direction from the attorney regarding your options. Lawyers very often get a bad reputation due to the unethical behavior of a small minority of lawyers. Find the right one and you’ll feel more confident in avoiding foreclosure on your home.
Now, if you have searched for a lawyer but have decided against it, you still have options. I was able to modify my loan and my interest rate was reduced to 2%. The bank was also able to roll my back payments into the mortgage and paid my taxes and insurance for the year. I am grateful that the bank was willing to work with me to keep our family in our home.
I realize that your situation could be totally different from mine. However, if someone had told me that my bank would be willing to lower my interest rate and recover all my missed payments, I would have said they were crazy.
Consider trying to get your bank to work with you. If they can, chances are they will. They shouldn’t throw you out of your house. They really don’t want to proceed with a foreclosure on your house. It’s not because they care about you, although they may. It’s because it doesn’t make financial sense for them unless there’s a ton of equity in their house. I’m convinced that banks don’t decide foreclosures based on home equity. If that were the case, my house would have been repossessed.
As I mentioned earlier, there are steps you can take to avoid losing your home. The one thing you can’t afford to do is “do nothing.” If you ignore the financial obstacles in your life, they will eventually overwhelm you and bring you down for good.
I don’t want you to lose your home and I know you don’t want to either. I can’t promise that things will work out, but I can assure you that if you’ve done your best, you won’t regret it. You don’t want to beat yourself up 5 years from now because you didn’t act promptly and wisely.
