If you're facing foreclosure, it makes sense to contact your lender to find out exactly what's going on. Remember, your lender doesn't want to foreclose on your home, so they're more than willing to work something out with you.
Your primary goal is to contact your lender, discuss your options and settle on a plan. Once you do this, you still have a lot on your plate. Here are four things that many people overlook, but you must do as the process pushes forward:
- Keep track of everything: For example, make note of any correspondence you have with your lender, including the person's name, date and what you discussed.
- Follow-up: If you provided your lender with the information they requested, follow-up to ensure it was received. If you don't hear back in a timely manner on a request, call the appropriate party to see where things stand. You want to show that you're doing your part to make things right.
- Never miss a deadline: A deadline isn't something you should take lightly. If you miss a deadline, it could void your agreement.
- Stay put: You're trying to work things out, so there's no reason to move out of your home. As long as you meet the requirements of the lender, you can save your home from foreclosure and remain there indefinitely.
If you're working with your lender to prevent foreclosure, be sure to take these key steps along the way.
With so many foreclosure defense strategies to consider, there's always something you can do to save your home. You simply need to understand your legal rights and then take action.