Foreclosures can be overwhelming, emotional, and time-consuming. In an effort to help you stay organized, we put together a foreclosure to do list to help you successfully navigate the process. Here’s where you should begin:
- Call a lawyer. Although you may think you are able to handle the foreclosure process on your own it is best to consult with an experienced foreclosure attorney who handles these matters every day.
- Contact your loan servicer. Contacting your loan servicer can be an easy way to halt a foreclosure proceeding. You may be able to enter into a loan modification agreement that changes the terms of your loan by extending the duration or lowering the interest rate of your loan. Both options might lower your monthly payments and make them more manageable.
- Begin looking for a place to stay. Depending on how far along you are in the foreclosure process, it may be in your best interest to begin looking for a new living arrangement. Options include staying with family or renting an apartment. Whether you can save your home by intervening in the foreclosure or not, it is always better to be prepared for the worst and avoid being left with nowhere to go after an eviction.
- Look for storage facilities. Depending on how large your house is and where you end up staying after the foreclosure, you may not have room to store all of your belongings. It can become expensive to house your stuff in storage, so try to avoid using one for a long period of time.
- Start saving money and avoid making unnecessary purchases. If you are unable to avoid foreclosure it is going to be in your best interest to start planning ahead for your next home. Beginning to save money early is important because it can help you put a deposit down on a rental or fund your moving and/or storage options. Also, begin cutting down on unnecessary purchases. Even something as simple as not going out to eat can save a lot of money over time.
- Be mindful of the sheriff’s sale process. If your foreclosure proceeds to the point of a sheriff’s sale keep in mind that you are entitled to two, thirty-day adjournments. You can use the time granted by the adjournments to hold off the sale so you can try to save your home through other means or even just provide yourself with more time to save money or find a new place to live. You should also know that even if the sheriff sale takes place and your property is sold you can still save your home through the right of redemption. You have 10 days after the sale takes place to satisfy the judgment and save your home.
This foreclosure to do list is not exhaustive and is intended to help you get started in the process. Hiring an attorney in foreclosure law is vital and a good first step in navigating a foreclosure. Contact Attorney Christopher Campbell to schedule a free consultation.
* This post is for educational purposes and should not be interpreted as legal advice.