Handling a home foreclosure can be a very stressful and anxiety-filled time in your life. Not only are your finances not sufficient enough for you to afford to pay your mortgage, but you now find yourself at risk of losing your home. This could affect every aspect of your life and this lives of those who live with you. Luckily, there are some things you can do to combat this situation and try to ease the burden as much as possible. To show you how, here are three tips for dealing with a home foreclosure.
Learn About Helpful Government Programs and Assistance
It’s important that people have a safe and secure place to live. This is the best way to live a happy and productive life. Knowing this, the American government has created various different programs that are designed to help individuals and families going through financial issues, including foreclosure. According to the U.S. Department of Housing and Urban Development, programs that could help you get the funding you need to keep your home in the face of foreclosure can include the Making Home Affordable program, the Principal Reduction Alternative, the Home Affordable Refinance Program, and many more. Search the government’s websites to see if there’s an assistance option to help you retain your home.
Do Your Homework
Once you’ve received notice that your home is being foreclosed, it’s important that you do your homework in order to find out what your options are and how the process will go forth. Jerry Demuth, a contributor to HouseLogic.com, shares that one of the first things you should do once you get a foreclosure notice is to read all the literature you’ve been given regarding your mortgage and the impending foreclosure. Look for answer to questions like the timeline of the foreclosure process, what the lender can do to get their money back, if you have options to reverse the foreclosure, and what money you’ll have to pay. Knowledge truly is power in these types of situations.
Legal Ways to Battle A Foreclosure
Legally, you do have rights with regards to the foreclosure process for your home. Jeanine Skowronski, a contributor to Credit.com, shares that generally homeowners have two legal options when they’re home is about to be foreclosed on: technical defenses and substantive defenses. If you feel that you have legal standing to fight this foreclosure, talk to a lawyer who can help you uncover which legal strategy will be the most beneficial for you in keeping your home and retaining your credit.
If you fear that your home might be foreclosed on, or if you have received notices about the foreclosing of your home, use the tips mentioned above to help you navigate through this process as seamlessly as possible.