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to your Mortgage Company or Bank, is the catalyst to your current Foreclosure that all started by your mailbox filling up with a bunch of legal letters that seem to be written in some foreign language. So whatever the unexpected life event was, such as a blown-out transmission on the SUV, the Orthodontist needed a down payment, because you are sick, or if you were in an accident that was not your fault, etc… the list goes on and on. You have a strong belief that you will be able to catch the mortgage payment up next month. However, you then are hit up with late fees, penalties, and no one in the bank’s customer service seems to want to help.
After being on hold for 30 minutes pressing all the numbers on the telephone you still somehow get transferred and then disconnected? Then what you thought was going to be available to pay 2 months worth of payments is short due to some sort of other life events, the A/C goes out and you live in Florida for example. So you send in what you have only to find out the bank sends it back because it is not for the full amount plus the added fees and penalties. The time this happens, you are in the third month, and now the bank is calling you – but it is not really the bank, it’s a call center in India, working on behalf of the bank. Since they are calling you, and you want to work it out at the end of one of these many calls, it appears you have come to an agreement on how to get caught up, only to find out weeks later that what you agreed to from this agent is not what the letter you got in the mail states, nor is anywhere close to it. Now you are three months behind, you do not have any faith in the bank, and the bank thinks that you are not living up to your agreements, so they decide to get serious. So about the fourth month, you get a letter in the mailbox that states the following heading:
This is the Bank’s way of letting the world know they are filing a lawsuit against you, for failure to pay your mortgage payments. Yes, this is now public record you are in the beginning stages of Foreclosure and is picked up by a wide variety of data suppliers, and sold to anyone willing to pay $50 to $100 bucks a month. Then before you know it your phone is blowing up, your mailbox is full, people are knocking on your door, all saying, “we can help.” Yet they want $2,500 dollars to start – well, if you had $2,500 dollars, you would not be behind 3 months, to begin with. So your trips to the mailbox become fewer and fewer, and actually reading all this legal stuff from the bank seems to never happen, because you have said: “I will just do it this weekend.” Then that weekend comes and goes, and so do much more.
So your trips to the mailbox become fewer and fewer, and actually reading all this legal stuff from the bank seems to never happen, because you have said: “I will just do it this weekend.” Then that weekend comes and goes, and so do many more. Yes, it is the avoidance and procrastination that puts the nails in the coffin of a foreclosure. Then after talking to friends and family and doing some Google research, you find out that folks have stayed in their house for one to two years without making a payment before they get kicked out. Or, you actually consult an attorney and realize if you pay him a retainer he can stall it out for years as well. So going under this premise you realize you will be able to save some money and make things right again after you have some money saved. As time goes on before you know it you get another letter from the Bank that says
As time goes on, before you know it, you get another letter from the Bank that says “SALE DATE 45 DAYS FROM TODAY.” This is where everyone seems to panic because waiting to the 11 hours and 45 minutes really limits the options that are available to you. Your options are VERY limited if not null, besides doing the last minute bankruptcy (which takes money as well, and you have guidelines to meet). Procrastination really limits the ability of any professional companies’ ability to have you go through a smooth transition. If the house is sold on the sale date, the ball game is pretty much over, and the eviction process starts and depending what part of the country you live in you have anywhere from 7 to 30 days before the Sheriff comes knocking on the door. In Florida, once you have been given notice and fail to move out the Sheriff’s department comes back and gives you a whopping 15 minutes to get out.
1. Do not avoid the mail
2. Open all the mail
3. Categorize and save all the mail
4. Keep a phone log of whom you talked to and when you talked to them
5. Realize if you do not pay taxes and insurance, that’s another can of worms
6. If you do not pay the HOA they can foreclose on you before the bank
7. If working with the bank, make extra copies (they lose things frequently)
8. Do not fall victim to foreclosure scams – keep your money
9. Do not be shocked if your bank sells your mortgage to another bank
10. Realize until the house is sold at auction, you are the rightful owner of the house
11. Save as much money as possible, because when you move, you will more than likely need first and last deposit
12. Also, there could be utility deposits as well, moving costs, etc…
13. If you are working with the bank, make sure you write down your conversations
14. If you vacate the house and decide to rent it to make some extra money, realize the tenants sooner or later will find out you are not paying, so they stop paying you – this will cause another problem if you cannot get into your own house
If this seems too overwhelming let us take this burden off your shoulders. So you can focus on the positive things in your life and not get caught up in this negative vortex the Banks are pushing you into.