It has been a perception of many people that if you receive a foreclosure notice, it is more likely that you will lose your home. But actually, it is the primary step that may reach weeks or months before taking effect. You are still lucky having a chance and some time to analyze your next move and successfully avoid foreclosure to proceed and keep your home in your hands. Be equipped to stop foreclosure proceedings before moving your next foot forward.
Know the process
After receiving a foreclosure notice, you will surely ask yourself “Am I ready to see what this paper tells?” or “Should I read this dreadful notice through?”. Daunting feeling will suddenly come and consume you. Let me ask you; are you fully aware of what foreclosure is?
Foreclosure happens when the property owner is unable to settle principal or interest payment in paying a loan. This situation entails the property being seized or sold. In the duration of three to six none paying months, foreclosure notice will then be mailed to you. After five days or so, foreclosure auction will be publicized. The days after you received the foreclosure notice will serve as the window to think and do the steps to stop its proceedings.
Keep calm and focused
Despite the presence of the foreclosure notice, you will be able to relax and be more optimistic believing that the situation is still in your control. It might be frightening but getting too affected and driven by the situation will just hasten the phase of you losing your home. Just keep your head up and stay open minded. Don’t let the situation surpass your focus.
Talk to your lender
Arrange a meeting with your lender or the company that collects your monthly payment. This conference may lead to some possible ways to still settle the foreclosure. Depending on your circumstance, your lender may rearrange the terms and conditions that you have agreed upon to make you settle your unpaid bills in a repayment way or provide you an extension to pay your missed monthly dues. Another option is ask your lender to let you stay in your property until you settle your account for a particular duration. Make it possible to talk to your lender the soonest feasible time so that before your chance expires you may have already finished the conflict.
Let go of your home
If you still cannot reach an agreement on the repayment plan, selling your home is the last resort and the best solution to stop foreclosure proceedings. Do this before the foreclosure emerges since there is a greater chance of getting a better price for the property which will also keep your credit standing. This is a tough choice but quite better than having nothing after the foreclosure auction is laid. At least, if you had a better price for your property then you will be able to start anew.