Your lender is now foreclosing your home. What’s the first step? Do you file for bankruptcy? Do you defend the foreclosure action? Do you look ask for a modification or contact the workout departent of your lender?
All of the above are valid ways to confront a mortgage default. There are any number of reasons why a mortgage lender might decide to foreclose on your home. You may have missed some payments or you may have failed to pay for the real estate tax bill when it came in or let the insurance lapse by mistake. The lender may have misapplied or lost your payment or improperly charged you fees that are not due. You may have valid defenses to the foreclosure or no defense at all. Whatever the reason, do not make the mistake of failing to get help.
Even if you are a real estate professional, it is still a mistake to try dealing with the problem yourself. You should seek help as soon as possible. The obvious warning signs to spur you into action are letters from your lender’s legal department or actual court papers. If you wait to get help until you are served with court papers, it may be too late. There are so many programs available, others that are scams and still more that don’t appear unless you place yourself in the hands of a qualified professional.