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Eight Important People that can Help You Prevent
Foreclosure
Your most important assets in foreclosure are
people who can help you, so before you begin composing a plan, pull up a
list of people you can rely on. Your list is probably to include the
following:
Relatives and friends with money:
Your dad,
mom, grandpa, grandma, or your rich uncle or aunt may be in a
position to help you financially, like loaning you the cash you need
to catch up on mortgage payments or redeem your property. Do not
hesitate to ask for help. After all, if you were in a good position
to assist a relative or friend in similar situation, wouldn’t you
want her to ask you for assistance?
Relatives and friends without money:
Even if
your relatives and friends are not well off financially, they help
in other ways, such as watching your children so you can work
overtime, offering moral support and cooking meals for your family.
Bank representative:
Although you tend to see the foreclosing
bank as your nemesis, the bank’s attorney or representative may be a
great ally or at least they can offer helpful assistance. He may
give you a couple of extra weeks to get the money together or figure
out a payment plan with you
Real estate agent:
He may be able to sell your property for
you before you lose your home entirely and all the equity, through
foreclosure. Even if you don’t wish to sell your home, call a real
estate agent to study this option. It is estimated that selling your
house is the best alternative in about ninety percent of all
foreclosure cases.
Register of deeds:
The
register of deeds is probably reluctant in giving any advice, but he
may be able to refer you to other people who can help you.
Sheriff:
If the sheriff is in charge of managing
the actual foreclosure sale, he may be agree to explain to you how
the foreclosure system works and provide you with valuable
information.
Bankruptcy attorney:
Bankruptcy may be the best option. Depending on your financial
situation, you can either liquidate existing assets based on Chapter
7 bankruptcy and try to have all debts removed, or reorganize the
debts under Chapter 13 bankruptcy to pay as much mortgage as
reasonable and perhaps even save your house.
Foreclosure attorney:
A trusted attorney
who has good experiences in foreclosures in your location is your
ultimate ally, assuming you can afford the expensive services. The
attorney can review your financial status, mortgage and other legal
documents; let you know of your applicable rights; inform you when
the lender has neglected to adhere to the regulations and represent
you in court; and rules in your jurisdiction.
 
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