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Common Mistakes Homeowners Make During Foreclosure

For any homeowner, foreclosure can be a long and daunting process, accompanied by many other potential problems. When you continuously miss your mortgage payments, it leaves your lender with no choice but to foreclose your home. The good news is that there are several ways to protect your home. However, intimidation, anger, fear, and several other emotions lead people to making some mistakes that render foreclosure inevitable. Here are some common mistakes that you, as a homeowner, should avoid during foreclosure:

Avoiding the Lender

When facing a foreclosure, people make the mistake of avoiding calls and messages of their lender. It may be hard for you to rely on the person/entity that has put you in this situation in the first place, but your lender can help you ward off the foreclosure. You may think that they are after your home, but in reality, all they want is you to make the mortgage payments. If your home goes into foreclosure, they will incur a lot of costs in selling your property.

It is highly recommended that you remain in contact with your lender, and let them know your reasons for missing the payments. They may provide you with several options to avoid the foreclosure such as a loan modification, forbearance agreement, or delayed repayment plan.

Damaging or not Taking Care of your Property

Learning about foreclosure can spark anger and aggravation, which may cause people to start doing damage to their home. While it is understandable that you may get frustrated, tearing down walls, breaking the windows, stripping fixtures or pipes, etc., can get you in even more trouble than you already are. Your lender can file a report of vandalism against you, due to which you may have to pay them more money after the foreclosure.

Aside from this, many people also stop taking care of their home, which is a big mistake. When your property is in bad shape, it becomes difficult to attract buyers for a short sale or for the lender to sell your house. Just like damaging your property, the lender can hold you liable for expenses they incurred in making repairs.

Not Looking into Government-Initiated Programs

The Federal Housing Administration (FHA) has setup the FHA Secure Refinancing program for homeowners so that they can avoid foreclosure. It is designed to cater to the needs of homeowners who cannot afford to pay back their mortgage because they have opted for interest-only loans or due to an adjustable-rate mortgage reset. You can find more information about this program at the FHA’s official website.

Not Hiring a Foreclosure Defense Attorney

Most people think that hiring an attorney is just an additional cost, and they may as well use that money for taking care of other important matters. A foreclosure defense attorney is your best option to delay the process, negotiate the terms of your mortgage with your lender, and stop the foreclosure altogether. They also ensure that you don’t make any mistakes that can end you up with more legal problems.

If you want to find workable solutions that can save your home from going into foreclosure, it is imperative that you hire an experienced foreclosure defense attorney. Contact Covert & Covert, LLP at (630) 717-2783 or online to schedule a free consultation to evaluate your legal options. We have several local office including in Schaumburg, Warrenville, and Naperville.

By Brian Covert | Posted | Posted in Foreclosure Defense Attorney

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