This week RealtyTrac, a marketer for the housing industry, revealed that foreclosure in the US has risen 16% over the first three months of the year. From Modesto, California to Miami, Florida – and everywhere in between – people are struggling to hold onto their homes. In addition, another recent industry report showed the troubling fact that mortgage fraud is on the rise. Vulnerable homeowners are increasingly the target of online scams and shady mortgage professionals, and most often don’t even realize it until it’s too late.
So what can be done to protect yourself, your family and your home? Lawyers at Avvo have compiled legal guides with great free legal advice for homeowners. Here is a list of the top five:
Document everything:
As soon as you foresee an issue with making mortgage payments, begin the process of getting your financial documents in order. This will help as you begin to evaluate next steps.
Understand your options:
In the face of foreclosure, it’s important to realize there are several possible routes to take. Homeowners can defend themselves, delay the process, renegotiate a loan or explore a number of other possibilities before surrendering the house to the bank.
Ask the right questions:
Most likely you are not a real estate expert, so make sure you start asking the the right questions to ensure a proper analysis of your situation.
Act now:
Quite simply, the longer you wait to act, the worse your situation will become. Deal with it directly by seeking legal help as soon as possible.
Be suspicious:
Be aware of mortgage scams that will do everything they can to take you down. How did they contact you? Keep in mind, if it’s too good to be true, it probably is. And be very suspicious of anyone who requires large fees before providing you with help.
Can I recover from foreclosure?
It’s also important to keep in mind that while a foreclosure may seem like end of the world for some, that’s not the case. It will take time, but with proper money management, your credit can bounce back within a couple years.
