How To Avoid Foreclosure
How to avoid foreclosure; answer these questions with a No!
- Are you are having difficulty paying the mortgage payment on time?
- Do you have very little savings for emergencies?
- Do you use credit cards to get to the next pay day?
- Are you only paying the minimum on your credit cards?
- Are you neglecting doctor and dental visits?
- Do you shrink at the ring of the phone?
If you answered “Yes” to any of these questions, you may be facing possible foreclosure. Don’t ignore the warning signs. The approaching signs of trouble should spur you into action. If not, you are ignoring the problem.
Contact your lender and level with them. They may be nervous by the extent of your problem, but they have seen this before and will demand you take steps to fix it. That may require you selling your toys and making major cuts in your spending.
Do not ignore your mail. Many have been in your shoes. The first thing many did when the mail came was throw the bills in a drawer. Those first envelopes will contain helpful suggestions to get things under control. Then will come legal action. Ignoring these notices can cause you to lose everything.
Know the Process of Foreclosure: If you are facing foreclosure in Indiana, it’s important to understand how to avoid foreclosure, including:
- the most common type of foreclosure procedure is Judicial in Indiana
- How much time you have to respond: Foreclosing party must give borrower 30 days’ notice before filing foreclosure complaint. Borrower gets 20 days to respond to complaint. After the complaint is filed, house can’t be sold for three months (a waiting period) in most cases (longer for certain older mortgages). Foreclosing party must publish notice of sale once a week for three consecutive weeks with the first publication occurring at least 30 days before the scheduled sale, and serve a copy to homeowner at the time of the first advertisement. Notice of sale must also be posted at courthouse.
- your rights and protections in the process, and
- What happens afterwards (for example, whether you’ll be liable for a deficiency judgment).
Contact Professionals – Your banker may be able to refinance the loan or your creditors may be able to give you repayment options. Contact a credit counselor. Sure you will feel like a failure or worse, but take responsibility for your actions. Contact a bankruptcy attorney. That sounds contrary to taking responsibility, but you need to know your options so you can make informed decisions.
Contact a professional real estate investor. You may want to sell your home fast to get out of the problem or to save your credit rating. JT Integrity Properties is here to help homeowners out of any kind of distressed situation. As investors, we can help homeowners out of just about any situation, no matter what! There are no fees, up-front costs, commissions, or anything else. Just the simple honest truth about your home and how we can help you sell it fast to resolve any situation.
Beware of foreclosure scammers. Do not sign over your deed to them and then rent it back. Real professionals do not charge up-front fees for their services or want you to make mortgage payments to them.
In summary, recognize approaching trouble, don’t procrastinate, do something, and seek professional help.
JT Integrity Properties is here to help homeowners out of any kind of distressed situation. As investors, we are in business to make a modest profit on any deal, however we can help homeowners out of just about any situation, no matter what! There are no fees, upfront costs, commissions, or anything else. Just the simple honest truth about your home and how we can help you sell it fast to resolve any situation.