Facing a foreclosure can be a daunting time and you do not want to commit a mistake that may take away your chance of a successful foreclosure defense. Hiring a foreclosure lawyer is the best solution, but gaining more knowledge about the process will help you avoid making these mistakes yourself:
No matter how tough your financial times are, you should never ignore the letters that you are receiving from your lender. It is a bad mistake to ignore incoming communication. Instead, you should proactively reply to it, to the best of your abilities.
In fact, when you contact your bank, you may learn about different ways in which you may avoid foreclosure altogether. You will also get the maximum time that you need even if you are going to present a foreclosure defense to save your property.
Not Considering Strong Options
There are several options that you can choose from when avoiding foreclosure or presenting a defense. You may ultimately need to declare a Chapter 13 bankruptcy to resolve the issue. If your house is the only place that you have for living, the court can restructure your payment and create a situation where it may be possible for you to meet your financial obligations without losing the home. However, strong options can be understood when you hire an experienced foreclosure attorney, who studies your debt situation, compares various alternatives, and then guides you towards the one that suits you the best.
Not Taking Care of the Property
This is also a bad mistake. People fail to take care of the property when they believe that they are going to lose in a few months. In fact, you must take more care of the property to ensure that it can fetch the best dollars possible, especially for a short sale. The bank holds you liable if it cannot recover the mortgage amount even after selling the property. Therefore, it is best that you make the common repairs, take care of the garden, and never let anything just get destroyed, before you have a chance at redemption. A good negotiation with your lender is also possible when you show that you have kept the property in an excellent condition, as it may help you find a short sale agreement or the restructuring of your mortgage situation.
Some people are angry at a foreclosure and start to damage the property on purpose. This is a mistake that not only lowers the value of the property, is likely to put the lender on an edge , and creates a situation where you are still in debt after foreclosure. In fact, the bank may also hold you accountable for vandalism.
Not Seeking Help
The worst mistake that you can make is to not seek legal help. An experienced foreclosure lawyer helps you by communicating with all the important stakeholders and finding out what is the best solution for you, under the most extreme circumstances.
If you want to avoid these mistakes, then do not wait anymore. Contact Jackson Abdalla Law Group at (773) 550-3853 and get the ideal legal help for your foreclosure defense needs!