If you are upside down on your mortgage and facing foreclosure, you maybe feeling desperate and have no idea what to do. You are at risk of loosing your prized possession, your home. No matter what you, there are some things you should NOT do when facing foreclosure.
-DO NOT do nothing and hide from your lender.
-DO NOT believe your lender when they say they will stop the foreclosure or nothing will happen as long as you are talking to them.
-DO NOT attend a court hearing Pro Se (aka without legal representation).
-DO NOT spend excess money. You should start saving whatever money you can immediately.
-DO NOT sign anything you do not understand or without thorough investigation.
-DO NOT become victim to a scam.
-DO NOT accidently sign away your home: For example you may be visited at your home by someone claiming to be able to help you and you sign stacks of papers which require lots of signatures. One stack contains a quit-claim deed they can use for refinancing or obtaining a second mortgage to take all equity out of your home and then disappear.
-DO NOT become influenced to refinance and be swindled: For example you refinance your mortgage in order to catch up on payments and keep your home. You make the required monthly payments but the first mortgage is never redeemed and eventually you are evicted.
-DO NOT deed your home to someone else: Your lender seeking to foreclose can and probably will simply ask the court to declare the transfer void or fraudulent. Regardless, the mortgage will still be in your name and you will still by liable for the mortgage.
-DO NOT damage the property.
-DO NOT move before you have to: By moving out before you have to you can loose eligibility to apply for many programs. By no longer living in the property, you may not be considered for a modification, Deed-in-Lieu, Cash for Keys, etc.
These are only a few simple guidelines to follow while facing foreclosure. A Jacksonville Foreclosure Defense Attorney may be able to provide you with further DO's and DON'TS of foreclosure depending on your individual situation.
One final DO NOT of foreclosure is to think allowing a Foreclosure Judgment being entered against you and loosing your home is your only option. There are many different ways to deal with being unable to make your monthly mortgage payment and foreclosure. Contact a Jacksonville Foreclosure Attorney today to discuss your situation.
