explore and implement your alternatives.
LOSING CONTROL
It’s common and natural to feel that you’re losing control. After all, a bank or other lending institution — some faceless corporation — seems to be calling all the shots. They’re dictating what you can and cannot do, trying to force you to leave the dwelling where you want to stay, and they’re setting the timeline. The lender has many experts at their disposal: Lawyers to clarify their legal options and draft contracts. Lobbyists to influence legislation. Economists to figure out where the local and national real estate and investment markets are headed. Marketing experts to figure out how to influence your real estate buying habits. Accountants to tabulate everything. On the surface, these experts might seem to be aligned against you at foreclosure time, and that gives the impression that they hold all the cards. The truth is, there are laws to protect your interests, even in foreclosure. You have resources and options available to you, even if they’re not readily communicated to you. Facing your options in a foreclosure can feel like confrontation. We’ve been raised to believe that banks and other lending institutions are powerful, faceless adversaries. In that sense, they are unknowable, and it’s easy to fear the unknown. Many homeowners put off contacting their lender because they’re embarrassed to do so. The Freddie Mac/Roper poll also found that homeowners avoid contacting the lender because they don’t believe the lender can help them. Some even believe alerting the lender will accelerate the process of losing their home.
TAX IMPLICATIONS FORECLOSURES
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