READ THE FINE PRINT — ALL O RINT — ALL OF IT
Once the process has begun, you must carefully review all the correspondence that you’ve received from your lender. Phone calls and letters will begin, and you should also review your mortgage documents as an added measure. This will help your lender in being able to determine which steps are available to take. For example, if a power of sale clause is involved, then the sale of your home to pay off property taxes or your mortgage will pay back the payments that you’ve missed. If you can work around this and get the money some other way for your property tax payments, then you’ll be able to pay them back without having to put your home up for sale and lose it. Do some additional research into the foreclosure laws that apply to your state, and find out the information needed to answer the following questions: • What is the timeline for the foreclosure? • Are there any deficiency judgments applicable that will hold me personally responsible for the difference between my loan’s outstanding balance or what my home will sell for? • Is right of redemption available to me as a grace period in which I can reverse my foreclosure?
FORECLOSURE AVOIDANCE COUNSELORS
A call to a foreclosure avoidance counselor is going to be one of the most important phone calls you will make during the process of foreclosure. Calling a foreclosure avoidance counselor, one who is fully approved by HUD, will help you to figure out your situation. 93
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