phone conversations with your lender, who spoke with you, when, and what the nature of the call was. You should also review your mortgage documents as an added measure. Reviewing your documents will help you 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 and what my home will sell for? • Is right of redemption available to me as a grace period in which I can reverse my foreclosure? During the 90-day waiting window, the homeowner has the right to redeem their mortgage. This means that you get the chance to pay off the mortgage and save your home. However, you have to pay the full amount you owe the lender. This includes the interest and any late fees as well as any costs incurred in the foreclosure process.
SHOULD YOU WALK AWAY?
25
Powered by FlippingBook