Things to Think About when the Bank Wants Your House
You're looking at a pile of bills and foreclosure notices in your mailbox, and honestly, you are feeling queasy. And well you should, as this mountain of correspondence represents a large number of people who are unhappy with you.First, take a deep breath. Realize that a lot of problems are not necessarily your fault, and that sometimes, bad things happen to good people. Facing foreclosure is a temporary problem, and regardless of the final verdict, it is no reflection on your personal character. Getting emotional about it will only harm your ability to deal with the situation in a logical and rational manner. The worst thing you can do in this situation is panic.
How did you get into trouble with your mortgage payments?
Often times, a family member becomes ill and is unable to work, so that a family's income is halved or eliminated entirely, while medical bills are being paid. Other times, the main breadwinner is laid off from their job, and they are unemployed for a while. During this unemployment time, bills can accumulate and mortgage payments get neglected.
Knowing why you are in foreclosure is very important. If your living situation has changed and you are no longer able to afford your house, that it may be best to sell your house. Very often, banks are willing to help defaulting homeowners sell their homes. Banks would rather not foreclose, as the process causes its own special problems for banks. They may delay the foreclosure until your house is sold, thereby salvaging your credit.
If your problems were temporary, and you are now confident that you can now pay your mortgage in a timely manner, then call your bank. All things equal, your bank would rather lend you money than own your house. Explaining the problems that caused your mortgage to go into default, and how those problems have been resolved, is often all that is needed to get your house out of foreclosure. Banks are happy to work out an additional payment program to bring your past debts current, without necessarily needing a large lump sum figure.
- This mountain of correspondence represents a large number of people who are unhappy with you.
- Sometimes, bad things happen to good people.
- Banks are willing to help defaulting homeowners sell their homes.
Comments
That's absolutely terrible. I have never heard of something so abusive. If you want to fight it, Countrywide probably has recordings of all their conversations with you. That, and it would be easy to see if they have tried to ever call you. I don't know if it would be worth it though. :( It sounds like Countrywide is making you pay for their mistakes.
Great article, but my mortgage company (Countrywide) blatantly lied to me about helping. I wasn't far behind on the payment and still had a great credit score when they encouraged my family to move out of the home so they could do a deed in lieu of foreclosure. Instead they closed my case behind my back after using the excuse that they couldn't contact me by phone. I have voicemail, and they never tried. Also, they never offered any other options. I provided everything they wanted, and I was simply waiting for the papers to sign off. It was just an excuse to get us off the property so they could take it over without incident and without us trashing the place in the process. I just wrote an article about my experience, and it should be published soon. I personally hope that company eventually folds and the lady who lied to me loses her job AND her home. Hopefully this time next year their helpful workout employee is pushing a shopping cart. I don't care to ever own a home again.
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