With today’s economy going down the drain, a lot of people are losing their cars to repossession and their homes to foreclosures. Here are a couple of sure-fire tips that would help you win back your home and keep it for a long, long time.
A house is more than just a piece of real-estate. It provides shelter for you and your family and it basically keeps you safe. A house is a place you can call your sanctuary where you relax and where your kids can play and grow up in. If you’re really decided on keeping your house, you must invest a certain amount of time to know how you can prevent problems with foreclosures. You should educate yourself and know about all the basic legalities involved. Foreclosure Fairfax VA area is very common, which is why it’s always best to stay on top of your game.
Here are a couple of tips that can help you with this concern.
* Do your homework. Research for the possible reasons for foreclosure as they vary depending on the state. Foreclosure laws in Fairfax, VA can be different from laws in Wichita, KS. Each state follows a certain process that safeguards the home-owner and the governing body. So if you’re late on one payment of your mortgage, you don’t lose your home immediately. In this case banks and loan offices are mandated to abide by all laws related to foreclosures.
For example:
In the state of California, if you miss on three consecutive payments, the bank will issue a ‘notice of default’. Upon receiving this notice you’d have 90 days to pay your debt or else your home will be sold within 21 days at the local courts.
It’s always best to keep yourself updated with the policies of the state you’re in so that you don’t stress yourself out when you suddenly find yourself in a very unfortunate situation.
* In the event of any work-related difficulty like loss of a job or being unable to find a job that can support the maintenance of your loan, you can opt to apply for a loan modification. With this you can have the bank collect payments according to what you can afford. Contact your bank as soon as possible and discuss the detail for a more flexible plan, be it in amount you give per month or the duration of the payment.
* If you have already received a “notice of default”, contact your bank or loan office immediately and make the necessary arrangements to have things settled.
* Do not ignore phone calls, change numbers and avoid any form of communication with your bank or loan office, this can cause of lot of trouble for you. The more open you are about your situation, the easier it will be to discuss different options that will benefit you and your creditor.
Know more about foreclosure laws in Fairfax, VA and keep yourself up-to-date with the latest provisions.
