What to do During Foreclosures

1
What to Do during Foreclosures
Hint Its Going to be Okay
2
Dont Go Further into Debt

• It's important to temporarily halt all
  unnecessary expenditures. This includes going to
  the movies and planned vacations.

• This is vital, as banks are more willing to
  settle when they see that you are taking
  responsible steps.

3
Keep Track of all Expenses

• By keeping track of where your money goes, you
  have a paper trail of expenses. This can be
  helpful if you need to go to court.

• Keeping records also protects you from further
  litigation. If you file for bankruptcy in the
  future, the courts will want to see your
  financial records.

4
Think about Your Savings

• While its not easy to break into your nest egg,
  consider that this is the exact situation for
  which you have been saving for.

• In the end, what good are savings if you dont
  have a home? Any inflow of cash can save you from
  the damage that a foreclosure will cause to your
  credit.

5
Dont Panic

• When faced with crisis, many people often make
  decisions that worsen their situation. Stay calm,
  look at the facts, and make a rational plan.

There are multiple options to avoid foreclosure.
By knowing them, you can save considerable stress
and possibly your home as well.
6
Negotiation

• Believe it or not, banks dont want to foreclose
  on your home. Instead, they would like to
  continue to make the interest off your mortgage.

• A modification attorney can help you formulate a
  well thought out proposal that may allow you to
  keep your home.

7
Litigation Defense

• A foreclosure defense attorney can help you
  mount a formidable defense against a pending
  foreclosure.

• This is vital, as a good defense halts the
  foreclosure process and gives you the time needed
  to save your property.

8
Chapter 13 Bankruptcy
Chapter 13 bankruptcy plans come with a five year
plan that help home owners pay off past debt and
get back on track with future payments.

• Bankruptcy halts the foreclosure process and can
  be a good option for those who will have the
  ability to make mortgage payments in the future.

9
Refinance

• If your home still has equity, its mortgage can
  still be refinanced before foreclosure

• The inflow of cash from refinancing can then be
  used to pay off your debt and save your home.

10
Chapter 7 Bankruptcy

• A Chapter 7 bankruptcy is designed to reduce
  other debts such as credit cards, personal loans,
  and unsecured debt.

• By eliminating other debts ,you often have a
  much greater chance of finding a modification
  plan that both you and the bank will be happy
  with.