I get asked a lot of questions about the foreclosure process and I try to be upfront and honest with people even if it is not what they want to hear. My answers are not always the conventional as I believe in finding the best solution for that particular person, not a cookie cutter “one size fits all” answer that some may provide. It is my goal to answer each question with the care that is deserves. I am going to ask and answer some common questions that are asked of me.
Q: What happens when I miss my mortgage payments?
A: After 90 days, the mortgage company (normally a servicer) can and might file for foreclosure. This is the response your lender can legally take when you do not pay your mortgage. If you walk away from your home, short sale, or deed in lieu the property a deficiency judgment could be assessed by the Courts. So, without professional help you could lose your property and owe money to the bank. This can affect your credit and could lead to a possible garnishment of your wages.
Q: What can I do about this?
A: The easy answer is to seek professional help and specifically calling Myers & Eichelberger. Although we cannot promise an outcome, we can work with you and the bank to assist you to the best of our abilities. Here are some helpful hints:
1. Stay in your home. If you move out of the home, problems or issues may arise. The bank may see the house as vacant. Contact us to notify the bank that you are in the house and you intend to stay in the home.
2. Do not ignore letters from the bank. We need to respond to each letter to protect your rights. By not responding to some notifications, you may be waiving valuable rights that you have.
If you are facing a foreclosure, do not hide and do not ignore it. From the moment you decide you cannot make a payment, please contact us to discuss your options at no cost to you.