Give Home Owners Tips to Fight Foreclosure

Many foreclosure notices don’t result in actual foreclosures. Here are free tips on what home owners facing foreclosure should do immediately from the September “Foreclosure Resource Guide,” now available at the REALTOR® Content Resource.

1. Work with the time you have. Foreclosure can be a long slog, which gives you enough time to come up with an alternative. If your goal is to salvage your home, keep up with payments for homeowners insurance and property taxes. Otherwise, you could get hit with an uncovered casualty loss or liability suit, or tax liens.

2. Determine the foreclosure laws in your state. What’s the timeline? Do you have “right of redemption,” essentially a grace period in which you can reverse a foreclosure? Are deficiency judgments that hold you responsible for the difference between what your home sells for and your loan’s outstanding balance allowed?

Also covered in the September “Foreclosure Resource Guide” now at the REALTOR® Content Resource are free tips on five foreclosure pros you need on your team, what foreclosure counselors can and can’t do, Web site resources for foreclosure help, and avoiding foreclosure rescue scams.

Source: NAR