Helpful Tip If You’re Facing Foreclosure
Our real estate department handles all types of real estate related matters, including foreclosures. This might be an unpleasant task, however the local lenders we represent are very understanding and sympathetic to their borrowers’ plights. I have had our banks agree to postpone actions and sales, and to work out payment plans, or allow a home to be sold for less than the loan amount very often. (Although this is not the point of this blog entry, I would like to state that this alone is a good reason to consider a local bank if you are re-financing, or borrower money to purchase a home.)
The real purpose of this entry is to encourage any of you who receive a ”Notice – You are in Danger of Losing Your Home” and/or a “Notice of Conference” from the Court about a pending foreclosure, to TAKE FULL ADVANTAGE OF THE CONFERENCE. The conference is entirely for your benefit. The meeting may take place in a private conference room or perhaps a courtroom. If it is in a courtroom, other people may be present but your conference will occur only within the hearing of the bank attorney, a judge’s representative, and the court clerk.
I have taken part in many conferences both on behalf of the borrower and on behalf of the bank. The judge’s representatives and the bank’s attorneys have always been courteous and understanding. If you feel that your special circumstances have not been heard or understood, this is the best place to make them known. Just make sure that you bring as much documentation as possible. If there is an inability to pay because of sickness, medical bills, pay stubs showing you were on medical leave of absence, will be important. If you sincerely think you will be in a position to make payments sometime in the future, proof from your employer that you will be adjusted from part to full time, proof that you have obtained a second job, or similar items will be of great help in convincing the court and bank to give you more time.