Foreclosure mistakes Columbus OH

One sure way to make matters worse in foreclosure is to deny you have a problem or avoid it entirely; yet, that is exactly what many people choose to do. Overwhelmed by their financial setbacks or the accompanying embarrassment, they spend all their time and energy trying to keep a secret. Unless they take a different approach, they’re sure to lose their homes and all the equity they have in them.

Local Companies

Consumer Credit Counseling
614-464-2227
697 E Broad St
Columbus, OH

Cohen Marshall D LLC
614-294-5040
1299 Olentangy River Rd
Columbus, OH

Mark Jump Attorney At Law
614-481-4480
2130 Arlington Avenue
Columbus, OH

Consumer Credit Counseling
614-552-2222
4500 E Broad St
Columbus, OH

Creekside Title Agency
614-428-7477
153 Mill St
Columbus, OH

Amerassist Inc
614-848-9800
8415 Pulsar Pl
Columbus, OH

Consumer Credit Counseling Services of Central Ohio Inc
(614) 464-2227
697 E Broad St
Columbus, OH

Consumer Credit Counseling Service of Central Ohio
(614) 552-2222
4500 E Broad St
Columbus, OH

Amerassist Inc
(614) 848-3225
8425 Pulsar Pl
Columbus, OH

Dmc
(614) 221-4040
209 S High St
Columbus, OH

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For Dummies is a registered trademark of Wiley Publishing, Inc. in the United States and other countries. Used here by license.

Failing to act quickly

The longer you wait to take action, the fewer your options and the less time you have to pursue whatever options remain. Keep in mind that foreclosure proceeds in stages. Your options and the prognosis vary according to which stage you’re at in the process:

Stage 1: You missed a payment, but the bank hasn’t accelerated the mortgage yet. You probably still have the option to pay the missed payment plus a late fee and get off scot-free.

Stage 2: You missed more than one payment, but the bank hasn’t auctioned off your property just yet. At this stage, you can still negotiate payment options with your bank.

Stage 3: Someone purchased your home at auction, but your jurisdiction has a redemption period, during which time (in some cases) you can still buy back your home, typically for more money than you owed at Stage 2.

Stage 4: The redemption period (if any) expires, and you’re now a trespasser in your former home.

Stage 5: If you don’t move yourself and your stuff out of the home by a specific date, the court sends an officer to evict you and your belongings.

Stage 6: You feel the aftershocks. If you haven’t planned ahead, you now have no place to live and damaged credit. If you did plan ahead, you may be able to start anew and leave this crisis behind you.

As you can see, your options dry up pretty quickly. By Stage 4, your fate is sealed and you’re wondering what the heck just happened. Foreclosure runs a fairly fast course, particularly if you live in an area with no redemption period. Contact your lender as soon as you suspect that you’re going to miss a payment — the sooner the better.

Paying unsecured debts first

When you start missing credit card payments, your phone starts ringing off the hook. Your credit card company wants its money immediately, if not sooner, and its representatives will badger you until they get it. Your first impulse is to shut them up by making a payment, but this is usually not the best move. The money you owe the credit card company is unsecured debt — you didn’t put up your house, car, or other belongings as collateral for the loan, so the credit card company can’t take that stuff unless it files and wins a suit against you.

Your mortgage and the loan you used to buy your car are secured debts — when you took out the loan, you put your home or your car up as collateral to secure payment. If you fail to make your mortgage payments, the mortgage company can take your home. Fail to make your car payments, and the bank that loaned you the money can repossess your car.

When you’re facing foreclosure, pay your property taxes first, your secured debts second, utility and grocery bills third, and your unsecured debts last. Working out a payment plan with your credit card company or a hospital is easier than working out a payment plan with your mortgage company. If you miss one or two mortgage payments, the mortgage company may declare you in default, stop accepting payments, and file for foreclosure.

Your creditors can’t throw you and your family into a debtor’s prison, because such prisons no longer exist in the United States. The government has placed certain restrictions on what creditors can do to collect on debts. If you feel that creditors are harassing you, send them a “bug-off” letter, citing your rights under the Fair Debt Collection Practices Act (www.ftc.gov/bcp/conline/ pubs/credit/fdc.shtm) and mentioning any state consumer protection statutes. If the collectors still won’t bug off, file a complaint with the Federal Trade Commission (FTC) at www.ftc.gov.

Seeking a quick fix

Foreclosure information is publicly accessible, so as soon as that foreclosure notice is published, everyone who follows foreclosures is going to know about it, and some of these people are shady characters. Foreclosure rescue crews may show up at your door offering to bail you out. All you have to do is sign on the dotted line. Don’t trust them.

Far more people are going to show up at your door to take advantage of you than to offer real assistance. We strongly recommend that you work out solutions directly with your lender. If someone does show up to offer assistance and you want to pursue whatever solutions he offers, consult with a qualified attorney who’s well-versed in foreclosure and bankruptcy before signing anything or handing over any money.

provided by:

For Dummies is a registered trademark of Wiley Publishing, Inc. in the United States and other countries. Used here by license.

Featured Local Company

Consumer Credit Counseling

614-464-2227
697 E Broad St
Columbus, OH
http://www.cccsintl.org

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