An attorney called me today to ask if I could help some homeowners in distress. It seems that their house was foreclosed upon a few days ago, and they were served a notice to vacate their property. They happen to live in a state that mandates that a homeowner leave the property within 10 days of a notice, or they forfeit their right to redemption.
He mentioned that they were a young couple with children, both working, and they just “got in over their heads”. They did not know that a (well organized and strictly adhered to) bankruptcy could stall a foreclosure.
At this point, however, there’s not much that I can advise, except for ensuring they follow up with the state to understand their redemption rights, create a plan to redeem their property, or create a new and sensible plan for rebuilding their credit and their home base.
My question is… why did they wait so long before they sought advice?
I once read an article that stated, “foreclosure is never eminent”. Truer words have never been spoken. Foreclosure is NOT a surprise. You KNOW when you are over your head and having trouble paying the mortgage, so it is IMPERATIVE that you take action immediately to create a plan that will either help you save your home or move out of your property and save your credit.
Do not wait until it is too late!
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