Dad just got unemployed. Fears of foreclosure. What should he do?
Any advice? This has happened to us before, and clearly we do not want a repeat of the emotional and psychological stress foreclosure had placed on us.
Answers:
Foreclosure laws are different from state to state. You should definately look to find out what strategies your state takes in pursuing FCL's.
You should also call your lender. 1st call the loan officer your father used. Make sure your father lets the loan officer know b/c in some states if the client defaults on a loan with-in 6 months of a closing the deal, the loan officer, may have to give back his commission, and your loan officer wouldn't want that to happen. 2nd, call the bank who currently is servicing your fathers account. Be advise that banks do sell accounts to each other from time to time, so make sure he gets a hold of his most current bank that in charge of his mortgage or trust.
It would also be wise to call the real estate agent your father used to help close his deal. The real estate agent is a highly educated individual who deals with these types of matters.
Good Luck.
Call your lender right away! They don't want to own your house any more than you want to give it to them. They may be able to hold off on some payments, make other arrangements temporarily, etc. Talk to them sooner than waiting for things to get bad.
maybe since you are lookin online
you could possibly earn a 2nd income online
and not have to worry so hard about the bills
take a look
http://www.moneyrushonline.com
my 2 cents...go to the mortgage office, explain the situation to them, and tell them hey, I lost my income but I am working very hard to find another job. Then hope they may give you a break.
I've been there. I can totally understand the stress that unemployment brings. The main thing is not to give up hope or let stress ruin the chances of finding new (and better) employment options. Until your Dad finds a new job, he should invest at least 40 hours a week to finding a new situation. Get an updated resume. Apply, apply, apply and keep applying. There will be a new situation out there but just remember people need to shine to beat out the others. Give a hug and words of support. Don't worry about the house just yet ... worry about the income.
I am so sorry for the loss of work i know that is devastating...
i have not presonally dealt with foreclosure but i found some great information that you may find useful.. good luck
http://www.timmdelaney.com/pagemanager/d...
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