Thousands of American homes are currently headed for a foreclosure home auction. Many states have had foreclosures rise as much as 57% during the first half of 2008. But don’t let all of this bad news make you feel as if your life is going to end when foreclosure proceedings start. In many cases, it is not too late to find a way to prevent foreclosure home auction.
The Process Takes A While
Just because a foreclosure notice has been served doesn’t mean that time has run out to save the home, because bank foreclosure auction often takes more time which gives the homeowner more time as well. It is a matter of months, not weeks or days. By law, you are given at least a month to not only try to get your finances in order, but to find a buyer for your home rather than have it go up for a foreclosure home auction.
Housing and Urban Development (HUD) is a great place to start looking for help with foreclosure. They offer free credit counseling for struggling homeowners, which could make the difference between losing your home or getting back on your feet and saving the home. You have access to this free service courtesy of HUD only. To get connected with the nearest location to you, just call their information line at 1-800-569-4287, or look them up on the internet.
Some things a HUD-approved counselor can do is let you know your rights as a home owner in your state and in your particular financial situation. They may also advise you on possible ways to stop foreclosure home auction in your situation. Your creditor or bank would rather not have to deal with your home, because this is a money-losing hassle for them.
Stay Away From Scam Artists
Foreclosure home auctions are attracting a lot of scam artists who promise to find a solution if the homeowner can hand over a large fee first. These scams are only out to collect the initial fee, then they disappear without providing any help at all. For example, watch out for popular scams which promise to doctor your credit report or ask you to falsify reports or documents.
Don’t Take Revenge
If you know your home will be taken away and put through foreclosure home auction, it will never work for you in the long run if you destroy the property in any way. Instead of getting back at the mortgage lender or bank, you will likely make your own situation harder by facing criminal charges. In some cases it isn’t possible to take family pets along when the family moves, but leaving them in the house is cruel and should not even be considered when there are free shelters open to them.
It’s a very emotional time, but you must remember a home is a physical possession which doesn’t have to be the end of the world. You can create a loving home elsewhere, so keep your head on straight. If you are deeply in debt, selling your current house may be what you need to get back on your financial feet again.