The Do's and Don'ts of Foreclosure

Do’s

• Establish an emergency fund of at least three
  months’ worth of living expenses.
• Make sure your payments are credited/
  posted properly. Review your statements
  when you receive them.
• Contact your lender as soon as you foresee
  difficulties in making your loan payments.
• Explain your situation. Ask your lender/
  servicer for a forbearance and a loan workout plan.
• Ask if your unpaid mortgage payments can
  be added to your mortgage principal.
• If you are unable to resume the regular
  monthly payments, ask the lender for time
  to sell your home to pay off the mort gage
  balance.
• If your lender forecloses on your house, talk
  to a tax adviser. The foreclosure may affect
  your tax filings if the house sells for less than
  the amount you owe on your mortgage.
  

Don’ts

• Don’t overuse your equity to consolidate
  other debt.
• Don’t ignore late payments notifications from
  your lender.
• Don’t respond to offers in the mail or media
  offering good deals to refinance.
  Don’t give direct access to your bank
  accounts or give your personal identification
  number.
• Don’t sign any documents you don’t
  understand!
• Don’t respond to offers to “save” your house.
• Don’t give away the title of your house out first consulting with an attorney.

Published by BenmerguiLaw.com —Real Estate Lawyers in Miami Florida. Also qualified in Florida Personal Injury, Immigration, and Commercial Litigation Attorneys in South Florida. Winning a case requires the best representation, at the Law Offices of Isaac Benmergui, P.A., we are committed to delivering the best legal services in a professional and confidential manner. Please contact our office to schedule a complimentary consultation or call now at 305.407.9464 for immediate, live assistance. Call now!