' What to Avoid During Foreclosure - Law Offices of Robert M. Geller
CALL NOW!
FREE PHONE/VIRTUAL CONSULTATION

What You Should Avoid during Foreclosure

Mortgage is a stressful experience. Unfortunately for some, it is unavoidable. Knowing what not to do during this time can make things a bit easier and make the other side of foreclosure a bit brighter.

What shouldn’t you do during foreclosure?

Assume the Time to Negotiate Has Passed

If the foreclosure procedure has not yet officially or has just begun, you still might be able to negotiate or restructure a new deal.

The thing many struggling homeowners fail to realize is the bank does not want to foreclose on you. They are not out to get you and they would much rather just collect their money instead of taking ownership of your home. Foreclosure costs banks a lot of money and frustration, so many are willing to work with homeowners who are behind.

If you are facing foreclosure, assuming you have no options is a mistake. It never hurts to approach your mortgage lender about negotiating a new deal – the worst they will say is “no,” and you’ll be no worse off than before.

Neglecting Your Home

It might be tempting for some homeowners to neglect the care of their home if they feel they will be forced from that home in the near future. Unfortunately, this can create a worse problem for you, especially if a short sale becomes an option. There is no reason to spend a lot of money on home upkeep or maintenance, but you should keep up with the basics, even if you know foreclosure is on the horizon.

It is also important homeowners not intentionally damage their property out of frustration. Stripping fixtures or pipes, tearing down or damaging walls, or doing anything to intentionally ruin the property can be considered vandalism and can result in legal action against you.

For more information about the penalties for destroying your home prior to foreclosure, check out this article from Geeks on Finance,

Spending the Money You Would Have Put Toward Mortgage Payments

Once foreclosure is imminent, it might be tempting to spend the money you would have earmarked for your mortgage payments on other things. Instead, you should save that money and put it toward a new place to live. Chances are you will need to pay rent and because your credit is going to suffer, you might be asked to make a hefty security deposit. Save as much as you can during foreclosure because it gives you options as the process plays out.

Handling Things on Your Own

The first thing you should do if you suspect foreclosure is on the horizon is to contact a legal expert that understands credit, foreclosure, and bankruptcy. Many people assume bankruptcy is a drastic option that wouldn’t be appropriate for them, but if you are behind on your mortgage filing for bankruptcy can be a smart move. Bankruptcy might even make it possible to continue living in your home.

If bankruptcy is not an option, you still need to seek legal guidance for foreclosure. It can be difficult for a homeowner to walk away from foreclosure and in many states, banks have the option of forcing them to make up the difference if the home sells at auction for less than it is worth. Homeowners should not assume their situation is over once their home has been taken by the bank.

Are you facing foreclosure? Are you looking for a way to stop the foreclosure process and remain in your home? We can help. Contact the Law Offices of Robert M. Geller at 813.254.5696 to discuss your situation.

Archive

Video Testimonials

Tampa Bankruptcy Law Blog

How Often are Bankruptcies Denied?

Bankruptcy offers a lifeline for people drowning in debt. It provides a chance to start anew and regain financial stability....
Read More

How Much Debt Should I Have Before Considering Bankruptcy?

Dealing with overwhelming debt and financial hardship is difficult. The prospect of bankruptcy may offer a path toward relief, as...
Read More

How Long Does Chapter 7 Bankruptcy Take to Discharge?

Chapter 7 bankruptcy offers a fresh start and a path toward financial stability for people struggling with debt. But when...
Read More

Does Business Bankruptcy Affect Personal Credit?

Does Business Bankruptcy Affect Personal Credit? For entrepreneurs and business owners facing financial challenges, the prospect of business bankruptcy can...
Read More

Can I Get an Apartment After Filing for Bankruptcy?

Filing for bankruptcy often feels challenging and overwhelming. It also raises a variety of concerns. One of the most common...
Read More

Are SBA Loans Dischargeable in Bankruptcy?

Navigating the complexities of Small Business Administration (SBA) loans and bankruptcy can be a daunting task for many business owners....
Read More

How to Get Bankruptcy Off of Your Credit Report

Rebuilding financial health after bankruptcy is challenging, but that doesn’t mean filing is worth the effort. One common concern for...
Read More

What Happens When You File for Bankruptcy?

Contemplating bankruptcy is a significant decision that comes with many questions. If you're considering filing for bankruptcy, it's essential to...
Read More

Can I File for Bankruptcy If I Have a Job?

Many people considering bankruptcy are unemployed or know that unemployment is imminent. However, this isn’t always the case. In some...
Read More

Can Bankruptcy Stop Foreclosure?

Many people face the distressing prospect of foreclosure on their homes. If you find yourself in this situation, it's crucial...
Read More

Bankruptcy

For The Next 5 Days GET A FREE BOOK About Bankruptcy

Learn More

Infographics

We are A Debt Relief Agency.
We help people file for bankruptcy under the Bankruptcy Code

Pay Online Bankruptcy Courses Newsletter Subscription

Call For A Free Initial Consultation

813.254.5696

Tampa Office

Law Offices of Robert M. Geller, P.A.
807 West Azeele Street
Tampa, FL 33606
T: (813) 254-5696
T: (800) 853-7549
F: (813) 253-3405

Map And Directions

St. Petersburg Office

Law Offices of Robert M. Geller, P.A.
125 5th Street South
(Wells Fargo Financial Center)
2nd Floor, Suite G
St. Petersburg, FL 33701
T: (727) 532-3939

Map And Directions

Pasco Office

23526 State Road 54
Lutz, FL 33559
T: (813) 336-2320

Map And Directions