By: Edison Nathan
Submitted: 2009-12-21 05:08:26 | Word Count: 577
So many people believe that once they receive the letter from their mortgage company that the home has entered the foreclosure process, they have to leave. This is the absolute last thing you want to do. Even though the foreclosure process has begun, you are still the legal owner of the home and it will remain that way until you sell it or it becomes sold through a foreclosure auction. Why leave the house unless you have to, especially if you would like to keep it.
If you do want to keep the house, you want to make sure that you are looking through all of the options that are available to you out there. The more you research, the more you will find that there are so many ways you can get the funding you need to save your home. Even your mortgage company may have a few options for you to look into. Many mortgage companies can offer their borrowers repayment plans, loan modifications or maybe even a refinance.
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Speaking of refinance, you can still go out to other lenders to seek financial assistance from them. You can refinance your home with another lender, which will automatically stop the foreclosure proceedings. Some people are told that they do not have this option while the home is in foreclosure but you do. You can even sell the home if you like.
Another thing that you want to research is whether or not there is a redemption period for foreclosed homes in your state. If you are expecting a large sum of money that is enough to completely pay off the mortgage or your refinance is running a little behind, you may be able to pay off the loan and retain all rights to the home, even after the foreclosure sale. This is because of what is called a redemption period. This is a certain amount of time that the borrower has after the foreclosure sale to "make good" and pay off the loan. During this time, as the homeowner, you should still have full rights to remain in the home. For specifics on the laws in your state, you will want to consult an attorney.
You also have the right as the homeowner to not be harassed by collection calls. Sure, you are past due with your mortgage payments but that does not mean that you have waived your right to be treated with respect. Understand that there are certain laws that protect you. The mortgage company is not allowed to leave twenty messages on your answering machine in one day. They also are not allowed to name call or threaten you with action that they have no intention on taking. In addition, they cannot call you before eight in the morning or after nine at night. If your mortgage company is doing any of these things, you will want to consult an attorney.
Make sure that you are taking a stand as the homeowner. It is not like you are the first person to run into financial difficulty and you certainly will not be the last. Find out what all of your rights are and make sure that you exercise them.
Author Resource:-
The author is a regular writer on loan articles. He also writes on other topics such as weber bbq and wurlitzer piano
