Is the constant stress of foreclosure looming over you? Is this negatively impacting your home and family life?
Your Fairfield home is your castle, and potential foreclosure can uproot your life in more ways than one. However, you’re not alone. Almost 2 million households in the U.S. are late on their mortgage payments, and as lockdowns ease, foreclosures are sure to rise.
When faced with such a frightening prospect, it’s easy to get misinformed while trying to sort out your affairs.
If you’re facing foreclosure, you’re going to see a lot of myths while you are looking for a foreclosure defense lawyer. This guide will highlight foreclosure myths you need to know about to help clear up some confusion.
When Foreclosure Starts There is No Stopping It
A common misconception that many people have is that by the time you get notice of a foreclosure, it’s already too late. This is far from the truth.
In California, before the loan lender can issue a notice of default, they must first contact you to give you notice of acceleration of the loan. Once this notice is received, the clock starts and the Notice of Default can be recorded in thirty days.
It is critical at this time to seek foreclosure advice from a qualified attorney in the Fairfield area. Additionally, you must make sure to not ignore any notices by mail, as they will provide you with crucial updates on the situation.
You Need to Handle Foreclosure by Yourself
Of all the prevailing foreclosure myths, this is one of the most dangerous. The worst part? It’s a myth that’s often peddled by banks themselves.
Getting foreclosure help is important before the process begins, as advisors can help you settle your finances early on.
While it’s important to prepare beforehand, when foreclosure starts, an experienced foreclosure lawyer is a necessity.
Remember, foreclosure is a fight between you and the bank, and the bank has capable lawyers working for them around the clock. So why shouldn’t you invest in the best foreclosure lawyer available?
Any Hope You Have as a Homeowner is Gone
It is normal if you are worried about your future as a homeowner during the foreclosure process. Still, with patience and care, you have options going forward.
While it is true that your credit score will take a hit, a foreclosure won’t be recorded indefinitely. Following the process, it will usually be listed on your report for up to seven years.
If you can improve your score in this period, then you will still be eligible for a loan. Though you should note that you’ll most likely have to suffice with one at a much higher interest rate.
Don’t Let Foreclosure Myths Trick You
Foreclosure is a difficult and draining process. This is why it’s important to prepare early on and not fall prey to common foreclosure myths.
By getting foreclosure help from an experienced attorney in the Fairfield area, you can be rest assured that you’ll be able to sort out your affairs before the foreclosure process begins.
If you’re in California and are searching for the best foreclosure lawyer available, then contact us at estavillolaw.com. We can be your first defense from banks seeking to take your home.