Five Ways People Make Their Foreclosure Worse

When people are foreclosed on, they are often stressed, angry, or despondent about the process. However, there are many things that people can do to help their situation to get the best outcome possible. Likewise, there are many possible mistakes people can make to ensure things get far worse than they otherwise would. Here are five ways that people make their foreclosure worse for themselves:

1. Ignoring notices and letters
   • One way some people try to deal with their foreclosure is by simply trying to ignore it and pretend it is not happening. They will ignore letters from their bank or mortgage lender, and throw away notices intended to inform them of their legal rights. Not only will this not help the situation, it can severely hinder your ability to defend yourself and exercise your legal rights, as you may miss critical deadlines that could help you to avoid the worst consequences of foreclosure.
2. Failing to keep track of documents
   • Foreclosures are stressful for many reasons, and the sheer amount of paperwork involved in them certainly does not help. It is essential, however, to keep track of all documentation involved in the process, because anything could become relevant during legal proceedings. If you lose track of an important document, that could make your foreclosure situation worse.
3. Failing to take care of your property
   • Some people take the attitude that, because they are being foreclosed on, they no longer need to care for the property, and cease performing any maintenance or repairs. Not only is this not true from a legal standpoint (you still have a duty to maintain the premises until the foreclosure is complete), it’s also inadvisable from a strategic perspective, and can make your foreclosure worse. A poorly maintained property is worth less than a well-maintained one, which can affect your ability to refinance or seek a short sale, among other things.
4. Refusing to negotiate with your mortgage lender
   • It is easy to see your mortgage lender as the enemy in a foreclosure case, because they are trying to kick you out of your home. However, mortgage lenders hate foreclosure as much as homeowners do, and are generally willing to work with people to find alternative solutions to avoid having to foreclose a house. If you refuse to negotiate, you hinder your ability to seek these alternatives, making it more likely that your foreclosure will be inevitable.
5. Trying to go through foreclosure without a lawyer
   • Foreclosure is a costly and complicated process, and it can be tempting to try to handle everything on your own. However, a lawyer with experience handling foreclosure cases can help simplify matters for you, and help you get a better outcome than you could get on your own. That is why you should contact a foreclosure lawyer near you to help you with your case, to give yourself the best possible chance for a successful outcome.

    At David J. Lorber & Associates, PLLC, we assist clients throughout New York who are at risk of losing their homes to foreclosure. We will explain your options and guide you in making the best decision for your circumstances. Call us at (631) 750-0900 or contact us online to schedule your Free consultation at our Setauket office.