Foreclosure Do’s and Don’ts
Part of the Foreclosure Self-Defense For Dummies Cheat Sheet
Foreclosure can be a mind-boggling experience. The stress can drive you to make mistakes — either by doing the wrong thing or not acting at all. Keep the following things in mind to deal with foreclosure rationally:
Do tell your spouse or partner.
Do contact your lender immediately.
Don’t move out prematurely. As soon as you vacate the premises, you lose control of the situation.
Do take copious notes and document everything for future reference.
Don’t believe everything you hear. Verify everything with a reliable source.
Do tell the truth. Any solution founded on a lie is sure to unravel later.
Don’t borrow trouble. A loan that addresses your current crisis could put you in even worse shape down the road, so do the math.
Don’t sign a quit-claim deed. Fraudsters may try to con you into signing over your home to them so they can fix your problem. When you sign a quit-claim deed or any other kind of deed, you essentially give your home to the fraudster and may still have the obligation of repaying your mortgage debt. Remember: Check with your attorney before you sign any kind of deed.