Foreclosure Do’s and Don’ts - dummies

By Ralph R. Roberts, Lois Maljak, Paul Doroh, Joseph Kraynak

Part of 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.