There is nothing worse than the thought of losing your home to foreclosure. Not only does this put you out of your home, but it will also impact your finances for many years to come.
There are times when your bank has the right to foreclose on your home, such as if you’ve missed payments in the past and ignored notices.
Conversely, there are times when banks wrongly foreclose on a home, thus costing the homeowner both time and money.
Here are the steps to take if your lender wrongly forecloses on you:
- Document every last detail: This is the best thing you can do, as you always have this information to fall back on should something go wrong. For example, keep track of all the payments you’ve made and any conversations you’ve had with the lender.
- Contact the lender: Whether you consider a foreclosure notice legitimate or not, it’s critical to contact your lender immediately to discuss your situation and possible remedies. For example, one phone call may be all it takes to clear the air and better understand what you can do to get back on the same page.
- Understand your legal rights: Don’t assume that your lender is right. Also, don’t assume that you have to take a backseat to your lender, as they push you around. You have legal rights, and it’s critical to protect them throughout the process. For instance, understand how the foreclosure process works, including the timeline.
Along with all of the above, it’s a good idea to consult with a lawyer. You don’t have to do this right away, as you may be able to solve the issue on your own, but don’t hesitate to get help when required. Neglecting to do so could complicate your situation, while also giving your lender the belief they can push you around.
Unfortunately, lenders are not always willing to fix a mistake and admit they’re wrong. This can work against you, with the potential for repossession very real.
Rather than risk losing your home, do whatever it takes to protect your legal rights in Minnesota.
Read our blog and visit our website for more information on protecting yourself against wrongful repossession.
