If a property owned by your business faces foreclosure, you’ll want to learn about foreclosure laws. Knowing the law can assist you in recovering from a foreclosure.
During the foreclosure recovery period, you have the option to get back the property you have lost before it has gone to auction. You’ll want to work with a foreclosure attorney along with a foreclosure recovery center to help reverse the process.
1. Look at your state’s foreclosure law. Each state will differ regarding how you can go about the process of recovering from foreclosures.
2. Contact an attorney for foreclosure help. An attorney that specializes in foreclosures will offer you guidance on how to recover from foreclosure, including reversing the process.
3. Take steps to financially recover from foreclosures. If you’re unable to stop foreclosure, you’ll want to discuss ways to build back your credit and equity after a foreclosure.
Learn the foreclosure lawsEach state will have different laws when it comes to foreclosure recovery. You should find out your state laws prior to contacting an attorney to learn your rights as a foreclosed property owner.
Locate foreclosure lawyersForeclosure attorneys can assist you in a variety of ways. An attorney with foreclosure help experience can help you stop the process as well as recover from the loss if you're unable to pay the mortgage on the property.
Work with a foreclosure recovery centerA foreclosure recovery center can offer you further assistance while recovering from a foreclosure. Use a foreclosure recovery center's extensive resources to get help with handling a foreclosed property.
U.S. Department of Housing and Urban Development site, including foreclosure laws, state aid and hardship programs
Watch out for mortgage recovery scamsThe Federal Trade Commission warns that there are plenty of bad guys operating in the foreclosure recovery business who will take your money and provide no service. Some warning signs, according to the FTC: advertising terms like "guarantee" and "97% success rate", upfront fees before services and company names or websites designed to make you think you're dealing with a government or nonprofit agency.
Federal Trade Commission.
- Beware of foreclosures recovery scams. Other businesses may contact you when your property gets listed as a pre-foreclosure offering to take the property off of your hands. You can choose to sell to another business, but you should first have your foreclosure attorney look at all documents before completing the sale.