What not to Do During Your Foreclosure Procedure
Posted on February 28, 2009
Filed Under free foreclosure listings |
As soon as the foreclosure procedure has started on your home, you are racing against a ticking clock. How fast that clock is running depends in large part on you but it also depends on the laws that govern your state and on how much your lender is willing to work with you. But at the end of the day, it is the decisions that you make or fail to make that will decide whether or not you will lose your home to foreclosure. A few things that you want to make sure that you do not do during your foreclosure procedure are:
Avoid your lender. This means ignoring calls and letters from your lender. Often your lender wants to work with you and has options available for you. But they cannot offer you these options if you do not talk to them. Once a foreclosure procedure has been started on your home by your lender, it becomes vital that you start a dialogue with them. Ideally, you would have started a conversation with them as soon as you missed your first payment. But if you did not do that, now is definitely the time to start talking to them, no matter where you are in your foreclosure procedure.
Give money to someone who tells you that they can save your home from foreclosure. A sea of con artists will virtually descend on you as soon as your foreclosure is a matter of public record. They will tell you that they can stop your foreclosure procedure and save your home. Realistically, most will not be able to help you. If you do decide to meet with anyone who tells you that they can help you save your home from foreclosure, be sure not to give them any money upfront and also be sure to do your homework. Do some digging and research on the company that you are dealing with.
Refuse to ask for help. Chances are good that you are going to need help. You may need financial help from your friends and family. For me, asking my parents for money ranked right up there as one of the most difficult things I had to do during my foreclosure procedure. It may not be easy but you might have to do it if you really want to save your home. And having the moral support of your friends and family around during this time is vital to helping you keep your sanity. Foreclosure can be a very stressful process and having people around you who love you and want to help is important for your mental well being.
Jill Borash
http://www.articlesbase.com/real-estate-articles/what-not-to-do-during-your-foreclosure-procedure-585000.html
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5 Responses to “What not to Do During Your Foreclosure Procedure”
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Does not paying your property taxes show up on your credit report? And when does this become a lien?
I need some help with a ? and I can not find a confident answer to anywhere. I'm referring to when you don't pay ur property taxes in California… Does this show up on your credit report? I'm not referring to any other type of tax lien, meaning all income taxes are current, and all mortgage payments are current. By this point, someone must have not paid their property taxes within the last year or two, and since checked their credit reports. Are property taxes even connected to your SSN?
I found this in another post here, but I'm not sure if it is true…
"This answer is based on a referenced book below. So it isn't my opinion that I just randomly typed up.
First, property tax liens are not part of the three credit agencies reporting. Personal tax liens are, but not property tax liens. Second, the mortgage company will pay for it during the foreclosure procedure. Source: Complete Guide to Real Estate Tax Liens and Foreclosure Deeds: Learn in 7 Days
Anyone know for sure?
Those scoundrels could put it on the first page of your credit report. It will most likely appear in bold on the first page, and not someplace else.
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Any taxes that are in default are reported to the credit bureaus. If the taxes are not paid in a certain time frame, you could lose your house in a sheriff sale and you would still have to pay the "mortgage" even though you no longer own the property.
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Retired bill collector 35 years
Property taxes are not normally reported to the credit bureau. A property tax lien might show up in the public records section.
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Okay, so I'm seeing answers going both ways here, but does anyone from CA, or any state for that matter, have actual experience with this. This is not referring to personal property taxes (boats, cars, etc.), This is just asking about property taxes on real estate (a house). I saw in another post someone asked if paying property taxes late would show up on your credit and someone answered….
"Reporting from California, I have never seen unpaid property tax listed on a credit report. This does not include judgments for unpaid personal property tax."
7 months ago
From what I understand, your home will not be taken until you don't pay your property taxes for something like three years in CA, this assuming you're paying your mortgage on time every month.
My credit is perfect, literally, but I'm screwed as far as the value of my house is concerned. I have another year or so on my ARM before it adjusts, and I just won't be able to afford a penny more for the monthly payment (not that I could justify paying any more anyways). I bought in the mid 300's, near 350K, and now they are worth the LOW 200's. So I can't refi, and a short sale will be unlikely being that short and having a 1st and second. I'll try to short sale, but I'm afraid foreclosure will be the only option, cause the value clearly will not rebound within the next two years. If I foreclose, any amount of property taxes due just sticks with the property, and gets either forgiven or paid by the bank, and the foreclosure haunts me on my credit. But does anyone know first hand if the property tax nonpayment will be on my credit as well?
Someone must have a forclosure on their record, that didn't pay their property taxes (why would you if you know your going to foreclose), that can look at their credit report.
Thanks, guys and gals!
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