Foreclosure home auction is becoming more and more common as homeowners all across the United States struggle to keep up with their mortgage payments. In the first half of 2008 alone, some states are reporting an increase in foreclosure well over fifty percent. But don’t let all of this bad news make you feel as if your life is going to end when foreclosure proceedings start. Many people may not realize it, but there is always a last ditch chance of saving a home from foreclosure home auction.

Wait it Out

Once a foreclosure notice is received, many people think the bank foreclosure auction will happen immediately and it’s as if they have already lost the home completely. The process takes months. Foreclosure home auction can often be stopped if you are willing to strike a deal with a buyer for your home before the proceedings go all the way through, or find a way to pay the loan up to date yourself. 

For starters, you can seek foreclosure assistance from the Housing and Urban Development (HUD) department. HUD will provide you with free credit counseling that can help you get back on your feet. HUD pays them so you don’t have to. You can find where the closest HUD counselor is by checking on their website or calling 1-800-569-4287.

One thing a HUD counselor can do is tell you what your rights are as you go through this process. They may also advise you on possible ways to stop foreclosure home auction in your situation. Your bank or lender will usually lose money on a foreclosure, so they actually have no desire to take your home.

Avoid Scams

There are a growing number of scam artists feeding off the desperation of troubled homeowners, usually promising to stop a home for going into foreclosure home auction in exchange for a large up front fee. It’s a rather cruel scam in which they get the up front fee and take off, leaving you even more troubled than you were before. If you are ever asked to falsify documents of any sort or run into someone claiming they can “fix” or doctor your credit report, run as fast as you can in the opposite direction of these scams.

Don’t Take Revenge

If it appears inevitable that your house will go to a foreclosure home auction, don’t try to “get even” with the bank by either trashing your home, leaving dead animals or homemade bombs on the property.  Many of these destructive behaviors will put you behind bars, making your situation even worse. If you cannot take your family pets when evacuating the property, you should never leave them in the home alone because more than likely they will die there before someone else visits the house and finds them.

Remember that a house is a physical object that can eventually be replaced. It isn’t necessarily the physical house that makes a warm, loving home. You can always limit the long term damage of foreclosure by finding a buyer for your home before it hits auction.

Tags: bank foreclosure auction, foreclosure home auction

This entry was posted on Monday, December 21st, 2009 at 3:53 am and is filed under Uncategorized. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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