The Facts About Foreclosure - Part II
- mbarthell
- Jan 23, 2014
- 2 min read
(Continued from a previous post.)
Important information before you get into foreclosure, and the bank is giving you the runaround, remember you do have someone who is on your side and may give you some help! This help comes from the OCC (Office of the Comptroller of the Currency). This office regulates and supervises over 2,500 national banks, and if your bank is regulated through them, they can certainly set a fire under your bank by trying to resolve your complaints, finding out why the bank is giving you the runaround, and what the holdup is in trying to get help for your home loan. Below is the address of the OCC.
Comptroller of the Currency
Customer Assistance Group
1301 McKinney Street, Suite 3450
Houston, Texas 77010
1-(800) 613-6743
With all this said, the mistake most homeowners make when in foreclosure is to DO NOTHING! You may hope and pray that by doing nothing, this will stop the foreclosure and it will magically disappear, but you are deceived. It will not go away and you must answer the foreclosure. But don’t be discouraged; there may be help out there for you.
Important information once you are in foreclosure: I suggest, first and foremost, that you attain a foreclosure lawyer. The lawyer will be able to file a response to the foreclosure (Lis Pendens-a formal Notice of Foreclosure) which in-turn gives you time to negotiate with the bank. Time is your friend and is also what is needed most to stay (hold back) the foreclosure for a short time. During that time, you must learn to communicate with the bank no matter how awful and stressful this may be. Even though for you it’s very difficult to be calm and breathe because it feels like the sky is falling around you, you however must do exactly that.
There is HOPE! The Obama Administration has set in place various modalities like the HARP and the HAMP Programs. There is also NACA (Neighborhood Assistance Corporation of America) Program. You can google and research these programs for more information. Again, time is of the essence once you have a Lis Pendens, so get up and do something about it. Fight! Fight! Fight!
If you need additional help, contact me and I will offer assistance where I can!
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