Additional Things to Consider
Some people may wrestle with the moral implications of staying in the home without the intention of making payments. However, consider that were you not living there, the property would likely sit vacant for months or even years without being sold or occupied. While the property remains locked in a foreclosure dispute or in the portfolio of a bank, many problems can develop, including:
- Development of extensive mildew from lack of air conditioning and cleaning
- Bug infestations due to lack of spraying and upkeep
- Vandalism as a result of animals, criminals, squatters, homeless populations, drug manufacturers, and rowdy partiers
- General disrepair due to a lack of maintenance
- Overgrown lawn and plants as a result of no consistent upkeep
All of these problems can negatively affect your neighbors and your community. Remember, this is your home, one you have made every effort to pay for, one that you have made yours, and one you deserve to live in.
Staying and continuing to maintain it as the foreclosure process plays out not only honors your rights, but those of your fellow neighborhood residents. Staying can also keep property values from dropping. Lenders accumulate a massive number of vacant properties through foreclosures, and it takes them a great deal of time to manage each one. Giving up and leaving before a foreclosure plays out could mean your home stays frustratingly unoccupied for many years.
Also realize that many lending institutions are not innocent in the events that led to your situation and not necessarily deserving of your total cooperation. Some lenders place people at risk of foreclosure due to:
- Improperly offering loans to people or engaging in subprime loans
- Adjustable rates that trap people into high payments
- Predatory lending strategies
- Unfair Trade Practices Act violations
- Fair Debt Collection Practices Act violations
- Improper rate adjustments or usury violations
You may also find yourself in a foreclosure scenario due to personal hardship circumstances beyond your control, including:
- Latent, undisclosed defects in your home that would be expensive to fix, like cracked foundations
- A hidden or new sinkhole
- Sudden storm or hurricane damage
- Flooding or water damage
- Improperly done construction leading to a shorter life span on your roof
- Improperly done pipes that burst or leaked
- Sudden job or income loss
- Significant, debilitating injury
- Death of an immediate family member
- Home insurance rate hike
The bottom line is this: You have to look out for yourself, not your bank, no matter what they say or what they threaten. The stakes in a foreclosure scenario are high, and you deserve a legal representative who you trust, who cares about you, and who can work to vigorously pursue a favorable outcome in your case. Our foreclosure defense attorneys at Cremeens Law Group PLLC hope to be that advocate for you, and we encourage you to see for yourself by scheduling your initial free consultation.
Do not wait to consider hiring a legal representative in your foreclosure defense case. Remember, the sooner you act, the better! Call (813) 683-8688 or contact us online.