If you receive a notice of intent to foreclose or a notice of default from your mortgage servicer, you will want to get a legal opinion from a lawyer who practices in the area of defending homeowners from foreclosure.
Most of the COVID related forbearances mandated to assist home owners are coming to an end. Your home loan may be claimed to have been sold or transferred away from a government backed portfolio. You may need to do a little research to determine what has happened to your home loan since the forbearance began.
Just as in the mortgage melt down in 2008 during the financial crisis, this is no time to despair, or to allow your fear to cause you to bury your head. Yes, there is dread involved but you must take steps to protect yourself.
Do not allow shame or any other emotion to shut down your willingness to make sure your rights are protected. Just because you are having trouble making your payments, it doesn't mean that you automatically have to give up and move out.
Take these steps right away:
1 Determine who owns your home loan (check out our page on mortgage servicing errors to learn EXACTLY how to write your home loan servicer to find out, if they won't tell you over the phone. If the loan servicer fails to respond properly to your correctly written, addressed and sent letter to them, they could be on the hook for damages caused you plus legal fees)
2 Get documentation from your home loan servicer about what loss mitigation programs you are eligible for and if they say you do not qualify, ask them to put that their reasons in writing.
3 Carefully record and document you telephone communications with the loan servicer, noting the name, employee ID, time date and substance of each call. Keep a timeline of events. It will be useful if you have to defend yourself or take action to protect you home from a wrongful foreclosure suit.
If you reach the point where you cannot get the assistance you need, it is time to get some legal help. Our firm has been helping owners take action against mortgage servicing errors and wrongful foreclosures for decades. Santa Fe has a Court provided foreclosure mediation program. Our lawyers help homeowners in Santa Fe and throughout New Mexico with advice and representation in defending themselves from foreclosure attempts.