While Bank of America may be looking to resume foreclosures again, at least for the holidays (Dec 20-Jan 3), no one is going to get kicked out of their home. That’s good news coming from Fannie Mae, Freddie Mac and several of the larger banks. Of course, if you are risk of foreclosure, check with your bank to see what their process are going to be during the holiday season, not all banks are going to be participating in the foreclosure freeze.
One more point: If you are behind on your payments (or have friends/family members that are), and think you might be at risk of losing your home, please contact your bank! A large number of homeowners NEVER contact their bank about being behind on payments.
I know it’s hard to swallow your pride and admit you can’t make your payments, and that you may not be able to for a few more months, but the banks are in a position to help you and, although you may be struggling, know that people all over the country are facing a very similar situation. The banks are generally well equipped (at least better than a 12-18 months ago) to deal with homeowners in distress and there are TONS of resources to help you, but you’ve gotta ask.
DO NOT sell your home without consulting your bank. There are many, many scams out there, and like you’ve probably heard a thousand times, if it sounds too good to be true, there’s probably a reason why. And when you feel desperate, and lost, you are easy prey for some of these scams to seem plausible and feel like they are going to ‘save’ you from the situation you are in.
If you do decide that selling is the best option for you, contact an agent you trust who can guide you through the process. We are prepared to guide you through the complicated process and work with the bank to get the most favorable terms for you.
Consider this advice my holiday gift to you.