There are all types of headlines about the various states putting a stop on foreclosures currently. So there is no surprise this is going on while the various banks are being investigated in regards to their foreclosure paperwork process.
A warning was released today by the FTC that no matter what you hear on the news or web; don’t ignore a notice from your bank, mortgage servicer, or a sheriff requiring your immediate attention
The FTC states that this current freeze does not mean proceedings on your home will stop. This current freeze does not make your current foreclosure proceedings immune from moving forward.
If you get a notice in regards to your mortgage, don’t ignore it. Make sure you call the bank, your servicer or sheriff quickly.
So basically this current freeze is not a free pass to ignore any notices you are getting from your current bank. Obviously this applies only to those who are on the brink of foreclosure or have received documentation that foreclosure proceedings have been started.
Also there are lots of good government resources to get in touch with if you are heading down this path in some way. Make sure you avoid foreclosure scams. HUD has a website with all types of useful links to get help and counseling.
HUD’s Avoid Foreclosure site:
http://portal.hud.gov/portal/page/portal/HUD/topics/avoiding_foreclosure
Author: Mike Clover
CreditScoreQuick.com
