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Mistakes to Avoid If You're Facing Foreclosure

March 23, 2009

Over at Caveat Emptor, consumer attorney Mark Ireland has posted ten common mistakes homeowners make in foreclosure.  They are listed in two posts, on March 18 then March 20.  Here are the mistakes in summary:

  1. Waiting too long to get help.
  2. Refusing to talk to your lender or mortgage servicer.
  3. Not saving money.
  4. Forgetting to forgive.
  5. Thinking you can buy a miracle.
  6. Agreeing to a terrible loan repayment plan.
  7. Abandoning your house early.
  8. Being a jerk.
  9. Relying on one person for advice.
  10. Missing the big picture.

Here’s an excerpt from #10:

If you have a little time now or when this is all done, I hope that you engage in the political process. I don’t just mean you should vote. I mean you need to organize. Organize your neighbors and friends. Let them know that the way things currently are… ain’t how they have to be. Democracy is a wonderful system that is run by the people who show up. Ordinary folks need to start showing up. Whenever I lobby for consumer legislation, it’s often me and one or two other consumer advocates against sixty suits who are paid for their access and relationships. We can’t miss the big picture.

(photo: joelogon)

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