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Foreclosure, being one of the biggest nightmares of every Malaysian homeowner, can bring out the worst in people. We’ve heard about people who went really desperate and have gone as far as vandalizing their foreclosed Malaysian homes just for the sake of getting back at their lenders. That, and trying to make themselves feel good and having released their anger and frustration in practically the easiest albeit the least moral way.
But see, foreclosure need not be the end of the world for you. Being kicked out of your house really should be the worst and last thing to possibly happen to you at the height of your financial rut and you don’t even have to get that far. And trust me, your mortgage lending company does not want to get that far either.
Thing you should not do
Thing is, a foreclosure does not happen in a snap. There are several stages of a foreclosure, from the several notifications to the many other meetings and talks that you are allowed to have with your mortgage agent. So there should be no reason or you to absolutely lose your home when you are least ready.
To avoid making things worse than they are, there are things that you should not do. Here are some of them:
- Don’t wait for the final notice of foreclosure. The very reason why your lender lets you know that you’re in danger is to give you enough time to get your act together, to explain things, and to make them understand what your current scenario is. So the moment you get the first notice, run off to your lender and discuss with them the options that are available to you. You can also see this interesting article for more tips and advice on this subject matter.
- Bankruptcy should not be your first solution. Filing for bankruptcy sure will halt the foreclosure, but it has more adverse effects than it can possibly help. Filing for bankruptcy should be reserved as your last resort.
- You should not vandalize your Malaysian house. Just because you are frustrated and angry does not mean that you should go about ruining the house that you once called home. The thing is, it can do more damage to your credit and background report that would make it more difficult for you to get a new mortgage in the future.
- Don’t entrust your foreclosure situation to some ‘middle man’. If you have to talk to anyone about your foreclosure situation, and if there is absolutely anyone – anyone – who can fully help you with your foreclosure, it is your mortgage agent. The last thing you want is to fall victim to scammers and con-artists whilst you are in the middle of your financial problems in trying to save your house.
- Don’t sell all your other possessions just yet. Get into pawning your wife’s old jewelry only in the direst of your situation. You can use your other possessions and present them as assets to your mortgage agents and let them know that you still have something to give to save your house. This will prove useful sooner or later.
And perhaps, the most important of things that you should never do when you’re facing foreclosure is to lose hope. You have more options than you think and you can more easily get out of it than it seems. Good luck!
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