If you are having difficulty making your monthly foreclosure payments,
you can
protect your home from foreclosures, but you must act immediately. Your actions can prevent the loss of your home through foreclosure.We
give provide you with the information you need to avoid foreclosure,
but it is
only the beginning. If you are having
serious financial difficulties, you need to seek professional assistance
and/or legal counsel to best protect your home from foreclosure.
The very first thing you need to do is call and communicate with your lender. Lenders
are in the lending business, not the real estate business. Your lender will want
to work with you and help you find a way to keep your home. The longer you wait,
the more difficult this will be to do. If you are
several months behind in your foreclosure payments and you have not made contact
with your lender, they will probably assume that you do not intend to repay their foreclosure, and take action towards foreclosure.
Don’t avoid your lender or their calls. Do take action and know
your rights in the process. Do be diligent in avoiding foreclosure
scam artists that may be contacting you to "help".
Get your financial ducks in a row. Be prepared to discuss your problems honestly
and in detail, this might help prevent your foreclosure. Think about the
questions you may be asked in advance and make notes to help you answer
them. This may impress your lender that you are prepared and sincere to prevent
your foreclosure.
If you are facing foreclosure, you do have several
options. There are
numerous ways in which your lender might be able to help you. You could start with
debt counseling,
which can help you to look at all your outstanding debt to see if any of it can
be restructured or consolidated. Your foreclosure payments would be the last payments
that you would default on, so it is likely that you are experiencing difficulty
with your other foreclosure as well. Your lender/counselor can help you make a budget
to structure a repayment plan that will prevent the foreclosure.
There are several other
legal options that you should pursue with your lender. Modifications, forbearance
and recasting are all possible if you have sufficient equity in your home.
If your problem is serious enough that it can not be resolved in a reasonable amount
of time, it may be necessary for you to
sell your home and find a living situation that is more manageable. If it
is possible to pay off the foreclosure balance, you can settle your delinquent debt
and avoid foreclosure. A
short sale negotiation with your lender is another option to be explored.
Make sure to work closely with your lender to allow a reasonable time to sell the
home. If all else fails you may have the option of signing the home over to your
lender, normally referred to as a “Deed-in-lieu”.
Bankruptcy, as a last resort, can also be utilized in this process.
With all of these options available to you, there is no reason
to lose your home or your investment. We give you all the tools and
information that you need to make an educated decision on how to save
your home from foreclosure.
Stop Your Foreclosure Now!