| When facing a foreclosure, all is not lost. There is | | | | foreclosure help services. Take the time to |
| still hope in protecting yourself. Oftentimes, people | | | | review what is and what isn't from your lender. |
| procrastinate when the lender has expressed his | | | | 4 - Know Your Foreclosure Rights and Options. |
| plans to foreclose. When this happens, your time | | | | Do not rely solely on your lender to inform you |
| is extremely limited and you must act fast to be | | | | of your rights or options. Although you must |
| successful. Here are some steps you need to | | | | work with your lender, their interest is not to |
| follow to stop a foreclosure and protect yourself. | | | | protect you. It's to protect them. Contact an |
| 1 - Do Not Ignore Your Lender or the Problem. | | | | attorney if necessary. |
| Your success rate to stop or protect yourself | | | | 5 - Use Your Assets to Your Advantage. If the |
| from foreclosure drastically decreases as time | | | | problem causing you to be in foreclosure was |
| passes. Your lender is more willing to work with | | | | temporary, then use your assets to the best of |
| you in the beginning stages of the process than if | | | | your ability. For example, you lost your job but |
| you wait only weeks prior to the foreclosure sale. | | | | are now employed and can resume making |
| 2 - Contact Your Lender Immediately. In fact, at | | | | mortgage payments. Think of assets you can |
| the very first sign of trouble--before you are | | | | liquidate or sell for cash to help reinstate your loan. |
| late--you should contact your lender and begin | | | | Perhaps, some examples are jewelry, a second |
| discussing your options. Remember, foreclosure | | | | vehicle, a life insurance policy, a retirement |
| doesn't happen overnight. Every homeowner | | | | account, furniture, antiques or other collectibles |
| knows well in advance if keeping up with future | | | | etc. |
| mortgage payments will be a problem. In reality, | | | | 6 - Avoid Companies that Charge Money to Stop |
| lenders do not want your home no more than | | | | Foreclosure. Stopping a foreclosure is something |
| you want to give it up. They would rather you | | | | you can do yourself. Because actual notice is |
| pay the mortgage on time, allowing them to | | | | given to the public during the foreclosure process, |
| recoup their investment. Consequently, they | | | | you will receive many mailings from companies |
| provide several options for defaulting | | | | and private investors claiming to have the magic |
| homeowners. | | | | pill for your situation. Although they may be |
| 3 - Stay in Touch with Your Lender throughout | | | | legitimate companies, do not fall for the tricks. |
| the Entire Process. In addition to not ignoring your | | | | Perhaps, those options will work for you. |
| lender or the problem, stay in step with every | | | | However, you will give up something--usually cash |
| correspondence you receive. In other words, | | | | or equity--in order to do what you can do |
| open and respond to any and all mail from your | | | | yourself. |
| lender. Because foreclosure law requires actual | | | | In summary, these are the minimum steps |
| notice, the lender's initial communication will have | | | | required to avoiding foreclosure. In some cases, |
| very important information such as contact | | | | you may need to contact an attorney. If so, |
| information, amounts to reinstate your loan, and | | | | make sure you provide accurate up-to-date |
| timeframes. Oftentimes, homeowners will discard | | | | information and all correspondences from your |
| correspondences from the lender because it is | | | | lender. |
| mixed in with private companies selling their | | | | |