| Many people that are facing the possibility of | | | | may not stop foreclosure proceedings, but it will |
| foreclosure don't know what to do or where to | | | | buy you some time. |
| turn in order to stop the foreclosure process. In | | | | Seek help |
| February, 2009 the government announced a | | | | There are many agencies and programs available |
| comprehensive plan aimed at aiding homeowners | | | | to help you work out a loan modification. These |
| that are having difficulty meeting the mortgage | | | | groups can help you create a budget, prioritize |
| obligations. The Homeowner Affordability and | | | | your spending, and advocate for you with your |
| Stability Plan authorizes the Treasury Department | | | | mortgage lender. In Houston, Texas there are |
| to spend $75 billion in order to help homeowners | | | | many credit counseling services, and community |
| remain in their homes. | | | | homeowner's assistance programs to help you |
| While the government program is available to aid | | | | through the loan modification process. These |
| homeowners, there are steps that you as the | | | | groups have the expertise and experience of |
| homeowner need to take also: | | | | dealing with lenders daily, and know what they are |
| Communication with your lender | | | | looking for as far as information is concerned. |
| Be proactive. When you first start to realize that | | | | Understand your options |
| you will have trouble making your mortgage | | | | You can avoid foreclosure in many ways. If your |
| obligation, contact your lender. Let your lender | | | | financial difficulties were temporary, and you can |
| know exactly what your situation is and why you | | | | make your mortgage payments now, a loan |
| are having financial difficulty. You need to | | | | forbearance may be your best option. If your |
| understand that the lender does not want to | | | | interest rate has adjusted, causing you to fall |
| foreclose on your property. Banks are in the | | | | behind on your mortgage payments, an interest |
| lending business, not the property owning business. | | | | rate adjustment may be your solution. If your |
| There are many homes being foreclosed on in | | | | house is now worth less than the amount of your |
| Houston, Texas and the bank does not want | | | | mortgage, but you want to remain in your home; |
| yours to be another one. | | | | your lender may agree to a mortgage |
| Have a plan | | | | modification, decreasing your loan amount, and |
| Contact your lender's loss mitigation department. | | | | minimizing their loss in the process. |
| It is their job to help you avoid foreclosure on | | | | If there is no way that you can see to stop the |
| your home. You will need to provide them with | | | | foreclosure process, then you may have to take |
| your financial information and a realistic plan that | | | | advantage of other options. Deed in lieu of |
| you can follow. They may offer you a loan | | | | foreclosure is where you sign over the title to |
| modification, a forbearance, or interest rate | | | | your home to the lender to avoid a foreclosure |
| reduction; depending on your situation. | | | | on your credit report. Often the lender will pay |
| Keep detailed records of any correspondence | | | | you to leave the property in good condition. |
| with the loss mitigation department. This contact | | | | |