| Are continuously falling behind on mortgage | | | | developed to assist struggling homeowners. |
| payments? Have you received a foreclosure | | | | 6. Contact a HUD-approved housing counselor. |
| notice from your lender? Would you like to | | | | You can receive low cost (sometimes even funds |
| avoid foreclosure process on your mortgage? | | | | free) housing counseling from the U.S. Department |
| If your answer if yes to any one of the | | | | of Housing and Urban Development (HUD). The |
| questions above, then you must read on. For | | | | HUD counselors will acquaint you to all the laws |
| I’m going intricate solutions that can help you | | | | relative to mortgage, help you organize your |
| avoid foreclosure on your mortgage. | | | | funds, and also arbitrate negotiations with the |
| When you find yourself falling behind on mortgage | | | | lender for you. For more information contact a |
| payment, do keep in mind to follow the 10 | | | | Housing and Urban Development counselor near |
| mortgage commandants that can avoid | | | | your county. |
| foreclosure. | | | | 7. Prioritize your spending. |
| 10 mortgage commandants: | | | | Write down your all your expenses, concentrate |
| 1. Don't ignore the problem | | | | of your core financial weakness and think-out of |
| It makes no sense to play a gentleman when the | | | | the box for solutions that will elevate your |
| ship sinking deep. Admit your payment crisis! The | | | | financial status. You can possibly cut down on less |
| more you try to mask calm and ignore a | | | | significant expenses so to make up for the funds |
| problem, the more harder will it be to avoid | | | | needed for your mortgage payment. I would |
| foreclosure. | | | | recommend you keep a financial journal with |
| 2. Contact your lender as soon as you realize that | | | | detailed entries of all expenses and credits. This |
| you have a problem. | | | | will help you understand your spending pattern |
| Remember this “Lenders need your Money; | | | | better. |
| NOT YOUR HOUSE”. In reality, lenders | | | | 8. Use your assets. |
| appreciate it when you augment your fair reasons | | | | You could consider the option of selling a luxury |
| for falling behind on mortgage payments and are | | | | asset like a car, jewellery or insurance policy, |
| willing to re-negotiate mortgage terms, when you | | | | which can provisionally keep you away from falling |
| hit with crisis. | | | | behind mortgage payments. If there is a member |
| 3. Open and respond to all the mail from your | | | | in a family who can generate more income by |
| lender: | | | | taking a part-time job, do explore it. Though |
| Be sure to acknowledge every mail from your | | | | these efforts fail to craft a huge raise in your |
| lender. The first few notices are letters that | | | | cash inflows, they can at least demonstrate your |
| carries first-class information that can avoid | | | | intentions and preventive attitude to avoid |
| foreclosure especially when you are falling behind | | | | foreclosure on your mortgage. |
| on mortgage payments. Later communications | | | | 9. Avoid foreclosure prevention companies. |
| include important notices of pending legal action. | | | | It’s naive to pay fees to foreclosure rescue |
| Your failure to acknowledge Lender’s email | | | | agencies, when you can use that same money to |
| will stand an excuse in foreclosure court. | | | | pay off the mortgage instead. Foreclosure rescue |
| 4. Know your mortgage rights: | | | | agencies are for-profit and they will seldom keep |
| It’s necessary to know your rights as a | | | | up with their promise to negotiate terms with |
| mortgagee. If you are particularly falling behind on | | | | your lender. However, if you are of an idea that |
| mortgage payments, be sure to re-read the | | | | you will need third party arbitration, consider |
| terms stated on the loan documents and you | | | | contact The Troubled Homeowner Organization |
| would have a fair idea on the foreclosure | | | | who may be willing to offer you the same |
| procedures practised by your lender. I would also | | | | services at either low or no cost. |
| recommend you contact the State Government | | | | 10. Don't lose your house to foreclosure recovery |
| Housing Office, so for You to gain understanding | | | | scams! |
| about your state’ foreclosure laws and | | | | Do not sign any documents unless you fully |
| timeframes. | | | | understand the terms written on the contract. |
| 5. Understand foreclosure prevention options: | | | | Many Foreclosure scams design equity skimming |
| Surf the web for options that are available for | | | | documents, which when singed will take over the |
| you to avoid foreclosure. One of the options that | | | | title to your property and make you an renter in |
| I’ve found highly the following links highly | | | | your very own home! If you would like to avoid |
| resourceful for helping homeowners. | | | | foreclosure try to get professional advice from an |
| Troubled Homeowner - is an organization | | | | attorney, or a federal HUD approved Counselor. |