What will happen if you are not able to make your mortgage payment?
1. Do not ignore the problem - It will not go away by itself. The further behind you get, the harder it will be that your house will be put on the chopping block.
2. As soon as you realize there may be a problem, contact your lender. The lender does not want your home. He or she has options to help borrowers through hard financial times.
3. Open and reply to all mail that comes to your house from your lender. Some of the very first notices you will receive will give good information about foreclosure help. Options will be presented that may help you weather financial problems. Later mail may warn you of upcoming legal action. The failure to open your mail will not be taken lightly in foreclosure court.
4. Study and know your mortgage rights. Get hold of your loan documents so that you will be informed as to what your lender may do if you cannot make your mortgage payments. Learn in depth about foreclosure laws and the timeframes in your state.
5. Make spending your priority. After health insurance, keeping your house should be your very first priority. Review your financial situation and see if there are places where you can cut corners in an effort to make your mortgage payment. Delay payments on any “unsecured” debt until after your mortgage payment is paid.
6. Avoid companies that claim to specialize in foreclosure prevention. You do not need to pay any upfront fees for foreclosure help. Many of these so called companies promise to negotiate with your lender. While this may be true, you will be charged a hefty fee for information you could have gotten free or very cheaply elsewhere.
7. Finally, do not lose your house to foreclosure recovery scams! Be careful that you do not sign away your own home. Do not sign a legal document without first reading and understanding all of the terms. If you do not understand something, seek professional help from an attorney. Don’t forget, there are many ways to obtain foreclosure help.
There are foreclosure laws in place which is probably not a news alert for you. But most people do not understand that those laws are designed to protect both the lender as well as the consumer. Some lenders count on the fact that you do not know your rights, and you do have rights especially about foreclosure, so it is to your tremendous benefit to know what your rights are.
12 users commented in " Home Foreclosure Help "
Follow-up RSS Comments Feed or Leave a TrackbackWow I loved this article. I am about to foreclose on my house.. never thought it might come to this, but hey I am still alive and well !!! cheers
Please e-mail all valuable information known to save my home. Thank You
I have had excellent credit for 54 years and now I am struggling to survive without losing my mind because of family values taught my whole life
how can I find a real Gov site to get grants?
I am a self employed Electrical Contractor.3yrs. I started seeing the down hill spiral of the economy and my buisness. I was used to a minimum of 30-calls in a week, I haven’t seen 30 calls yet this year. 2008 hit us real hard, and it is now going into desperation mode. I am trying to feed 6-mouths, and am about to go thru foreclosure unless I can get my Mortgage brought up to date. All the help I have been searching for has denied me. Does anyone no where I can receive help in these difficult times, what I need is a possible Buisness Loan or Grant to help us weather this storm.
Respectfully Submitted,
Desperate losing control,
Rick
(715) 744-3424
Hi my name is Lisa and my home is in forclouser and I need some information on what I need to do before I lose my home. I do not what to sell it. I would like to stay in it if I can. My husband and I fell behind because we had some diffcult times last year and that is what but us behind. So could you please help me out.
Thank you,
Lisa Mallon
Very good advice about makeing sure you talk to the mortgage company. In reality, they don’t want the house. In most cases they will try to work with you.
My mortgage company gave me a hardship of 6 months on my mortgage. I was on my last month of my agreement when I had to file chapter 7. Because of this they voided my agreement, and is going into forclosure. I am willing to pay the back money, but they are saying they can not accept any money from me. I do not understand this. When I pay the back money which is 3 months I will be caught up to date. Do they have that right when I am willing to get my mortgage up to date. I have about 7 more years to pay on my house and do not want to lose it. What are my rights in a situation like this?
yo queria saver si es posible sime pueden ayudar porque estoy atrasado con los pagos de la casa
My home is upside down and I have gone thru CCCS to negotiate with the lender a lower payment extend the loan out. The lender has not responded as yet, its been several months. I am beginning to feel it is hopeless-so far I can make the payments and overhead, but not much more. My Question is: Is a ’short sale’ the answer? Will I have the pay the difference? Do I just stop paying and move?
I think my lawyer did not show up for a hearing. Ifound out our house will be sold in March from the opposing lawyer from a letter adressed unknown tenant. When I questioned the firm about why I was not notified I’m told I have a unique situation.
Sure, sure ..everyone says talk to the mortgage company. I have called 200 times over the last 27 months…yet the mortgage company refuses to foreclose on the house we left 27 months ago. Why- because the bank doesn’t want to be responsible for the vandalism that happened after we left. So the City tracked me down to my new residence, and is on my case and fining me right and left. A lawyer said for $6k, we could sue Bank of America, but taht is just to sue, what about court proceedings down the line ? I WANT the damn bank to foreclose !!!!!!!!!!!!!!!
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