Just two missed mortgage payments can begin foreclosure proceedings and before you know it the home you have worked so hard to keep can be snatched away from you. To make matters worse, you may still end up owing money if the sale of the home does not cover the balance of your loan. If you are being threatened with foreclosure you may be able to prevent this possible devastation, but you must act quickly.
Begin with prioritizing your monthly expenses. Make your mortgage payment your top priority. Credit card bills, personal loans and other unsecured debt will have to take a back seat until after you pay your mortgage. Even though falling behind on these debts can cause you to accrue fees and may damage your credit, the consequences are not as serious as falling behind on your mortgage.
Get help if you are having trouble making your mortgage payments. You may benefit from credit counseling or a debt management program that includes housing counseling. Check with your lender to see if they have such a program available. Your local housing authority or extension service may offer debt counseling or foreclosure avoidance services. You can also gain assistance from government or charitable programs that will provide financial or legal support to help you stop home foreclosure. Also, consult an attorney if your situation is the result of predatory or deceptive lending practices. It is imperative to get help quickly in order to take advantage of all possible remedies.
If you can not make your full monthly payment, contact your lender immediately. Do not wait for a letter from the mortgage company and definitely do not ignore their letters. Generally, lenders do not want to foreclosure on your property and they will usually be willing to work with you if you make a good faith effort to make payments and/or if your incapability to do so is short-term. Most likely, you will be required to provide the lender with bank statements and other financial documents so that they can review your financial situation.
How likely is it that you will be able to save your home? Take a good look at your situation. If the problems that have led to your late payments are illness, job loss or a death in the family, you probably have a good chance of stopping foreclosure on your home. If this article has been a help to you and you would like more information on stopping foreclosure on your home Click Here! . However this is ONLY for people who are serious about saving their home from foreclosure.
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3 comments:
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