Owning your own home can be one of the most rewarding experiences in your life. But after all your hard work, you suddenly find yourself not able to make your mortgage payments and are facing the possibility of foreclosure what would you do?
Here are some tips you can follow to ensure that you do everything you can to save your home from foreclosure.
Re-evaluate your debts and expenses.
Do you really need to spend as much as you do on your monthly bills? Cutting down on your cable, phone, internet and cell phone features may end up being able to save you a hundred or more dollars a month in which you can use for your mortgage. Save where you can and it will add up.
Talk to your lender. Work through a plan
As soon as you realize that you will not be able to make your mortgage, you need to get on the phone with your lender. There are many options that the lender can make available to you if he knows your situation. Alternatives such as Special Forebearance, Mortgage Modification, Partial Claim, Pre-forclosure Sale, or Deed-in-Lieu of foreclosure.
Talk to a HUD approved housing counselor
HUD is an agency that has been set up to offer valuable information, resources, programs and services that are offered by Government agencies as well as private and community organizations. They also often provide credit counseling to help you get your plan of action on the go and work towards saving that home. These services are usually free of charge. You can find the number for a location nearest you on their website.
Don’t Let Desperation lead you down the wrong path
There are companies out there that like to prey on the misfortune of others. They act as if
they can help you save your home by getting you to sign over the home to them, or give you money when they sell it, etc. You should never sign any documents or make any agreements without first speaking to a lawyer as to completely understand what you could be getting into.
Know your Rights
Review all of your documentation regarding your terms and conditions on your home. Knowing what you have the right to claim or do could mean the difference in losing your home or not. Read up on any information you can find with regards to foreclosures, talk to your lawyer, talk to your HUD representative, and find out you can do. Don’t leave your home unless you have no other choice.
Keep up to date with the Government programs and new bills
With the change of some government parties like in the United States, new laws and bills are being considered to help the growing number of people suffering from the economical downturn. With the loss of jobs on the rise, people are finding themselves in danger of losing their homes more every day. New bills such as Obama’s Foreclosure Bail Out Plan can add new hope to many who have worked so hard.
Find a support group
The prospect of losing your home to a foreclosure can be a very stressful time. Finding support and reassurance from other who have experienced the same thing can often be what you need to keep your mind and soul from getting lost in a sea of despair. Many times these peers can steer you in the right direction to finding the solution to your dilemma when all else looks grim. Places such as Debtors Anonymous can be your sunshine in the rain.
Posts
0 Comments