Are you headed for foreclosure?

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Like many Americans today they are living in fear of losing their homes. Be it from a job loss, hours shorten, or a pay cut whatever the issue is, you must do everything you can to keep your home. Not only the feeling of despair and depression that you and your family will feel, but your credit will be shot for 10 years. That is how long a foreclosure remains a black “mark” on your credit.

Foreclosure just does not happen over night, it is a slow tortuous process. Have you missed your mortgage payment? Are you having trouble making payments? Have you received a notice from your Lender asking you to contact them?

Here are some tips to help you prevent going into foreclosure:

The first step is doing not ignore the letters from your Lender. They realize there is a problem and want to help. They do not want your home; they are in the money business not real estate.  So contact them immediately!
 
2- . Do not ignore the problem it is not going away.
The further you fall behind on payments, the harder it is going to be to be caught up and more than likely it is a realistic possibility that you will lose your home.

3. Contact your lender as soon as you realize that you are having a problem:
The beginning notices will be information about preventing foreclosure and options will be given to help you keep your home.
The Lender may send more letters that will inform you of legal action that will be taken. So open and respond to any letters you receive from your Lender.

4. Know your mortgage rights, get the loan documents out and read them carefully:  They will state what course of action your Lender will take when you cannot make your mortgage payments.

Go online and find out what the laws are in your state for foreclosures, because every state is different. Contact the State Government Housing Office.

5. Stay away from foreclosure prevention companies, the money that they want from you; you could put to ward your mortgage payment. They may promise to negotiate with your Lender, but you can do that yourself.

7. Get your priorities in order:
Your home should be the first thing you pay, after that health care and so on. Credit cards will have to take a hit they should be the last to be paid. Eliminate any additional spending luxuries.

8. Assets:
Cash them in; sell some jewelry, or insurance policy. Anything that can help you makes your mortgage payment. They may not give you much cash but your Lender will see that you are trying to live up to your obligation…
 
10. Do not be scammed!

If someone tells you they can stop a foreclosure and they want you to sign, some papers do not! There have been people who signed over the title to there home and did not realize it. Never ever, sign a legal document without understanding what you are signing. Better yet, get legal advice.

In conclusion, do not lose hope; just do not play ostrich either. Act swiftly and you will find that help is not far away,

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