Facing Foreclosure?

What To Do If You Are Facing Foreclosure

If you are among the many homeowners who is facing the prospect of foreclosure, don’t panic. There are steps you can take that may allow you to keep your home, or at least to sell it before you face foreclosure. Here are some strategies that can help you avoid foreclosure:

1. Don’t Give Up –as long as you still own your home, there is a chance you will be able to avoid foreclosure. Keep looking for solutions, no matter how bad things look.

2. Stay In Touch - don’t hide from lenders. You have a much better chance of avoiding foreclosure if you communicate with them as much as possible and indicate your willingness to pay as much as you can.

3. Try To Negotiate a Payment Plan - even if you are unable to keep up with your mortgage payments, you may be able to get a payment plan that you can work with. Let your lender know you are doing all that you can to make payments.

4. Sell If You Can -sometimes the best solution is to sell your home, even at a price that is substantially less than the market value. When you are facing foreclosure, you cannot afford to be stubborn if your choices are limited.

5. Seek Federal Help -due to the drastic increase in foreclosures, the federal government is helping some homeowners through a program called FHASecure.
The FHA is the Federal Housing Administration. You should find out if you are eligible for assistance.

6. Credit Counseling -there are both free and fee-based services that can help you to come up with ways to avoid foreclosure. You may want to start with a non-profit group who can offer advice. If you find counseling in your area, they can help you based on the laws and regulations of your state.