3. Open and respond to all mail from your
lender.
The first notices you receive will offer good
information about foreclosure prevention options
that can help you weather financial problems. Later
mail may include important notice of pending legal
action. Your failure to open the mail will not be
an excuse in foreclosure court.
4. Know your mortgage rights.
Find your loan documents and read them so you know
what your lender may do if you can't make your
payments. Learn about the foreclosure laws and
timeframes in your state (as every state is
different) by contacting the State Government
Housing Office.
5. Understand your options how to avoid home
foreclosure.
Valuable information about foreclosure prevention
(also called loss mitigation) options can be found
on the internet at
www.fha.gov/foreclosure/index.cfm.
6. Contact Us ASAP
We can can help you understand the law and your
options, organize your finances and represent you in
negotiations with your lender if you need this
assistance. Call us at (877) 750-1433
7. Prioritize your spending.
After healthcare, keeping your house should be your
first priority. Review your finances and see where
you can cut spending in order to make your mortgage
payment. Look for optional expenses-cable TV,
memberships, entertainment-that you can eliminate.
Delay payments on credit cards and other "unsecured"
debt until you have paid your mortgage.
8. Use your assets.
Do you have assets-a second car, jewelry, a whole
life insurance policy-that you can sell for cash to
help reinstate your loan? Can anyone in your
household get an extra job to bring in additional
income? Even if these efforts don't significantly
increase your available cash or your income, they
demonstrate to your lender that you are willing to
make sacrifices to keep your home.
9. Don't lose your house to foreclosure
recovery scams!
If any firm claims they can stop your foreclosure
immediately if you sign a document appointing them
to act on your behalf, you may well be signing over
the title to your property and becoming a renter in
your own home! Never sign a legal document without
reading and understanding all the terms and getting
professional advice from an attorney, a trusted real
estate professional.
