Steps to avoid foreclosure

If you look you might be heading for trouble, you can take steps NOW to prevent foreclosure on your home.

As with anything of this magnitude, you have to act quickly. Do not wait until too late to turn things around.

You may be facing:

. Loss of job

. Reducing the time or overtime pay

. Resignation

. Illness, injury, or death of a family member

. Divorce or separation

If your family is facing these changes and can not pay your bills, now is the time to look closely at what you owe and what you earn, eliminating unnecessary spending and communicate call for help if you are still unable to meet obligations your finances. Taking action now can help you protect your family from losing your home.

On the next page are some steps you need to do now, to keep your home for the future, and puts the risk of foreclosure behind you.

Records. The time to act is now. The longer you wait, the deeper the problem becomes.

1. COMPANY CONTACT NOW Your Mortgage

Many people avoid calling their lenders when they have money problems. Most of us are embarrassed to discuss our money problems with others or believe that if lenders know we are in love, they rush to collection or foreclosure.

Lenders want to help borrowers keep their homes. Foreclosure is expensive for lenders, mortgage insurers and investors. HUD / FHA, and private mortgage insurance companies and investors like Freddie Mac and Fannie Mae, require lenders to work aggressively with borrowers who are facing money problems.

Choices have to exercise to help you keep your home lender. However, these options work best when your loan is only one or two payments behind. The farther you are behind on your payments, the fewer options available.

Do not assume that your problem will quickly improve. Do not lose valuable time by being overly optimistic. Contact your mortgage lender to discuss your time as soon as you realize that you do not make your payments. Although there is no guarantee that any particular relief will be given, most lenders want to explore every possible option.

To help you, lenders typically need:

. Your loan account number

. A brief explanation of your circumstances

. The new income documents (such as Pay stubs; Reports Benefits from Social Security, Disability, Unemployment, Retirement, or Public Assistance If you are self-employed, have your tax returns or income year-to-date and available for reference Loss.)

. oList household expenses

Hoping to have more than one phone conversation with your lender. Typically, your lender will send you a "loan to exercise" package. This package contains information, forms and instructions. If you wish to be considered for assistance, you must fill out a form and return it to your lender quickly. Completed package will be reviewed before the lender talks about a solution with you.

Call TODAY! The sooner you call, aid previously available.

2. DO NOT ignore MAIL FROM YOUR lender

If you do not contact your lender, your lender will try to contact you by mail and phone soon after you stop making payments. It is very important that you respond to emails and phone calls offering help. If your lender does not hear from you they will be required to start legal action leading to foreclosure. This will substantially increase the cost of bringing your loan current.

3. Talking to a counseling HOUSING AGENCY

If you are not comfortable speaking with your lender, you should immediately contact a HUD housing counseling agency-approved and an appointment with a counselor. A counselor can help you assess your financial situation, determine what options are available to you, and help you negotiate with your lender. A counselor is familiar with a variety of exercise settings that lenders consider and know what action makes the most sense for you and your family, based on your circumstances. Additionally, the counselor can call the lender with you or on your behalf to discuss training plans. By meeting with a counselor before your mortgage payment is too far back, you can protect yourself from credit problems in the future.

A good counselor will help you create a monthly budget plan to ensure that you can meet all of your monthly expenses, including your mortgage payment. Clearly indicate your personal financial plan how much money you have available to make mortgage payments. This research will help you and your lender determine whether reduced or delayed payment schedule can help you. Also, the counselor will have information about services, resources, and programs available in your area that can provide you with financial, legal, medical or other additional assistance you might need.

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