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SCAM ALERTS:
Unfortunately, during this economic downturn, many scam artists try to take advantage of homeowners and their difficulties. You must be cautious of any advice you find on the Internet. Carefully research any company that you use. To help you with your investigations, here are some reputable organizations to visit:
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| Foreclosure Help
If you are unable to make your mortgage payment, educate yourself on what your options are. Don't ignore the problem. Lenders have options to help borrowers through difficult financial times. Contact your lender as soon as you realize that you have a problem. The further behind you become, the harder it will be to reinstate your loan and the more likely that you will lose your house. Make sure to open and respond to all mail from your lender.They offer good information about foreclosure prevention options. Later mail may include important notice of pending legal action. Your failure to open the mail will not be an excuse in foreclosure court. 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. Do an online search for your individual state's housing office. For example, if you are in California, search for California Housing Office. It will refer you to the California Department of Housing and Community Development. You can contact them either by phone or by using their Web form for comments. http://www.hcd.ca.gov/ Or, a list of state resources - http://www.hud.gov/foreclosure/local.cfm - is available on the HUD Web site. The Federal Housing Administration also offers information on foreclosure prevention (also called loss mitigation). This can be found online at . The U.S. Department of Housing and Urban Development (HUD) funds free or very low cost housing counseling nationwide. Housing counselors 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. Find a HUD-approved housing counselor near you or call (800) 569-4287 or TTY (800) 877-8339. 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. Delay payments on credit cards and other "unsecured" debt until you have paid your mortgage. You may have assets (a second car, jewelry, a whole life insurance policy) that you can sell for cash to help reinstate your loan. Or taking on a second job. 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. You don't have to hire foreclosure prevention help. Some legitimate companies will contact you offering to negotiate with your lender. Check with your lender or a HUD approved housing counselor to see what is available to you. And definitely don't lose your house to foreclosure recovery scams - not all companies are reputable! 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, or a HUD approved housing counselor. (Information gathered from HUD Web site) Helpful Links:
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