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Tips to Avoid Foreclosure

Avoiding foreclosure is a topic near and dear to my heart as mortgage distress has touched so many people I know.  There are lots of resources out there to help you, but sometimes it is hard to know where to begin.  If you are in danger of losing your home, the first thing you must do is contact your lender.  They will help you.  Keep in mind that they are probably understaffed, and the person you are talking to may not have all the answers, but be patient and persistant and you will receive help.       

Check out these 10 tips avoid foreclosure from FHA —–>

And these 9 ways to avoid foreclosure below…

  
You should also check out the Making Home Affordable website for details on the latest programs from the Treasury Department and HUD to assist distressed homeowners. You may be eligible for a loan modification to reduce your payment and ease your budget woes.         

9 Ways to Avoid Foreclosure:

  • REINSTATEMENT: Bring the loan current
  • FOREBEARANCE: Temporary repayment plan
  • REFINANCE: New loan with reduction in monthly payments
  • LOAN MODIFICATION: Modify original loan terms
  • SELL THE PROPERTY: Use equity to payoff or pay difference
  • RENT THE PROPERTY: Must make loan current
  • SHORT SALE: Negotiate with bank to accept sale under loan amount
  • DEED IN LIEU OF FORECLOSURE: “friendly foreclosure”
  • BANKRUPTCY: Will stall foreclosure but not prevent it

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