Facing Foreclosure? Tips to Avoid a Foreclosure and Save Your Home

Facing Foreclosure? Tips to Avoid a Foreclosure and Save Your Home

Every three months, 250,000 new American families enter into a foreclosure. These homeowners often find themselves asking how they got there in the first place and what they could have done to prevent and avoid foreclosure.

The path to foreclosure can be scary. If you are currently struggling to keep up with your mortgage payments, it is important that you take the following steps to avoid foreclosure and save your home.

Address the situation immediately. It is important that you do not ignore the problem as the further behind you become, the harder it will be to pull yourself out. If you continue to wait, it will be harder to reinstate your loan and keep your home.

Contact your lender immediately. As soon as you realize you are struggling to keep up with your payments, contact your lender. Your lender has options for those struggling financially and can discuss options that apply to you.

Read and respond to all mail from the lender. Your lender will send you important information on foreclosure prevention options and later on will send important notices regarding legal actions.

Understand your rights and options. Valuable information on foreclosure prevention can be found online. Read through your loan documents to understand what may happen if you cannot make your payments. It is also a good idea to contact the State Government Housing Office to see how foreclosure laws and timeframes work in your state.

Seek out experts. You may want to take action by contacting a lawyer who can further assist you, discuss the law and your options, and represent you in negotiations with your lender. The U.S. Department of Housing and Urban Development funds free to low-cost counseling too.

Check if you are eligible for assistance. If you plan to seek assistance, be sure to investigate if you qualify or not as some situations may not qualify for assistance.

Review your finances and prioritize. Sit down and figure out where you can cut spending in order to make your mortgage payment.Delay paymentson credit cards and other debt until you have paid your mortgage.

Review and use your assets. See if selling assets- jewelry, second car, etc.- to help reinstate your loan is an option. These also demonstrate to your lender that you making sacrifices to keep your home.

Watch out for fraudulent foreclosure prevention companies. You may be approached by a foreclosure prevention company that says it can negotiate with the lender on your behalf. Be careful whom you work with, as you could end up paying a large amount to a fraudulent company in a "foreclosure rescue" scam.

Most importantly, stay positive. Know that you can take these steps to work towards avoiding foreclosure. Remember that you are not the only homeowner in America facing this situation. If you are looking for legal advice, Scottsdale Law Group is dedicated to providing the most efficient, cost effective professional consultation and management of personal financial and real estate matters. Please visit www.scottsdalelawgroup.com for more information on services and how Scottsdale Law Group can help you.

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