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Avoiding Foreclosure

In Trouble? What to Do...
Avoiding Foreclosure
Beware of Scams!

Are you having trouble keeping up with your mortgage payments? Have you received a notice from your lender asking you to contact them? If you're currently struggling with your mortgage payments:

Don't IGNORE the letters from your lender
Contact your lender immediately
Contact the U.S. Department of Housing and Urban Development (HUD). They can give you free or low cost advice on avoiding a foreclosure.

Lenders really do not want your house. It costs an average of $56,000 for your lender to process each foreclosure. They're in the business of loaning money to consumers, not owning real estate. They have options to help borrowers through difficult financial times and are very often willing to work with you. But you need to act! Call them when you're having problems; don't let too much time pass or you could be seen as being unwilling to pay.

Do Your Research!
In addition to your lender, there are a number of resources to help you understand your options - both for preventing foreclosure, and for minimizing the damage to your credit if you cannot prevent it. Go to the librabry, look things up on the Internet, talk to experts, and be careful. Good advice should be sought out from experts, and Internet chat forums may not have experts available.

Below are a few resources that might be helpful.

Read the book, Fight Foreclosure!: How to Cope with a Mortgage You Can't Pay, Negotiate with Your Bank, and Save Your Home by David Petrovich, a mortgage banking insider who understands the loan servicing industry, that offers advice on your options.
Check out the Federal Reserve's programs