Facing Forclosure?

What you should do right now.

• Don't panic. You can take steps to save your home, many homes go into foreclosure but do not end up being foreclosed on.
• Find alternatives to foreclosure by talking to the lender, alternatives include loan modification, forebearance and  a short sale.
• The foreclosure process takes a long time. You will receive several letters from the lender. If you want to keep your home, you should keep paying the homeowners insurance and property taxes.
• Read the fine print. You should read the letters you get from your lender and your mortgage documents.  Call and get answers.
• Pick up the phone. Don't give up if you have missed several payments.  Call the number on your mortgage statement and ask for the Loss Mitigation Department. Also call a foreclosure avoidance counselor approved by HUD.
• Explore lender alternatives to foreclosure.  There are alternatives that your lender will accept, but you won't know until you call.
• Explore government programs. The government has instituded several programs to help homeowners in distress.