So many folks are in a foreclosure crisis. Experts say a million homes will be foreclosed on this year. Some good advise if you are in that situation is: Reply to all mail you receive from your mortgage company. They usually have options on how to meet your payments. If you are going to be late for a payment, I didn't open my mail is not an excuse. Call at once and explain any problems you have. They will work with you if possible. Your lender wants you to keep your home.
Read your loan papers carefully. Be sure you understand all your rights. After health care, your home payment should be your first priority. You can make smaller payments on your credit cards. You do not have to eat out. You can make a sandwich for your work lunch and carry a thermos of juice. You do not need to purchase new clothes or anything for your house. You do not need to entertain or go to the movies.
Many times you can cut expenses to the bone and avoid losing your home. Next to health insurance your home is your most important asset. Be prepared to do what ever it takes to keep your home if at all possible.
Do not be taken in by foreclosure companies and scams. You don't have to pay fees for foreclosure help. Don't sign a document form from someone claiming to stop a foreclosure. In a scam called" equity skimming" "A buyer” offers to repay if you sign over your deed and move out. You will be left with the debt and no house.
The department of housing and urban development offers free or low cost counselors. For more information on foreclosing go to fha.gov.
