Foreclosures and Debt

You have fallen behind on your mortgage payments, and the lender has sent you notices to try and collect the late payments and threatening foreclosure. What can you do to stop foreclosure on your home?

When facing foreclosure, many panic and give up, thinking that there are no other options to stop foreclosure and save their home. Well, here are some actions that can be taken to try and stop the foreclosure of your home!

Before any action, get your financial house in order. Calculate your income and expenses and determine what is really coming in and what is really being paid out monthly. If it is too much to do your own financial analysis, look for a nonprofit counselor that would probably do it free of charge and may also help negotiate with the lender. The U.S. Department of Housing and Urban Development, HUD, sponsors housing counseling agencies. Click here to find a list of HUD Housing Counseling agencies in your state.

Next, contact your lender and be sure to have an idea what you need from them, like some of the actions below. [Read more →]

Tags: Foreclosure Process by Jacky
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At the rate of foreclosure filings by home mortgage lenders, many borrowers find themselves stuck in idle and do not know what to do next.

Recently, in March 2007, a couple was facing foreclosure and began worrying their heads off about losing their home. The husband was in between changing jobs and they had fallen behind on their mortgage payments by a month.

Their first action to try and catch up on the home loan, was to contact friends and family to borrow money. Needless to say, many of them were in a cash crunch themselves, so they ran into a brick wall.

The next action was to call the lender and try to negotiate a payment for the current month and ask, if the month missed could be paid later on during the term of the loan so they could prevent foreclosure. The lender’s representative insulted them and told them “if they could not pay the missed payment, then they did not deserve to have a home! ” [Read more →]

Tags: Foreclosure Horrors by Jacky
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