Avoiding Foreclosure
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Help Avoiding Foreclosure

Have you received a letter from your lending institution telling you that you are in pre-foreclosure?  This is a serious legal matter that can have major effects on your financial future for years to come.  Here are some important things to consider:

  • First of all, it’s important to learn what happens if your home does go into foreclosure.  Not only will you loose your home, but you will loose your good name with the credit bureaus.  Why is this important?  Not only will it bar you from getting a future mortgage at a good rate, but it means that you will pay more for car loans and credit cards as well.  The worse your credit, the more you’ll pay for interest, the less you’ll have to live off and retire on.  It’s that simple.
  • Remember, it’s still not too late to get caught up!  Informing you of a pre-foreclosure is just your bank’s way of letting you know that they have judicial options in case you don’t get caught up again.  You might think about digging into your savings or investing, taking some money out of your lines of credit or borrowing from a family member. 
  • One of the most important points to remember is this: no matter what you do to solve the problem, make sure that you are in communication with your lender.  Open the letters; return the phone calls.  Remember: the bank does not want to foreclose on your loan -- they want you to pay your loan.  Often, a lending institution will work with you to divide the amount that you are in arrears into small monthly amounts that will be added to your payment structure until it is paid off.  For example, if you miss a $900 payment, perhaps your lender will work with you to add $90 per month to the next 10 payments (plus interest and fees, of course) until you are caught up again.  The only way to find out how your lender can help is to communicate with them about your situation.
  • Now is the time to sit down with a financial professional and take a look at your situation.  You might have bitten off more than you can chew with this property.  Do you need to refinance?  Should you think about selling?  Does your state have home equity lines of credit that can help you get out of the hole you’re in?  Maybe you’re in way too deep and it’s time to think about filing for Chapter 11 bankruptcy protection.  It’s important to remember that each of these solutions have serious drawbacks.  Our caring professionals spend every day working with people just like you to find solutions to their problems.  Don’t let embarrassment or fear keep you from getting the help you need!

Get help avoiding foreclosure now!

Whatever your foreclosure situation is time is against you. The sooner you discover your options, the easier it may be to stop your foreclosure.  Please enter your zip code in the field below to find foreclosure help in your area.

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The information found on this site is not intended to be legal advice. The foreclosure process is highly case specific and laws vary throughout the United States. Please seek professional legal counsel before entering into any contract regarding any real property or stopping the foreclosure on any real property. By using this site you consent to the terms posted here.
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