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Foreclosure Prevention Tips
By kevin | May 9, 2008
For those facing foreclosure, it can be very difficult to know what to after receiving a Notice of Default, unfortunately, most people make the worst mistake possible, which is to do nothing and hope for the problem to somehow work itself out. The truth is, if you don’t deal with your foreclosure right away, the longer you wait, the more chance there is that you won’t be able to fix the situation and will lose your home to foreclosure auction. Here are some basic tips to help you get started.
- Contact your lender immediately. The sooner you do this, the more willing they will be to work with you. Now that the foreclosure crisis has become so huge, many lenders have special programs to help you make up payments and avoid a foreclosure.
- Call the National Foreclosure Prevention Hotline at 1-800-995-4673, or visit them at www.hopenow.org. This service can outline all of your options when facing foreclosure and help you find the best solution for your own situation.
- Respond to any and all Notices or legal action from your lender, The more involved you are, the less quickly they can move against you.
- Know the foreclosure laws for your location. Research your rights. The Foreclosure Prevention Hotline can help with this.
- Sell other assets. Can you afford to sell a car or some jewelry to make up payments? As long as you show you’re making an effort, it can entice a lender to hold off on foreclosure for a long time.
- Don’t be fooled by foreclosure assistance scams. Ignore any unsolicited mailings or phone calls that aren’t from your lender or someone you’ve contacted directly. There are lots of scams out there, so be careful to avoid them.
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Topics: Foreclosure Crisis |