No homeowner wants to face foreclosure. Losing a home can be one of the most traumatic financial events in a person’s life, but it is happening every day. Here are some tips that can help you avoid foreclosure.
Early action is key. Few people wake up to find that their home is in foreclosure. There are always warning signs that precede the event. Being aware of these warning signs and taking fast, decisive action early on can mean the difference between keeping your home and losing it.
As soon as you know that you are going to miss a house payment, contact the lender. Contacting the lender early on allows the lender to help you work out alternatives. The truth is most banks do not want to take your home. They do not want the hassle of foreclosing, maintaining, and then selling the home. They would much prefer that some arrangement be worked out, but this often requires your early contact with them.
You should always follow up a phone call with a letter. You can draft a hardship letter and send it to your lender. This is not a good time to be too creative. Be specific about what caused the payment delinquency, make it detailed and be honest, but also...
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