Help!!! Avoid Foreclosure
Posted by: info | July 25, 2007
Foreclosure is a real problem with many consumers. Foreclosures are hitting all time highs in many states. Many of these very unfortunate Americans feel they have no place to turn to for help. A foreclosure can put an entire family in emotional distress. Studies have show that everyone in the family can feel the stress, even children.
Children may not show the typical signs of being stressed, yet it is important for them to be able to open up and talk with parents and other professionals who can help them. It is also very important that adults to find help as well.
Many people go into foreclosure faster than they ever imagined. Some states have a two missed payments law to start foreclosure. This means a mortgage company can start foreclosure with only two payments missed. These payments don’t have to be consecutive either. The best thing a consumer can do is contact the mortgage company immediately if they can’t make a payment. The mortgage company may can defer the payment by adding it to the end of the note or working something else out. However, if you ignore the payment or wait too long, the mortgage company will be less likely be in a position to offer you the same options if any at all.
What if you get a warning of foreclosure is it too late? No! The mortgage company is not in the business of repossessing or selling properties. Mortgage companies would like for everyone to pay their mortgage loan off. If a loan gets foreclosed, the mortgage company stands a chance of losing a lot of money.
Most mortgage companies will work with their customers the best that they can. They will only have a property foreclosed as a last result. However, once the customer ignores or fails to make arrangements to pay their loan, it is in the mortgage company’s best interest to have the property foreclosed and sold as soon as possible.
Where can you turn for help? If possible work with your mortgage company and try to make payment arrangements or come to an agreement that can help bring your loan out of default. If it is not possible to come to an agreement with the mortgage company, then it can be wise to seek alternative help. Mortgage companies may can offer or refer you to HUD (U.S Department of Housing), to help you find a list of HUD approved counseling agencies in your area.
A counseling agency may be able to take your information and talk with your mortgage company to help find a solution to your problems. These HUD approved counseling agencies are set up to assist consumers and mortgage companies avoid foreclosures. Some mortgage companies donate money to these not for profit counseling agencies to help consumers.
HUD has a website set up to avoid foreclosure at http://www.hud.gov/foreclosure/index.cfm. Here a consumer can find tips and information to help avoid foreclosure. A consumer can receive a list of HUD approved counseling agencies in their area by calling 1-800-569-4287.
HUD also announced a program and hot line campaign called HOPE LAUNCH. HOPE is a foreclosure prevention education campaign designed to educate and prevent foreclosures. The HOPE hot line number is 1-888-995-HOPE. You can read more on the announcement at http://www.hud.gov/news/focus.cfm?content=2007-02-14.cfm#1 or visit Homeo Ownership Preservation Foundation (HOPE) at http://www.995hope.org/ for free help, advice and education.
You should only use an approved list of HUD approved counseling agencies to assist you with foreclosure prevention. These agencies can help you find a solution and deal with your problems. They may can give you options that can really help. These HUD approved agencies can keep your information confidential and you will not be judged. The sooner you contact HUD, the more you increase your chances of avoiding foreclosure. They are here to help, so don’t wait until it’s too late.
Posted in: Mortgages, General |
Comments
You must be logged in to post a comment.