How "Not" To Go Into Foreclosure

To the chagrin of lenders and consumers alike, foreclosures are at an all-time high. However, in some cases, foreclosure could have been avoided. Here are a few things to keep in mind:

Believe it or not, lenders DO NOT want to foreclose on a property. It is literally the last option for a lender who is simply trying to recover its money while keeping losses to a minimum. A lender would like nothing better than to see you take advantage of other resources to help you keep your home.

Forclosure is never a good thing, especially from a consumer perspective. First, it significantly damages your credit. Second, it forces you to find a new place to live, and more often than not, when you try to rent a place, your credit will be run, and the foreclosure on your credit history may prohibit you from getting a rental, unless you can afford to put down a large security deposit.

Here are some things you can do to avoid a foreclosure:

Seek a HUD-approved counseling agency. You may call 1-800-569-4287 to find one near you.

Talk with another lender about refinancing into a more affordable loan program.
If you have an FHA mortgage, you may be able to ask HUD to make a one-time payment bring it current(assuming you're only one payment behind). For more information visit: www.hud.gov.foreclosure
Ask your lender for a special forebearance. When there are signficant changes to a borrower's finances, such as job loss or unexpected medical expenses, a borrow may be eligible for a revised repayment plan which may include a temporary reduction or suspension of monthly loan payments in order to prevent a loss or foreclosure.

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