Facing foreclosure and don’t know what to do?

First, know that you are not alone!!!

You could be a phone call away from avoiding foreclosure and saving your home.

A loss of a job or business, mortgage payment and fees rising, unexpected medical expenses or other life-altering occurrences can happen to anyone, especially in today’s economy. Before we know it we’ve fallen behind in our loan payments and we’re feeling hopeless. To avoid having the lender foreclose and take ownership of the home, try these steps:

1. Be responsible and remember that you signed that mortgage contract. Quit blaming that mortgage lender, that real estate agent, the government, the economy or whoever else. Be a person of integrity and do what you can. In the same breath, you don’t want to struggle to hang onto your home if you truly can’t afford it. It’s better to sell when you have equity than for the banks to take away your home in forclosure.

2. Make ONE call. Contact your mortgage company and have them assess your situation. It may not be as bad as you think. Don’t be afraid. Don’t avoid it. It’s only a phone call. There may be some options that you didn’t know. You might even be able to refinance with a lower monthly mortgage payment.

2. Stay positive. In most cases, foreclosure can be avoided.

3. Never ignore the lender’s letters or phone calls. That won’t make the problem go away.

4. If you’re not ok with the information that you received from your mortgage lender, consider getting help from legitimate credit counseling services, those associated with the National Foundation for Credit Counseling or the Association of Independent Consumer Credit Counseling Agencies. Housing counselors can help you evaluate your options. Or you can find a housing counseling agency approved by the Housing and Urban Development Department (HUD) by calling (800) 569-4287. If you have a Veterans Administration loan, you can call (800) 827-1000 to get a referral to a financial counselor. And BE CAREFUL….there are scams. Research, research, and research!

Start today and be on your way to taking control of your situation, instead of letting it take control of you!