Your mortgage debt may bring you ever closer to losing your home to foreclosure. However, it may not be too late for you to avoid losing your home.
This Old House lays out several suggestions for preventing foreclosure. Putting them to good use can help worried homeowners sleep at night and breathe a sigh of relief.
Reach out to your lender
Maybe you are well-aware of your mortgage debt and the other financial complications tied up with it, but have yet to hear from your lender about the possibility of foreclosure. Under such circumstances, you are better off being proactive and contacting your lender now to share what is going on. There are programs of which you may not be aware that may help someone in your position. By waiting for the inevitable, you risk missing out on qualifying for such programs.
Do your research
Put in some time to look into your options for avoiding foreclosure. You can reach out to a legal professional familiar with helping people with mortgage debt keep their homes. Additionally, check with your attorney general, housing finance agency or the U.S. Department of Housing and Urban Development.
Do not set mail aside or avoid calls
Understandably, you want to avoid all letters from your bank or lender, but this does more harm than good in the long run. You never know when you may have an offer for assistance in the mail, one that may have a tight response deadline. This also applies to phone calls that you may receive from your lender or bank.
Know that even though your mortgage debt may be weighing you down, foreclosure is not necessarily inevitable. Visit our website to learn more about this topic.