It is unfortunate that so many families out there are having to worry about not being able to pay their monthly mortgages and are at very high risk of having to deal with foreclosure.
Foreclosure is definitely something that none of us ever anticipate but there are times that it does happen, and just when you least expect it.
The thought of losing your home is very terrifying for many, so it is very important for all homeowners out there to realize just how important it is to make sure you take whatever steps you can to not end up homeless.
There are many different websites on the internet to get free information, and by talking to a professional, such as a Hud counselor, you can gather up all of the information necessary to try to stop foreclosure by being proactive.
Foreclosure can be quite devastating not only for your family life but your credit score. So it is very important that you try and do everything in your power to talk with your loan company or bank so that you can look at all your options.
If you avoid phone calls letters and just stop dealing with your lender, this ostrich attitude will only make things worse, and increase your chances of your home being foreclosed.
You might be surprised to know that many times if you just contact the mortgage company, they are happy to talk with you about your current situation and figure out what to do from given your new situation. No one expects that your whole life is going to stay exactly the same for the next 25 years, the duration of your mortgage, now do they.
Often the lending officers have the ability to work out some type of payment arrangement for you, or they could even allow for you to skip a couple more monthly payments, in hopes of you being able to get back on your feet again and get caught up on those monthly mortgage payments that have been putting so much stress on you and putting you on the brink of foreclosure.
Foreclosure does not mean that you are a horrible person, irresponsible or non trustworthy, or a failure. Sometimes money issues are just unavoidable.
Knowing that you do have other options will help take the stress out of an already stressful situation. Choose education, not avoidance. Nothing is going to ever get fixed if you just hide out, not wanting to talk to the bank because your pride has been dented.
They are not parents scolding a naughty child. Everyone just wants to protect their investment, and you want to have a roof over your head, so step up and take charge and allow them the opportunity to inform you of the different things that you could do to avoid foreclosure.
Do not continue letting your mortgage payment to go unpaid, and avoiding all of those phone calls. Do your research, come up with a payment plan you can suggest based on your own personal situation, and hopefully you should be able to work something out with them.
Get help from your local HUD Counselor, so the stress and strain of foreclosure won’t haunt you and your family. Gather all your relevant paperwork, and go online to find a HUD Counselor near you.
http://www.hud.gov/foreclosure/index.cfm
