Tips for avoiding foreclosure

Having trouble keeping up with mortgage payments? Have you received a notice from your lender asking you to contact them? Do not ignore your lender and contact them right away. Also contact a HUD-approved Housing Counseling Agency. The call will be Toll FREE (800) 569-4287.

If you are unable to make your mortgage payment, don’t ignore the problem.

The further behind you become, the harder it will be to reinstate your loan. Lenders do not want your house as they have options to help borrowers in difficult times.

Be open and respond to all mail from your lender. The first notices you receive will offer good information about foreclosure prevention options that can help you weather financial problems.

Know your mortgage rights. Read your loan documents so you know what your lender may do if you can’t make your payments. Learn about foreclosure laws and timeframes in the state. Every state is different.

Valuable information can be found on the Internet at www.hud.gov/foreclosure/ foreclosure prevention (also called loss mitigation) can be found on the Internet at www.fha.gov/foreclosure.

It would be wise to contact a HUD-approved housing counselor to help you understand your options, organize your finances and represent you in any negotiations.