http://www.homeloanlearningcenter.com/Well, we had a few emails regarding the last blog on Getting Out of Debt post - specifically about forclosure prevention so I thought we would put in some more tips regarding this subject. If you find that you may be one of the thousands who are possibly facing foreclosure, make sure to get your questions answere by professionals (we are certainly not forclosure specialists)!
Tip 1. When facing forclosure, contact your mortgage company immediately! It may seem like the last thing to do but you would be wrong and hiding it from the loan holder just prolongs the issue. These businesses have jsut as much incentive as youdo since neither of you will benefit from foreclosure. A really good, non-profit organization is the Homeownership Preservation Foundation (http://www.995hope.com/). This is a group of certified professionals who can help with support and guidance.
Tip 2. Be prepared and ready to ask questions as well as answer questions honestly. Neither side benfits from incorrect information so put some pride to the side and give the information needed. Gather ALL bills and be honest about your circumstances if you have recently been laid off or going through a divorse.
Tip 3. Take a good long look at your financial health and spending habits. Going out to lunch every day with co-workers can add up to over $1,000.00 spent every year, or even more! That is money that you are taking out of your own pocket so make sure you look for those "little extra's" that you don't think anything of.
Tip 4. Keep an open mind when it comes to selling your home! I know this doesn't usually come to mind as an option, but it should. If you look at your situationa as a whole and you work with a program and still can't see keeping the house, perhaps selling it should be an option! This way you don't wreck your credit.
Tip 5. Talk to friends or family members that have gone through this to see who they worked with or find a reputable, online program. Call and speak to your local county, city and/or state agencies to see if they can provide assistance - you might be surprised to find some great information! Ask you church group or pastor if they can help as well. Most religous groups and organizations have put together small commitees of members that can provide information when needed.
Remember that when you do call your mortgage holder, you are speaking to another person and it is also in their best interest that you not forclose on your property. They want to see if the issue was because of circumstances beyond your control and if you have some type of plan in mind to get back on track. Working together will usually work out. Keep an open mind!
Here are some other Resources:
National Fair Housing Alliance
Mortgage Banker's Association
Free Blog Promotion - Blog and Blog resource Directory
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