Mortgage Foreclosure & Refinance Resource

Continuing our series on foreclosure prevention tips, here are three more tips if you’re facing foreclosure:

• If you’re already getting foreclosure or behind on your payment notices from your lender asking you to contact them about missed payments or possible foreclosure contact a HUD-approved Housing Counseling Agency. Housing counselors can help you understand the law, home owner rights, organize your finances and represent you in negotiations with your lender. Call (800) 569-4287 or TTY (800) 877-8339 to find a HUD-approved housing counselor near you.
• Avoid foreclosure prevention companies. You don’t need to pay fees for foreclosure prevention help. Use that money to pay the mortgage instead. Many companies will contact you promising to negotiate with your lender. While these may be legitimate businesses (see our post about foreclosure help scams), they will charge you a hefty fee for information and services your lender or a HUD approved housing counselor will provide free.
• Use your assets. A second car, jewelry, power tools, a whole life insurance policy - anything you can sell for cash to help reinstate your loan? Can anyone in your household get an extra job? Even if these efforts don’t significantly increase your available cash or your income, they demonstrate to your lender that you are willing to make sacrifices to pay your mortgage and avoid foreclosure.