If you have received an intent to foreclose notice from your bank, knowing what immediate action to take can make all the difference. I’m sure you are facing a lot of fears and anxiety, but taking initiative to doing something about the foreclosure will make you feel more empowered. The sooner your act, the better your chances are for positive results.
When facing foreclosure the very first place you can turn to is the United State Department of Housing and Urban Development or HUD. HUD is a group of expert housing counselors, who can give you immediate advice on what to do when facing foreclosure. If they absolutely have no options to help stop the foreclosure, they will give you assistance on finding a new more affordable home.
Your second option is to find a local foreclosure attorney, or a company that uses attorneys to communicate with the lenders. With the right lawyer and situation you may be able to put a hold on the foreclosure process. When locating a lawyer look for one who is very knowledgeable in foreclosures, your state laws and real estate. If you find yourself in a foreclosure scam or being discriminated against by your mortgage lender, make finding an attorney your first step.
Your first steps should always be to seek out professional assistance such as HUD or a lawyer, but don’t forget to look to those around you. With so many Americans facing foreclosure, it is no longer an embarrassing subject to speak about. Other peers and family members may be able to give you guidance or introduce you to someone that can help. They may be in, or know someone in the same situation and can give you input on what needs to be done.
Another option that some people don’t think of is to talk to a real estate agent. A good Realtor, who has been in the business for a while, will have seen a lot of different cases. They may have advice for you on how to slow the foreclosure process. Also if you are still in the pre-foreclosure state, where you haven’t been officially foreclosed on, the agent may be able to help sell your home. Sometimes a real estate agent can sell a home much quicker than, a “home for sale by owner” sign can.
One of the most obvious steps, but one that people lack to do is to talk to your financial lender. Contrary to popular belief banks, do not like to foreclose on people. The more foreclosures that are written up in the banks books, the less money they make and the more likely they will go bankrupt. If you talk to your lender soon enough and have always been in good financial standing with them, they will have options to help you. Do not avoid this step, it is one of the most crucial and remember the earlier in the process the better chance of avoiding foreclosure.
Finally use the Internet for what is was originally intended for, a resource tool. Do some research read articles about foreclosure and see what tips are out there and how people received help. Be careful about a lot of online scams and remember people like to take advantage of others when they are in a desperate state. So use the Internet as a tool, but with caution. If something sounds iffy give it a second thought. The foreclosure advice should all be free online and you will find useful information on how to stop foreclosure
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