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First Steps to Avoid Foreclosure

02 Feb

Considering the market we have been in for the past several years chances are you or someone you know is having trouble making their mortgage payment. The possibility of foreclosure is an overwhelming reality for homeowners already feeling the pressure of an upside down mortgage. This is the situation millions of homeowners nationwide find themselves in. At present Colorado is still on the top ten list of states with the highest rate of foreclosures. The sad fact is over 70% of these homeowners proceed straight to foreclosure without seeking assistance and without getting the facts about what options are available to them to avoid foreclosure.

So Where Should One Start?

Take Action!

Congratulations…the fact that you are reading this article shows that you are being proactive about finding a solution.

Contact an Educated Agent

Be wary of rescue scams that promise a quick resolution in exchange for upfront  fees. A reputable counselor will not make guarantees.

Organize Your Personal Documents & Information

No matter what option you choose the process can be significantly expedited by assembling these documents before hand:

Checking Account Statements

Recent Mortgage Statements

Savings Account Statements

Your Last Two Paycheck Stubs

Your Last Two Tax Returns

A Letter Explaining Hardship

Contact Your Lender

Contact your lender as soon as possible to discuss possible solutions to your circumstances. Believe it or not the lenders want to avoid the foreclosure process as much as the homeowners do.

Understand All of Your Options

Mortgage Modification

Forbearance or Repayment Plan

Renting the property

Short Sale

Deed-in-lieu

Mortgage refinance

Servicemembers Civil Relief Act

Sale of a property

For more information about these options get my free report:

On the Edge of Losing Your Home? 10 Options to Rescue You From the Brink

Action!

Congratulations again! You have taken the first step by reading this article. Despite all attempts to hold on, the foreclosure process is a slippery slope if not handled correctly. Now more than ever you need to prepare yourself to navigate the mistakes that are most commonly made. I believe every homeowner deserves the best information and education to avoid losing a home to foreclosure and damaging credit for years to come. Feel free to contact me anytime to ask a question or for a free consultation.

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