Foreclosure Assistance - You Should Take Action Not Wait For It To Come

By Author: Nick Adama
Total Articles: 197
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If you are up against foreclosure now or if you've missed enough payments to worry about it, accessing foreclosure assistance needs to be your first priority. The very worst thing you can do is avoid dealing with your mortgage problems. One of the biggest mistakes consumers make is refusing to communicate with their lenders when they call. It will be hard to face up to the fact that you are can't make your payments. But, if you don't speak with your mortgage company, then they will foreclose all that much faster. Facing the problem may be frustrating, but you will have more options for to save your house if you face it now instead of later.

Look for help help as quickly as possible. The federal government (as well as many local governments) has counseling solutions available for those who are working on fighting. These counselors can point you to government foreclosure help solutions that may help you. They can also provide you with help on what laws are in place about the foreclosure process. Every state has individual processes and timeframes on how the process is probably going to unfold.

Everyone needs to ...
... review their original loan paperwork too. There is usually a clause in those documents that point out what your rights are as a borrower. You might think that the lender holds all of the cards, but that may not be all of the truth. Knowing where you stand legally is the first step in fighting your lender and stopping your foreclosure.

Take an honest look at your finances. Is there anything you can sell that will help you pay your arrears? A second vehicle or whole life insurance policies are good options to consider. Saving your home for you and your family needs to be a main priority for you at this point. Be very careful when you are spending money. The mortgage payment needs to be the first item on your list of payments. Credit card payments and other unsecured loans can be overdue during foreclosure, but mortgages shouldn't be. It's also a good idea to get a second job for awhile in order to have enough money to afford the home? Immediately cut out all un-necessary expenses. Cable TV and high speed internet are easy points to eliminate. All of these options need to be explored. Knowing where you stand financially is the next step in getting foreclosure help.

Be careful who you trust and avoid scammers. There are tons of foreclosure scams out there. One trendy type is the scammer that claims to be an official representative for Obama programs that help homeowners in distress. Another tactic scammer's use is to pretend to be a middle-man between you and your servicer. They will say they will negotiate to lower your interest rates or the amount to be paid. In exchange though, you will need to make your payments to them instead of the lender. Obviously this ends up with the scammer getting all the money and the homeowner still losing the home. Other scams include telling you to file for bankruptcy to stop the foreclosure, but bankruptcy doesn't always help in the long run. Always remember, just because someone has a license to practice law, doesn't mean they're not a scammer! Others will ask you to sign over your property to them and they will make the payments for you in exchange for rent. Knowing what is real and what is a scam is a huge step in getting foreclosure help.
Nick publishes articles aimed at helping consumers understand how various options to delay foreclosure work, and which may be most appropriate for their circumstances. He publishes about such topics as how to retain the right personal bankruptcy lawyer, the dangers of a deficiency judgment after foreclosure, how to postpone a sheriff sale, and more. Visit his site if you need assistance in understanding how foreclosure and bankruptcy work, and what other alternatives you should consider when the bank is trying to steal your home: http://www.mypersonalbankruptcylawyer.com/