Homeowner Toolbox

• Avoid Foreclosure
• Government Programs
• Loan Modifications
• Personal Credit
• Frequently Asked Questions

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There are a few options you can do to try and avoid the foreclosure process and several things you can do to delay it too. Your only assurance in permanently stopping a foreclosure is to pay what is owed.

If you are not able to get caught up and stay current with your mortgage payments then your lender has the right to take your property and sell it at a public auction. Some people do not realize they already agreed to pay on time or forfeit their property in the original mortgage documents when the loan was first made.

If you are having trouble making your payments, do not ignore the situation. It is best to contact your lender, tell them about your situation and work out some arrangement. They are required by law and likely by their internal policy to make attempts to contact you when payments become irregular. Most lenders are more interested in receiving the payments and resort to taking the collateral (your property) only as a last resort.

If your situation is temporary, just call and make temporary arrangements like:

• Reduction or Suspension Plan to work out a temporary payment plan with your lender
• Refinance if your property has equity and your credit and income are stable
• Loan Modification may work if the mortgage principle is more than the property is worth

If you simply cannot afford to keep your home here are a couple of ways to make your departure less painful than a foreclosure:

• Short Sale prior to the auction date, selling your house for less than you owe
• Deed-in-Lieu and voluntarily give your house back to your lender