Where to turn when facing foreclosure?
Are you like the other thousands of families that are facing foreclosure? Getting that notice of intent from the bank in the mail can certainly cause a lot of strong emotions to bubble up. However you may feel about the situation the time to act is immediately. Your actions at this moment can determine whether or not you can actually keep your home and avoid foreclosure.
The first and best place ot turn when facing foreclosure is the Department of Housing and Urban Development also known as HUD. This group has experts that can really help you find the best direction and where to turn for help. HUD has approved housing counselors that can give you tips to avoid foreclosure. If however foreclosure cannot be stopped in your case HUD can also help you find a new home and pick up the pieces of your life.
Contacting an attorney that is experienced in Real Estate would also be a good idea at this time. Attorneys know how to stop foreclosure proceedings in their tracks. Also a real estate attorney can help you avoid some of the worst foreclosure scams or if you feel like you are being discriminated against by your lender.
If you have a good network of friends now is the time to turn to them for some support. Not necessarily financially but rather some emotional support in order to help you regain your dignity and restore your financial footing. If you really feel comfortable perhaps a friend can help you get your mortgage up to date and you can avoid foreclosure altogether.
A real estate agent should also be contacted as soon as you feel there may be a problem with your mortgage. If the agent can sell the home before foreclosure proceedings start then you do not have to worry about having that judgment on your record. A agent has the knowledge and the time to market your home the best. While you may believe that you can save some money by selling the home by yourself the reality of the situation you do not have the resources of a professional real estate agent.
You should contact the bank to see if they are willing to work with you before you house goes into foreclosure. Many banks have too many homes on their books already that are listed foreclosures and since the banks are not in the business of selling homes they really do not want to add to this list. If you can schedule a meeting in person with your lender you have a better chance of being heard then if you simply do this over the phone or through the Internet.
Lastly I would turn to the Internet for advice and support. There are plenty of resources that can be found by doing a simple search through some of the major search engines. Always make sure the advice is accurate however by consulting someone you trust and who is looking out for your best interest.