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6 things to know about foreclosures

You finally found your dream home and were able to handle all the bills that came along with it. But, then you lost your job. Now, you are behind on the mortgage and worried that you are going to lose your home.

If you are facing the possibility of foreclosure, you need to consider these six points. Understanding each point might help you to find a way to save your home.

#1: Ignoring the problem will only make it worse

Ignoring the problem is only going to make your situation worse. Many of the options that are legitimate have strict time limits. If you ignore the problem, your lender might think you don't care and the options you have might not be possible if you wait too long to act.

#2: You might have some legitimate options

You might have some legitimate options for saving your home. This can include a loan modification. You should start out by contacting your lender to determine what can be done. Be realistic about what you can do as you do this. Additionally, make sure that you carefully consider the terms of the foreclosure prevention option you are thinking about using.

#3: Review all correspondence for information

The correspondence that your lender sends out will include important information about the foreclosure process. Scrutinize every piece of correspondence you receive so that you can determine what your options are at any given point. These notices will also provide updates about important deadlines you are facing to try to stop the foreclosure.

#4: Scams do exist so be careful

Mortgage relief scams, such as the rent-to-buy scam do exist. Often, these scams come up without you looking for them. Beware of anything that seems too good to be true because it probably is. You should always work within well-known channels to try to find an alternative to foreclosure.

#5: You might be able to flip assets to fight the mortgage

You might be able to sell other assets to try to pay off the arrears on your mortgage. Think carefully about what you can get rid of that might provide you with enough money to pay off the past due balance. You could consider selling a second vehicle or other valuables.

#6: Bankruptcy may help

There is a chance that a Chapter 13 bankruptcy might be able to help you save your home. You should consider this option carefully only if you will be able to keep up with the payments and can meet all of the conditions of the bankruptcy.

Source: Nov. 30, -0001

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