MPmomof3Stop Home Foreclosure. Counseling and Other Assistance Is Available
February 7th 2011 21:04
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How to avoid your home's foreclosure
The foreclosure process can be very scary and daunting, but if you buck up, get organized, and find someone to help you through the paperwork, it may be avoidable. You have to do something about it to prevent foreclosure, however. Yes, it's tempting to just give up, especially when you are feeling the mental and emotional effects of the economic downturn, unfortunate financial decisions, unexpected job loss or whatever circumstance made you fall behind on your bills. Now is not the time to give up, however. Your home is your dwelling and it is time to fight for it. But how?
First, get the facts. Any information you can gather to obtain an accurate picture of your financial situation will be helpful.
Now begin look at your sources of income. Do you make income from Ebay, interest, social security or disability benefits or other sources? What was or is your income from your most recent employment?
Next, take a deep breath then look at your expenses. Find documentation of your credit card bills, mortgage statements, student loan payments, car payments, and other household and business expenses you have incurred over the past year. W-2 forms and bank statements may also be helpful, particularly if you need some help jogging your memory or have not kept expense receipts and/or family budget paperwork.
Finally, begin to fix the problem. Help is available to you in the form of free or low cost nonprofit credit counseling. Beware of companies that charge for credit counseling, however, because you do have free options available to you. Your individual lender may also have financial assistance programs available to you. You will never know unless you ask. Some helpful websites to get you started are those of your housing lender, www.credibility.org, www.makinghomeaffordable.gov and the U.S. Government's Department of Housing and Urban Development website.
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