| People lose their homes to foreclosure everyday. | | | | 5. Ask your relatives for help to make your loan |
| Thousands each month across the U.S. it is an | | | | current. If they know your circumstances they may |
| epidemic a financial epidemic that is sweeping this | | | | help, if they know you're a deadbeat no way will they |
| country. People who in most cases through no fault of | | | | help. |
| their own come into financial problems, job loss, | | | | 6. Work with your lender, they all have in house teams |
| divorce, medical emergency, accidents, job transfer, | | | | to help you with your financial problems. Take your |
| death in the family just to name a few and lose their | | | | time give them the whole story. Pay something each |
| homes. | | | | month each week until you can get back on your feet. |
| Here are some things that you can do to work through | | | | 7. If your lender has filed notices with the county court |
| a foreclosure and may be keep your house or at least | | | | you will start to get calls and letters from investors and |
| not have a foreclosure on your credit record. | | | | real estate agents who want to buy home. They do |
| 1. Make up all your back payments make your loan | | | | this through a process called a short sale where the |
| current. Seems cold but if you do this early enough in | | | | bank does not foreclose on the property but takes |
| the process you keep your house and your credit can | | | | less money than what you owe. You will lose the |
| be clean up fairly quickly. | | | | house, you will receive no money and your credit will |
| 2. Can't make up your payments? Work with your | | | | be a mess for a long time. |
| lender to add the missed payments and interest on to | | | | 8. If you have any equity in the house you should try to |
| the back of the loan or have them create a new loan | | | | sell it, use a professional real estate agent. List your |
| with all the missed payments added in. Again you must | | | | house at a fair price but below market value for a |
| start early in the process and be able to prove to the | | | | quick sale, take what ever you can get and move on. |
| bank that you can make the future payments. | | | | If you can make up the back payments and get back |
| 3. Sell your boat, sell the second car, sell your kids cars, | | | | on track with your lender this would be best. Work |
| sell the time share at the beach, and sell anything that | | | | with a real estate agent to sell your home and pay off |
| can be used to make up your back payments and | | | | the loan. You can fall back on working with a real |
| make your loan current. | | | | estate agent or investor for a short sale which will |
| 4. Apply to another mortgage company for a new | | | | keep you from foreclosure if the bank will work with |
| loan. Not very likely that it will happen but it's worth a | | | | them. Do every thing you can not to lose your home in |
| shot. The new lender may have a program just for | | | | a foreclosure sale you will end up losing more than just |
| you. | | | | the house. |