DO NOT IGNORE THE PROBLEM

Have you missed a payment?  Are you afraid you may miss one?  Are the payment dates getting harder to make on time?  Exhaust all options you have since a foreclosure may stay on your credit report for up to 10 years.

Contact your lender once you realize there is a problem.

Keep communication open with your lender – do not ignore mail and calls.

Learn about your rights.

Learn about options for foreclosure prevention.

Contact a HUD approved housing counselor; they provide free or low-cost counseling.

Prioritize and re-evaluate your spending.

Use your assets to help with additional income.

Avoid foreclosure prevention companies.

Be aware of foreclosure recovery scams.

Ask your lender to restructure the loan.  Or, ask for them to defer a few payments until you can get caught up.  Another option is a short sale, in which you sell the house for a loss and the bank agrees to absorb the loss – consult a professional since there may be conditions to this option.

Tags: avoid foreclosure, foreclosures in virginia

Posted on Monday, March 15th, 2010 at 10:10 am and is filed under Foreclosures. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.