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5 Must Do's To Avoid Foreclosure

  

Being in foreclosure can be a stressful time. Just know that if you take the proper steps and seek competent representation, you will have a better chance of avoiding foreclosure. Here are 5 tips to help you: 

Keep Open Communication With Your Lender And Seek Help

There are internal modification and hardship programs out there that can help you keep your home. Lenders do not typically want to take your home away, so keep the lines of communication open.

Don't Be A Turtle And Bury Your Head In The Sand

You are NOT a turtle.  If you continue to fail to make payments, you will be further behind. Therefore, it will be harder to modify your loan. Make as many payments as you can.

Ignorance Is No Excuse

You can't say you didn't know. The lender will send you written communication when you have fallen short. DO NOT ignore written correspondence from the bank. There will also be written communication from the court if it gets to the point of legal action. DO NOT ignore these notices. You will not be able to use the excuse that you did not know to avoid foreclosure. Connecticut has a Foreclosure Mediation Program and many borrowers have been successful in obtaining work-out solutions through this program. 

There Are Government Programs Available

Although the government program (Making Home Affordable Program, otherwise known as "HAMP") is no longer an option, lenders have their internal programs and the government, through the Department of Housing and Urban Development (HUD), can help with housing counseling.

Take Care Of Your Health And Prioritize Your Spending

Make sure you are taking care of your health and cutting back on unnecessary spending. Revamp your budget and spending habits. 

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Fairfield County Law Group, LLC

Fairfield County Law Group, LLC, 799 Silver Lane, Trumbull, CT 06611, US

(203) 332-5900

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