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How to Avoid Foreclosure

avoidAre you behind in your mortgage payments,or concerned that you soon might be?

Have you received a preforeclosure letter from your lender?

First of all,don’t be ashamed. Millions of homeowners are in your situation – many times through no fault of their own. A job loss,a serious illness or other circumstances can put you in danger of foreclosure.

The economic downturn has led to many homeowners being “under water”in their loans,meaning they owe more than the home is worth,making it impossible to refinance.

If you’ve become one of those millions,don’t panic. Foreclosure,and its accompanying effect on your credit,is not inevitable. There are many options out there,and your circumstances may make one of those options feasible and desirable for you.

To keep your options alive,you need to communicate with your lender. Many homeowners have lost their homes to foreclosure without ever having contacted the bank.

This would also be a good time to consult with a tax advisor and a RE/MAX agent. Thousands of RE/MAX agents are trained in working with distressed properties,and will be able to help you explore options other than foreclosure.

Many lenders would rather not foreclose. They take a large financial hit on a foreclosure. So in many cases,they’ll consider alternatives. Some of these options may keep you in your home.

Loan Modification

While only certain homeowners will be able to take advantage of this alternative,it is your best option because it keeps you in your home and preserves your credit rating.

Your lender may be willing to modify the terms of the loan,whether it’s reducing the principal,lowering the interest rate or other creative strategies to make the loan affordable for you. As part of the stimulus package,the U.S. government has programs to provide incentives for banks that use this strategy as an alternative to foreclosure.

Mortgage and foreclosure terms defined.

Keep in mind that no matter which option you choose,there may be tax and other financial consequences. You should consult with a tax advisor or legal expert.

Foreclosure (Cash for Keys)

One of the biggest problems in foreclosures is that homeowners sometimes physically damage the property,or even sell some of the fixtures,before leaving. Needless to say,this is not a good idea. It may expose the homeowners to financial and legal liability. It also makes the properties much more difficult to sell.

To prevent this,some lenders offer a program called “Cash for Keys.”The homeowners receive a check for vacating the property within a certain time period and leaving it in good condition. If you have no alternative other than foreclosure,you should ask the bank about this option.

Tips From HUD

The U.S. Department of Housing and Urban Development has 10 tips for avoiding foreclosure:

  1. Don’t ignore the problem.
  2. Contact your lender as soon as you realize you have a problem.
  3. Open and respond to all mail from your lender.
  4. Know your mortgage rights.
  5. Understand foreclosure prevention options.
  6. Contact a HUD-approved housing counselor.
  7. Prioritize your spending.
  8. Use your assets.
  9. Avoid foreclosure prevention companies.
  10. Don’t lose your house to foreclosure recovery scams.

Read more from HUD about foreclosure.

Find additional resources to help you avoid foreclosure.