If you are having trouble keeping up with your mortgage payments, then you are not alone.
All across America, responsible homeowners are finding themselves having problems making their mortgage payments.
Whether the reason is a lost job, an increased interest rate, a medical problem, or one of many other serious issues, the result is the same.
Losing one's home can be extremely difficult for the homeowners and his or her family.
Yet there is hope.
Below are 10 tips to help in avoiding a home foreclosure.
1.
Do not ignore the problem.
This may seem obvious, but many homeowners wait too long before seeking help and find themselves too deep into trouble.
The sooner you recognize the problem and decide to act on it, the better.
2.
Contact your lender once you recognize the problem.
Lenders want the same thing that you do: you staying in your house.
The last thing they want is a foreclosed home, so contact them as soon as possible.
3.
Open all mail from your lender and respond as needed.
When you are having financial problems, sometimes it can be all too easy just to leave the mail sitting in a stack unopened.
Yet in order to deal with the problem, you need to confront it.
The communication in the mail is important and can help lead to a real solution.
4.
Learn your mortgage rights.
The more you know about your loan, your mortgage rights and the foreclosure process, the stronger your chances to solving the issue.
5.
Learn about foreclosure prevention options.
There are a number of programs available to help avoid home foreclosure, including the HOPE for homeowners program and the new Making Home Affordable program.
6.
Contact a HUD approved counselor.
The US Department of Housing and Urban Development (or HUD) finds counselors who can help you avoid foreclosure at little or no cost to you.
7.
Prioritize your spending.
Once you recognize that there may be a problem keeping up with your mortgage, you will want to make a list of what you are spending and prioritize it.
You will likely be able to eliminate some spending and help get your monthly costs under control.
8.
Use your assets.
Do you own assets that can be sold and converted into cash? Maybe a second car, or personal property that is not being used? This can free up some valuable cash and help you stay current on your mortgage.
This ability to stay current (or catch back up on your payments) will be valuable if you are being considered for one of the new programs.
9.
Protect yourself from scams.
During every difficult financial period, there are those who would take advantage of people.
Many people will need assistance to help avoid foreclosure.
If you need help, make sure you deal with a reputable company.
You can find some good companies to deal with at the Making Home Mortgage Affordable website.
10.
Do not be afraid to ask for help.
Facing a home foreclosure can be difficult and scary.
The whole process can be overwhelming and difficult to understand.
If you are having problems dealing with the situation, you are not alone.
There are many companies out there that can help.
For a relatively low cost, they can mean the difference between losing your home and saving it.
You can save your home.
Start learning all that you can about the process and do not be afraid to seek help.
Remember, millions of homeowners across the country are in the same position as you are.
Million of homes will be saved and yours can be one of them.