What Makes an HUD
Foreclosure Home Different?
There are many advantages
to buying an HUD foreclosure.
How HUD Loans & Programs Can Help Homeowners in Need
The HUD has many programs
to assist those in need. More...
Investing in Bank Owned Foreclosures
Investing in bank owned homes
or REO's can be very profitable.
The Foreclosure Process
From the N.O.D. to the auction.
We discuss the process here.
Tips on Fighting Foreclosure
There are many ways a home-
owner can keep their home.
Tips on Fighting Foreclosure
The foreclosure process is never a simple process. Not only is it quite difficult on those involved, it may make things more difficult financially in the long run.
This is why one must learn how to effectively fight foreclosure by avoiding it overall.
In this section we will discuss many of the effective tips on fighting foreclosure and avoiding the negative impacts a foreclosure may bring to your financial future.
First, and foremost, if you fall behind in your mortgage payments and your lender sends out letters to your home, always respond back.
Rather than ignore your lender and the overall problem, the homeowner fighting foreclosure should always contact the lender immediately in order to find out what exactly the problems are on their end.
In addition, we recommend that one also contacts an HUD approved Housing Consultant which can be contacted by calling toll free 800-569-4287 or at the HUD website at (http://www.hud.gov/offices/hsg/sfh/hcc/hcc_home.cfm).
It is important to remember that any homeowner fighting foreclosure should NEVER ignore the problem as the longer one should ignore the foreclosure threat while fighting foreclosure, the more likely they will lose their home altogether and have less chance of getting their home reinstated.
So when any mail from your lender should enter into your mailbox, it is of extreme importance to take responsibility and keep on top of responding to the lender’s queries and keep a good line of communication open with them as the first letters will indeed be helpful for you in fighting foreclosure, but the longer you wait to open any mail from the lender, the more pending legal actions will begin to appear and your not opening any of the mail or simply stating that you never received the mail from your lender will not help provide any excuses at all in the foreclosure court.
Remember that the lender does not want a foreclosure any more than the homeowner does. They do not want to take your house away from you. So it is imperative that you contact the lender immediately to find out how you can effectively fight the foreclosure alongside the lender.
If you simply cannot make the payments on the mortgage and have to start fighting foreclosure, be sure to review your loan documents and research your mortgage rights in order to know what the timeframes will be before the lender will take any actions against you in addition to what types of actions the lender will take during your foreclosure process.
Once again, if you feel as though you may need some additional assistance in fighting foreclosure, be sure to contact an HUD-approved housing counselor who will, for little or no cost, help you find the best options in regards to fighting foreclosure on your home. Again, HUD counselors can be contacted at 800-569-4287 or at the HUD.gov website.
Overall, fighting foreclosure means preventing foreclosure. Keeping your home should be one of any individual’s main priority, other than health care expenses.
If a person feels as though hey are going to be fighting foreclosure in the future, they may want to take some action in order to a least lower their monthly expenses on cable TV, car payments, credit cards, and more.
In addition, one could also find ways of producing more liquid cash by liquidating some of their assets in order to keep their home while fighting foreclosure.
If you find yourself fighting foreclosure, one thing to remember is to never trust any companies that specialize in foreclosure prevention and claim to act on your behalf in order to save your home. They may simply be taking the title to your home away from you.
The best thing to do is to, again, contact an HUD Housing Counselor in order to obtain to right advice on what to do from experts in the field of fighting foreclosure who know what people are going through and who want to help homeowners avoid foreclosure altogether.