Although the stock market and other economic indicators are showing positive signs of a rebound, the reality of home foreclosures continue to impact homeowners across the nation. To combat this reality, there are efforts underway to help homeowners save their homes. Read CNNMoney.com article, “States have radical ideas to stop foreclosure” to learn about what some states are proposing.
If you’re facing foreclosure, consider these options:
- Visit makinghomeaffordable.gov to find out information about government programs that may help you stay in your home. This site also offers you tips to avoid home foreclosure scams (e.g. businesses charging for home consultation or loan modification services).
- Contact your lender to discuss your situation and to understand the options available. For example, refinancing your mortgage, loan modification, renting the property, etc.
- Attend free home foreclosure prevention counseling service events.
Do you have any other tips for homeowners facing foreclosure?
I’ve read the CNN article and was bothered by this statement:
“It is proposing to pay up to $50,000 of a delinquent homeowner’s balance if their loan servicer matches.”
I DO NOT believe for one minute that the ‘loan servicers’ would be racing to the table to assist a drowing homeowner. They are trying them ownselves to stay afloat and they are out to help themselves and not you the homeowner because it all comes down to money in their eyes.
All I can say is to stay on top of it if you are going through it, document everybody you spoke with, everything they told you and make sure you’ve gained a clear understanding of everything expected of you and your loan servicer.
Sharmion, thanks for sharing those helpful tips for people going through the process.