How to Save Your Home from Foreclosure

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Make sure you're doing everything possible to prevent losing your home to the bank.

To complete this How-To you will need:

Sacrifices
A meeting with your lender
A Department of Housing and Urban Development counselor
The HOPE NOW program

Step 1: Talk to your lender

Arrange a meeting with your lender as soon as you realize you're having problems making your monthly mortgage payments. Discuss repayment plans that will allow you to stay in your home.

Step 2: Avoid scam artists

Beware of anyone who says they can help you avoid foreclosure for an upfront fee. They are most likely scam artists.

Step 3: Ponder your options

Consider what sacrifices you could make that would enable you to make your payments. Could you take in a boarder? Sell a car? Take on another job?

Step 4: Ask for mortgage modification

Ask if you can modify your mortgage to make your payments more affordable. Options include adding your missed payments to the existing loan balance, lowering your interest rate, or extending the number of years you have to repay the loan.

Tip: If your mortgage is insured by the Federal Housing Administration, try to negotiate a one-time interest-free loan that you won't have to repay for several years.

Step 5: Request forbearance

Explore the possibility of forbearance: The lender agrees to reduce or suspend your payments for a set period of time, after which point you agree to begin paying regularly again.

Step 6: Negotiate a repayment plan

Negotiate a plan that allows you to repay missed mortgage payments by adding a portion of them to your current monthly payment until you're caught up.

Step 7: Talk to an HUD counselor

If you and your lender are unable to agree on a solution, contact a Housing and Urban Development counselor for help. Find one in your area by going on their web site, hud.gov.

Tip: Don't confuse the official government site, which ends in ".gov," with web sites using similar names.

Step 8: Have HOPE

Call HOPE NOW for homeowners, a government-approved program that helps borrowers refinance their mortgage. Visit hopenow.com for information and a telephone number.

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Category:

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Tags:

• HotHowTos
• business
• finance
• personal
• home
• house
• saving
• foreclosure
• money
• preventing
• losing

[Oysterbluestoday]

Don't buy a house you can't afford.

[truthsabre7]

All this does not work. I have tried. You know what works? Tell them you'll take them to court. Then pray.

[jtking2504]

@Oysterbluestoday, believe it or not, many people DO buy homes they can afford. That's really not the problem. The issue is when people get laid off from their jobs, fall behind and end up in more debt than they started with. When interest is put on interest itself, it creates never ending debts. In fact, it is just your kind of thinking that gets people into trouble. Blindly believing that all you have to do is buy a house you can afford and all will be fine. You are no less naive than they

[Oysterbluestoday]

Buying a house you can afford includes the interest rate. Didn't they teach you about those in school? I sure as hell learned about them.

[Oysterbluestoday]

@sedona74

[sedona74]

@Oysterbluestoday BS it WAS what we could afford untill you walk in somebodys shoes that are going thru this keep ur pie hole n fingers shut!!!!! r/l tradgies happen that u cant freakin predict

[TheDanimal317]

Get a Lawyer he/she is the only one you can semi trust, its costly but the safest way.

[rotaroota]

wow! u must have a really amazing sex life! with your stories of shitting in closets and living alone in a giant house, how can us other gentelmen compete?

[TheDraconiankiller]

Oysterbluestoday: You and every brainwashed fucktards think is all about the consumers accepting a loan they can't afford? That's what the media been pushing from day one of the meltdown. Know one has the right to own a a home with a reasonable interest rate without the hassle of hiring attorneys to read the micro text on contracts. Not to mention banks offering high rates to low income people by giving them teaser rates in the first two years.

Fucktards!

[jogeryjogo]

i heard the bank was planning to foreclose my house, now i live alone and its a pretty big house so in an attempt to stop it, i started using the bathroom in certain rooms, like id shit and piss in my closet until it became full, then i would shit and piss in the guest room until it was impractical to keep shitting in their and i just kept doing this sealing off rooms after i had used them up and god damn the smell was horendous but the bank said they were sueing me for the cost of cleaning lol

[contra6000]

;kiqjaevbhd