Prevention
The last things any homeowner wants to do is to lose their family home. No one expects to lose their home to foreclosure, but by understanding the foreclosure process and what may lead to it, you can be in a better position and address problems that may impact your ability to make every mortgage payment on time.
What is a foreclosure? In contract when the borrower signed for the mortgage lender to give money to buy the house, the borrower agreed that if the loan cannot be repaid, that the lender can foreclose to take ownership of the house. If the monthly payment is not made, then technically the borrower is in default on the mortgage. State laws may vary, but generally if a loan is as little as 90 days delinquent, it can be considered a foreclosure.
The lender will send a notice indicating that they will be starting foreclosure proceeding. It’s important to take steps early and as soon as possible to prevent foreclosure.
- Act Now. You don’t want to wait too long before dealing with foreclosure
- Learn to recognize the warning signs of foreclosure
- Know what are the early steps to take to avoid foreclosure
- If you are about to foreclosure, know the dos and don’ts
- Know where to get help in dealing with financial issues that could lead to a foreclosure
- How to avoid foreclosure
- Stop Foreclosure Fast
- Prevent foreclosure and save pain
Freddie Mac:
- Freddie Mac is helping borrowers avoid foreclosure
- Freddie Mac’s Disaster Relief Policies
- Freddie Mac’s Special Options for Servicemembers
