Thursday, July 30, 2009

Foreclosure: Don't Let It Happen To You


The possibility of losing your home can be a frightening experience. If you find yourself in this position don’t freeze up. Taking action quickly will help you hang onto your home. The first thing you will want to do is ask yourself the following question.

  • What happened to make you miss your mortgage payment (s)?
  • Do you have any documents to back up your explanation for falling behind?
  • Have you tried to resolve the problem? How?
  • Is your problem temporary, long-term, or permanent?
  • What changes in your situation do you see in the short-term, and in the long-term?
  • What other financial issues may be stopping you from getting back on track with your mortgage? What would you like to see happen?
  • Do you want to keep the home?
  • What type of payment arrangement would be realistic for you?
Answering these questions will help you understand your situation more clearly and assist you in communicating your circumstances to your loan servicer.

Avoiding the problem will not make it go away and it could potentially hurt you, so be proactive, diligent, and assertive in your quest to save your home.

Join Pinellas County Extension Specialist, Karen Saley on August 12th to learn more about the foreclosure process, how to avoid scams, and the new government assistance program. For information you can use now, click on the link below.


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