You've Been Served A Notice Of Default From Your Bank

You're facing home foreclosure. Bank repossession of your home.

That's the bad news.

Everything You've Been Told About Home Foreclosure Is Dead Wrong.

Avoid Bankruptcy

* Are you looking for an alternative to bankruptcy?
* Are you behind on your mortgage?
* Have you tried to obtain funds to bring your loan current without success?
* Are you worried about having a foreclosure on your credit report for the next 10 years?

Recent changes in the law have put bankruptcy out of reach for many.

Tips for Avoiding Foreclosure:

Are you having trouble keeping up with your mortgage payments? Have you received a notice from your lender asking you to contact them?

* Don't ignore the letters from your lender
* Contact your lender immediately
* Contact a HUD-approved housing counselor. The U.S. Department of Housing and Urban Development (HUD) funds free or very low cost housing counseling nationwide. Housing counselors can help you understand the law and your options, organize your finances and represent you in negotiations with your lender if you need this assistance. Find a HUD-approved housing counselor near you or call (800)569-4287 or TTY (800) 877-8339.

Know your mortgage rights.

You should be aware of special rights which you may have! In January of 2001 The U.S. Department of Housing and Urban Development (HUD) issued guidelines mandating that all borrowers with FHA loans that fall under HUD regulations be informed of their rights to mortgage loan work out programs. See HUD ML2002-12. The Veteran's Administration (VA) also has a great many entitlements that can keep a Veteran out of foreclosure. You may be entitled to federally mandated FHA/HUD or VA loss mitigation assistance from your lender to stop foreclosure by:

* Reducing your interest rate
* Extending the time to pay back of your loan
* Putting your past due payments in to the balance of your loan
* Putting the past due payments on to the end of your loan
* Selling your house for less than you owe the bank
* Giving the house to the bank or the government in exchange for what you owe

Find your loan documents and read them so you know what your lender may do if you can't make your payments. Learn about the foreclosure laws and timeframes in your state (as every state is different) by contacting the State Government Housing Office.

Look into foreclosure prevention options.Information about foreclosure prevention (also called loss mitigation) options can be found on the internet at www.fha.gov/foreclosure/index.cfm.

Don't ignore the problem if you are unable to make your mortgage payment.The further behind you become, the harder it will be to reinstate your loan and the more likely that you will lose your house.

Be sure to open and respond to mail from your lender. The first notices you receive will offer good information about foreclosure prevention options that can help you weather financial problems. Later mail may include important notice of pending legal action. Your failure to open the mail will not be an excuse in foreclosure court.Contact your lender as soon as you realize that you have a problem. Lenders do not want your house. They have options to help borrowers through difficult financial times.

Prioritize your spending: Evaluate your finances and see where you can cut spending in order to make your mortgage payment. Delay payments on credit cards and other "unsecured" debt until you have paid your mortgage.

Do you have assets-a second car, jewelry,life insurance policies that you can sell for cash to help reinstate your loan? Get an extra job to bring in additional income. These efforts will go a long way in demonstrating to your lender that you are willing to make sacrifices to keep your home.

Avoid foreclosure prevention companies. You don't need to pay fees for foreclosure prevention help-use that money to pay the mortgage instead. Many for-profit companies will contact you promising to negotiate with your lender. While these may be legitimate businesses, they will charge you a hefty fee (often two or three month's mortgage payment) for information and services your lender or a HUD approved housing counselor will provide free if you contact them.

Don't lose your house to foreclosure recovery scams! If any firm claims they can stop your foreclosure immediately if you sign a document appointing them to act on your behalf, you may well be signing over the title to your property and becoming a renter in your own home! Never sign a legal document without reading and understanding all the terms and getting professional advice from an attorney,a trusted real estate professional, or a HUD approved housing counselor.

When facing foreclosure Time is your enemy!

You MUST act fast to protect your rights and stop foreclosure. Many people who need foreclosure assistance simply do nothing and hope for a miracle. Don't fall into that trap!

The longer you wait, the harder it is. Consider this... If your house payments are more than a month behind, your lender has probably already started foreclosure proceedings against you. As time passes, thousands of dollars in penalties and legal fees can be added to the balance you owe. And every single day the interest charges are growing.

Sometimes homeowners are not even aware how far their foreclosure has progressed. I talk to people almost every day who did not even know their house had already been sold at auction. Please don't let that tragedy happen to you!

You Have Options

It may be hard to believe but the fact remains,Ultimately, your lender does NOT want to take your property. YOUR LENDER JUST WANTS TO GET PAID! Finding a way to work with your lender is the best means of avoiding foreclosure on your home.

More info on your stop foreclosure information search:

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