Facing foreclosure?? Don’t panic you are not the only one. Statistics have revealed that in the past five years alone around 2.9 million households in U.S. had to see the face of foreclosure. Now read this. As per a poll conducted by the Homeownership Preservation Foundation (www.hpfonline.org), 53 percent of American homeowners don’t like contacting their mortgage company in case faced with delinquent payments.
A number of foreclosures could be taken care of if the concerned person called up their mortgage company or the Foundation’s toll-free, confidential hotline — (888) 995-HOPE if they were facing problems paying their debt. The longer a person ponders over his problems; the more the number of options in saving their darling home dwindles down. Calling up HOPE enables you to receive free and confidential advice from HUD certified counseling agencies and these counselors guide you as to how you could tide over your financial difficulties and it also tries to sort out something with your mortgage company in order to avoid foreclosure.
Given below are some of the actions recommended by Homeownership Preservation Foundation in case your life is getting a bit too difficult:
1. Take a close look at your bills — unopened envelopes or a steadily growing pile of bills from utility companies, your mortgage company, etc., are the most immediate sign you have a problem.
2. Open letters from your mortgage company and other creditors. Don’t ignore these letters.
3. Admit you have a problem and dedicate yourself to getting help. If you don’t get help and avoid your mortgage company and other creditors, you will damage your credit and, more importantly, you may lose your home.
4. Don’t take it on yourself. Call for help. Call your mortgage company to understand what your options are.
5. If you don’t feel comfortable calling your mortgage company, call the Homeownership Preservation Foundation at (888) 995-HOPE to receive free advice from counselors who work for HUD-certified nonprofit agencies.
6. BEWARE of phony counseling agencies (deal only with HUD-certified agencies), as well as offers in the mail or by phone that seem too good to be true.
7. Create an action plan to first determine how to pay for essentials for you and your family (food, healthcare, clothing, essential utilities, transportation, and shelter).
8. DO NOT sign any papers you don’t understand.
9. Determine if you have the cash flow to continue paying a mortgage, to refinance your current mortgage, or to determine if you should sell your home and find less expensive housing.
10. Set a long-term goal of getting and staying out of debt and ensuring steady cash flow.
Finally don’t lose hope as everything has got a solution, be patient and keep your cool. Certainly bad times would fade away soon.
