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I’m already facing foreclosure

March 12, 2008

I’ve been talking about how to avoid foreclosure. But what if you’re saying, “It’s too late!  I’m already stuck with a mortgage I can’t afford.”

You can’t just snap your fingers, reverse time and undo your mortgage.  But, you do have options if you’ve got a mortgage and are struggling to make your payments.

The most important step is to take action immediately.  I can’t stress this enough.  Get help the moment you realize you are going to have problems making your mortgage payment.

Approximately 40 percent of borrowers don’t contact their mortgage lenders before they receive a foreclosure notice.  You have a better chance of working with your lender and avoiding a foreclosure if you act quickly.

Some mortgage lenders will work with you through a process called loss mitigation.  Lenders have tools available such as putting a temporary hold or mortgage payments, granting a loan forbearance or a pre-foreclosure sale.  You can call your lender directly to talk about what options might be available to you.

In

Pennsylvania are state programs that may be available to help those who are facing foreclosure depending on individual circumstances.  Advantage CCS can help you find the program that may work best for you and help you to navigate the application process for those programs.  Once you’ve applied for assistance through these programs, foreclosure actions are put on hold.

Again, if you receive a foreclosure notice, call for help immediately.  Don’t wait until the day before your house is to be sold at a sheriff’s sale before you call for help. Our agency is best able to help you if we have the appropriate amount of time to look at your finances and work through the best possible solution for you.

Written by admin · Filed Under Housing 

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