Every person is unique, but when you face a challenge like foreclosure, you are never alone. Countless homeowners have faced the exact same situation and have discovered ways to save their home. The following guide is designed to help you navigate your journey with the best information and resources that helped other homeowners when they faced the same challenge.
TSC has scoured the Internet and assembled links to the very best resources about foreclosure: articles, blogs, forums and tools that can help you make better decisions and take action to overcome the range of fears and emotions that you are going through.
As you’ll see, we always welcome your ideas and suggestions to make this Foreclosure Guide even more helpful to homeowners like you.
JUST FOUND OUT
Homeowners Say: Best Resources for Foreclosure Information
- U.S. Department of Housing and Urban Development: Guide to Avoiding Foreclosures Helpful information whether you're in foreclosure now or worried about it in the future.
- About.com: Stopping Foreclosures Several options to avoid losing your home.
- The Money Alert: Avoiding Foreclosure This article outlines the ways you can avoid or at least postpone a foreclosure proceeding.
The Big Picture
Foreclosure is an action of last resort that banks and other financial institutions take as a way of recouping the money you owe them. Obviously, the number of foreclosures increases during difficult economic times, but even in the best of economic environments, homeowners can face foreclosure due to reasons like job loss and major medical expenses. Because there are so many different reasons for a homeowner to fall behind in making payments, there is no one solution for every foreclosure filing. But there are steps all homeowners can take to give themselves the time and the resources to save their home.
The first thing to do is talk to your lender early on, when the first signs of trouble show up. Many homeowners are embarrassed or feel that because they don’t have a solution, they have nothing to say to their lender. Nothing could be further from the truth. Ask your lender to recommend resources and solutions for you. You would be surprised how far a lender will go to help you avoid foreclosure if they feel you are on board to solve the problem.
Your Foreclosure
Each homeowner’s situation is a little different, but there are a few primary reasons for foreclosure that most homeowners have in common. Learn some of the signs that you may be in danger of a foreclosure and what you can do to change your situation.
SavingAdvice.com: Home Foreclosure - Common Reasons It Happens
Freddie Mac: What Are the Warning Signs of Foreclosure?
The worst thing you can do when foreclosure is a possibility is to do nothing and hope the situation magically gets better. As we mentioned above, talk to your lender early and often about options.
Troubled Homeowners Need to Talk to Lenders
Your World
Once you begin to have financial problems and you’ve fallen behind on house payments, it is only natural for you be overwhelmed with a flood of emotions. The worst thing you can do is to sit at home and do nothing. In addition to talking with your creditors, there are a number of support groups that can help you as you through the process of trying to saving your home.
DailyStrength.org - Mortgages & Foreclosures Support Groups
Talking About Foreclosure with Friends and Family
Foreclosure affects everyone in a household, especially children. How do you tell them that the only home they've ever known is about to be lost? A blogger for MSN Money offers his advice to one family:
Talking to a Child About Foreclosure
Foreclosure Myths
- "The bank wants my house."
- "I received a foreclosure notice, so I have to move out."
- "Filing for bankruptcy will help me save my house."
Total Comments: 3
Foreclosure
The impact of foreclosure on each of us causes loss of many jobs, mortgages and homes. Foreclosure is a lengthy and expensive process that can cause a loss on the part of the lender with the current state of the economy. There are more homes being sold, than homes which are being bought – and therefore homes may sit on the market for months before being sold. Acting early can be the best way to deal with an overwhelming mortgage payment. . If you can do so, then getting a cash advance to stem it off isn't a bad idea. Refinancing, lowering monthly payments and interest can give a bit more breathing room as well. In today's economy, it is most definitely in your best interest to do whatever you can, including getting a cash advance to stem off foreclosure. http://personalmoneystore.com/moneyblog/2009/04/03/save-house-cash-advance/
I might lose my home
My mortgage payment doubled and I can't make payments.
My father passed away and my mother has mental illness
I just finished my first semester of college. I live at home with my mother because she can't live alone in her mental state. We lost my father in 2006 after a "long" battle with prostate cancer. He was the "bread-winner" of the family and I am the baby of 5 children. My mother refuses to speak with any bill collector/ mortgage company, so I do. But I'm 19 years old and there's only so much I can do.