| Are your behind in your mortgage payments? Are | | | | expensive jewelry, or borrow from your insurance |
| you receiving calls from your bank looking for their | | | | policy. However, it's better to stick with the first two |
| money? Do you find yourself robbing Peter to pay | | | | options as opposed to borrowing from your policy. |
| Paul? | | | | The value on it can decrease when you borrow |
| If any of the above scenarios describe you, you may | | | | against it. |
| be headed on your way to foreclosure. The first | | | | Make of list of all of your expenses. There may be |
| thing you should do, or shouldn't do, is not to ignore | | | | some areas where you can cut back. You may have |
| the warning signs. If you're receiving phone calls and | | | | to temporarily suspend cable or satellite services, |
| letters from your bank, then by all means respond to | | | | shopping or eating out. The latter two can eat up |
| the inquiries. Since you did sign on the dotted line | | | | your budget if you're not careful. You should also |
| when you purchased the house, they have a legal | | | | consider temporarily canceling any memberships that |
| right to come after you about their money that you | | | | you may have, such as fitness centers or golf |
| borrowed from them. | | | | outings. |
| If you don't tackle it then, you will continue to get | | | | When it's been made known that your house is |
| frustrated. It will be more difficult for the bank to | | | | facing foreclosure, so-called foreclosure prevention |
| assist you and eventually, you won't have a house to | | | | companies come out of the woodwork. Most, if not |
| come home to. | | | | all of these are a scam. They do nothing but put you |
| Talk with your bank about alternative options. The | | | | further in the hole by charging you a ridiculous fee. |
| last thing any financial institution wants to do is lose | | | | All they do is take your money and run. They don't |
| money on residential real estate. They would prefer | | | | intervene with your bank as promised, and you will |
| that you keep your home, because it is a viable | | | | end up losing your house for sure. You can get the |
| investment. Besides, the bank is in this to make | | | | assistance you need for free through the Federal |
| money, not lose money. | | | | Government. |
| Read over your mortgage documents. That way, | | | | In addition to foreclosure prevention scams, there |
| you'll know what legal recourse the bank has in the | | | | are people who will prey on the "down-on-their-luck" |
| event you can't make your mortgage payments. Do | | | | sector and make promises of halting your foreclosure |
| some research on what the foreclosure laws are. | | | | process. What happens is that you end up giving |
| Each state is different, so you'll have to check out | | | | them your house when you sign on the dotted line. |
| information for where you live. | | | | The house no longer is in your name and you're now |
| Contact the Federal Government for assistance. | | | | a renter instead of a homeowner. If you don't |
| Check with HUD (Housing and Urban Development) | | | | understand what you're signing, then don't do it. |
| to get more information on counseling services | | | | Consult with legal counsel, or a representative from |
| regarding foreclosure. They can help you with options | | | | Housing and Urban Development. |
| and also negotiate with your lender if need be. | | | | You can keep your home from being taken back by |
| If you have anything of value that you can use to | | | | the bank. Following these tips can help prevent you |
| put toward your mortgage, then by all means do so. | | | | from being homeless. |
| You may have to sell one of your vehicles, | | | | |