Who to Turn to When Facing Foreclosure

by Donald Hanz on Foreclosure Crisis

Many troubled homeowners often end up losing their homes to foreclosure because they do not who to go to for assistance. If you are also facing the same mortgage problem, it is best that you read on to find out the people you could rely on to help you get through this desperate time.

  • Family/ Friends – if you are having some financial difficulties that can be considered to be temporary in nature, you should consider asking help from your friends and other family members. You should just make sure that you consider this a business arrangement and pay them back as soon as you are on your feet.
  • Lender – during this tough time, you can always discuss with your lender your mortgage problems. Most lenders are willing to lend a helping hand especially if you are straightforward and honest from the very beginning. Before you discuss numbers and options, you should have scrutinized your finances already and have checked for ways where you can cut back and make your mortgage payments more manageable in the future. After doing this, discuss with your lender the possibility of a reinstatement, loan modification or even re-financing, depending on your financial status.
  • Broker – if you think that selling might be the option that could stop foreclosure, then you must look for a professional broker that is experienced in situations such as yours. You should make sure that the broker is equipped with sufficient market knowledge, marketing skills and experience that could attract buyers easily.
  • Lawyer – if worse comes to worst, you must immediately look for legal assistance so that you could file for bankruptcy. Some troubled homeowners simply give up and wait for the eviction papers to come. But with a bankruptcy filing, you will be able to stop foreclosure and there is still a chance that you and your creditors might be able to come up with a compromise.

Remember that you need not be alone during this troubled period. Ask for help, and you will probably receive one.