TIPS ON FORECLOSURE PROCESS
Getting into the house of your dreams is just the first step. The long-term objective is staying there. However, if making the mortgage payment is a struggle month after month, if it is going to present a hardship to the family, then other options should be considered. A home is usually a person’s largest investment, thus it is one that should be protected, but not at all costs. Today’s consumer often takes drastic steps to satisfy the mortgage payment. Some are resorting to payday loans, while others are dipping into their retirement plans at work. Obviously, a payday loan should not be a long-term solution to a monthly shortfall. Paying triple-digit annualized interest is never good. Likewise, individuals continually tapping into their retirement plans could end up with no house and no money for retirement. Average consumers do not know the difference between a short sale, a deed in lieu, a forbearance or a loan modification, nor should they. That’s where professional help becomes essential. There is help available. The help is free, and the answer may lie at the other end of the phone. Why does the consumer not reach out for assistance? The reasons are varied, but among them are:
- They do not believe that any real help is available;
- They do not understand the terms, thus do not feel they can even begin a conversation on the topic; and
- They simply cannot face it.
The struggling homeowner does not have to go through the process alone. The NFCC member network has the largest number of housing counselors in the nation, and is the largest provider of HUD housing-related services. Housing counseling is available in-person or by phone at locations from coast-to-coast. NFCC counselors stand ready to help homeowners evaluate their options.
You do not have to go through this alone. Call for help, the sooner the better. Let a trained professional review your situation, and find the resolution option best-suited to your individual circumstances.