Thursday, April 3, 2008

Foreclosure

There's been a lot of coverage in the media about foreclosures. So, what should you do if you find yourself in a situation where you can't make your payments? Here is a list of ten steps released by the U.S. Department of Housing and Urban Development (HUD) that you should take. Remember, the bank doesn't want your house back and wants to work with you to keep it!

1. Don't ignore the problem.
2. Contact your lender as soon as you realize that you have a problem.
3. Open and respond to all mail from your lender.
4. Know your mortgage rights.
5. Understand foreclosure prevention options.
6. Contact a non-profit housing counselor.
7. Prioritize your spending.
8. Use your assets.
9. Avoid foreclosure prevention companies.
10. Don't lose your house to foreclosure recovery scams!

http://www.hud.gov/news/release.cfm?content=pr07-105.cfm

2 comments:

Anonymous said...

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Jeremiah Arn said...

Those are good tips, Karen. Thanks for providing them.
Renters also seem to be very concerned about their units being foreclosed. Your readers might like to know that there is a law in the Ohio House to clarify that rental agreements DON'T end upon foreclosure. The renter has rights too and the successor (bank, shortsale buyer) must understand and respect those.