Stop Foreclosure (Part 3)

If you feel like you are at rock bottom then it may be too late to ask yourself, should I call my bank? It’s important that as soon as you recognize that you may have some financial issues that you get a hold of your lender. Most people get scared and as soon as there is any sign of trouble they find all the excuses in the book to hide from the very people that can help them. If you are getting into a foreclosure situation then you absolutely need your lender on your side.

Something that is very important and you must remember is that the last thing your lender wants to do is take away your house. Believe it or not they are actually on your side. Foreclosure proceedings cost your lender a lot of money so no matter what you have been told this is the last thing they want to pursue as well. Most lenders will work with homeowners in order to keep your house from being foreclosed on. They usually have a variety of options they can pursue. One thing to know however is that it is very important to contact your lender early. The options you have severely decrease when you end up 2 or 3 payments behind.

The problem is that most people hang on to the feeling that things will turn around and everything will be ok. Listen closely. Asking for help may involve swallowing a bit of pride but believe me the alternatives are a lot harder on your pride.

So now that you have swallowed your pride it’s time to call your lender. The calling info can be found in several different places. Monthly mortgage statement, web links or just the phone book. I know dialling the number is difficult but once you have a voice on the other end everything will fall into place. Make sure you have all the information on hand that you will need like pay stubs and your other financial information. Explain the situation to the lender and make your situation as clear as possible.

Once you make the first call the others will be much easier. The problem isn’t going to disappear with one call. Your lender might also need you to fill out some forms so they can review the situation to see how they can handle your case.

You do need to know that if you fail to follow up on anything the lender asks of you then legally they are bound to start foreclosure proceedings. So not only are you losing your prize investment but now you would have all the added legal costs of a foreclosure. Once it gets to this point it definitely becomes a lot harder to keep your house.

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