Consumer Information:
Foreclosure
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What is foreclosure, and how do you prevent it?
The information below is provided as a public service from Debt-Tips.com. All of the information comes from various organizations, U.S. government agencies and departments. As a consumer, you owe it to yourself to know as much as possible about debt, credit, taxes, mortgages, banking – and avoiding related scams.
The information on this page involves foreclosure. Owning a house is the American Dream. However, it is also a big responsibility. Sometimes it becomes too big a financial burden for the homeowner, and ultimately can lead to foreclosure (the lender asking for full payment of the mortage because the borrower is not making the monthly mortgage payments).
The best way to avoid foreclosure is to make your mortgage payments on time each month. If this is not possible, you should contact your mortgage lender immediately to discuss your options. Most banks do not want to take your home, and only due so as a last resort. Working with them, rather than avoiding them, is often helpful:
How to Avoid Foreclosure
The guidance below (and in the "How to Avoid Foreclosure" pamphlet) is applicable to homeowners with FHA Insured loans. While a good deal of this information may apply to all homeowners in danger of losing their homes, not all of the foreclosure avoidance tools mentioned may be available to you if you have a VA or conventional loan. Additionally, HUD/FHA does not have any Loss Mitigation oversight over VA or conventional loans. Please contact your lender or a housing counseling agency.
Read the entire article: How to Avoid Foreclosure
From: "How to Avoid Foreclosure" Homes & Communities. 2/9/05. U.S. Department of Housing and Urban Development. http://www.hud.gov/foreclosure/index.cfm
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