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If you are having financial difficulties and face the possibility of a foreclosure, you are not alone. Around 7 million American households are facing that very problem. The good news is there are ways to avoid a foreclosure and save your home. Many in your very same situation have taken advantage of government mortgage help programs and saved their home. You may be able to do so too. This article provides a brief summary of the steps the Federal Deposit Insurance Corporation suggests you can take to protect your home and family from foreclosure.
The first step you must take is to not ignore your situation. Many homeowners try to ignore their plight hoping their financial situation will simply improve by itself. This rarely happens. Action is needed. Taking control of your situation and understanding the steps you must take to fight back is the first and most important step to avoiding foreclosure.
Talk to a housing counselor today. The government provides housing counselors for free or at low cost through sponsored counseling agencies. Click here for a list of counseling agencies in your area.
Housing counselors can inform you about your rights, and the different programs the government and lenders have for borrowers who are struggling to make their payments. They provide unbiased advice because they are funded by federal funds not lenders or brokers.
Don’t view your lender as the enemy. Not yet anyway. Believe it or not, most of the times your lender wants to help you keep your home. Foreclosures are expensive operations lenders prefer to avoid if at all possible. Also, the government has provided a number of programs that provide incentives to lenders that provide borrowers with loan modifications and mortgage refinancing.
Contact your mortgage servicer today, straight after talking to a housing counselor. The sooner you look for help from your mortgage servicer the more options will be open to you. Expect long waits on the phone and the frustration of retelling your story to various people. If you are not sure who your mortgage servicer is, check your mortgage statement or find out online by clicking here.
Apply for a loan modification or a mortgage refinance depending on your circumstances. Your housing counselor will help you determine what is the best option for you. Even if there is no way you can keep you home, there are alternatives to foreclosure, which can help alleviate some of the negative consequences of a foreclosure.
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