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Avoid Foreclosure

Tips to Avoiding Foreclosure

During these tough economic times, many homeowner's are finding themselves in tough financial positions.  Are you having trouble keeping up your mortgage payments?  Premier Advantage Realty is taking an active approach to helping home owners avoid foreclosure.  It is important to have someone guide you through the process to avoid foreclosure.  As Realtors, we have the expertise to guide you though this.  Take a look at the tips below for avoiding foreclosure.  Contact us if you need additional help or advise.  This advise and help is free and may help you avoid foreclosure.  It is important to have a trusted professional to rely on.  Contact us today for more information.
 
Tips to Avoiding Foreclosure
  1. Don't ignore the problem.
    • The further behind you become, the harder it will be to reinstate your loan and the more likely that you will lose your home.
  2. Call your lender as soon as your realize you have a problem.
    • Lenders have options to help borrowers through difficult financial times..
  3. Open and respond to all mail from your lender and the North Carolina Commissioner of Banks.
    • The first letter usually offers options for prevention of foreclosure.  Later mail offers information about legal action.  Your failure to open the mail will not be an excuse in foreclosure court.
  4. Know your mortgage rights.
    • Find your loan documents and read them.  Bring the documents to your meetings.
  5. Prioritize your spending.
    • After healthcare, keeping your home should be top priority.  Look at your finances and see where you can cut spending in order to make your mortgage payment. 
  6. Use your assets.
    • Do you have assets you can sell to make your mortgage payment?  Can anyone in your household get a second job?  Even if these things don't significantly increase your income, it demonstrates to your lender that you are making an effort.
  7. Avoid foreclosure prevention companies or individuals claiming to help prevent it.   
    • You should not have to pay fees for foreclosure prevention.  Many for-profit companies will contact you promising to negotiate with your lender.  While these may be legitimate businesses, they will charge you a hefty fee for information and services that your lender.  HUD Approved Housing Counseling Agencies offer this service for free.  Individuals may contact you claiming to help you avoid foreclosure.  There are major scams with these type of individuals.  Be very cautious and rely on the free services available though your lender to avoid foreclosure.
  8. Don't lose your house to foreclosure recovery scams!
    • If any firms or individuals claims they can stop your foreclosure immediately if you sign a document appointing them to act on your behalf, you may well be signing over the title to your property and becoming a renter in your own home.  Never sign a legal document without understanding all the terms and getting legal professional advice from an attorney, a trusted real estate professional, or a credit counselor.
Fight NC Foreclosure
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