Facing Foreclosure

Being a single parent is one of the hardest and most under appreciated jobs on the earth. Whether you had two incomes at one point or you always had to survive off of one. Nonetheless it's a challenging feat.

With Forclosures being at the highest level in the history of mortgatge lending we must prepare and plan in order to maintain a residence. Sure some of us were lured into the subprimelending arena and were forced to refinance when the arm was due to be renewed. While others stuck it out and are now faced with the possibility of foreclosure and the inability to qualify for a loan.

It's a total catch 22. But don't give up, where there is a will there is a way!! many lending agencies would rather you struggle with the loan opposed to defaulting and forcing them to have to try to sell the property in a no longer buyers or sellers market at this point. So first contact your lender and see if they can offer some type of foreberance, alternative refinance, or some type of program that will allow you to maintain the residence. In some cases which they try not to publicize, if you send at least half in they will not proceed to forclosure. Something is better than nothing right!

BE CAREFUL: So many SCAMS are out there trying to pretend they are offering assistance if you will sign over the deed to them and allow the investor to keep you from losing your home. It's a Bait & Switch, they now have you renting your own property that they now hold the deed to. Creative CON!!

First Contact your lender.
If they have no option depending on your type of mortgage HUD may be able to help you.
Don't ignore the phone calls or the mail that only tells them YOU DON"T CARE!!

Let's try to stay within our budget which will be our next topic of study and worksheets will be provided.