According to RealtyTrac’s website there have been over 2 million foreclosures in 2007. The top three foreclosure states are California, Texas and Florida. According to the Mortgage Bankers Association, 1 out of every 200 homes will be foreclosed.
If you are facing foreclosure, put away those credit cards and stop charging. Put yourself on a spending plan immediately. Contact your lender’s litigation or foreclosure department to inform them you are having a financial hardship. Monitor your finances until your other debts are paid off so you don’t get into the same situation in the future. Confirm the agreement with your lender in writing. Be sure to consult a tax advisor to determine rules regarding foreclosure. Don’t be discouraged, there are several ways you can save your home. Here are 6 tips to assist you when facing foreclosure:
1. Short Sale. You can sell your house for less than what you currently owe on your loan. Your home does not have to go into foreclosure, you don’t have to file bankruptcy and the filing process is much faster. The lender saves money without having to file foreclosure proceedings, but does lose money by...
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