{"id":36972,"date":"2008-03-26T16:35:41","date_gmt":"2008-03-26T21:35:41","guid":{"rendered":"https:\/\/content.findlaw-admin.com\/ability-legal\/uncategorized\/how-to-avoid-foreclosure.html"},"modified":"2008-03-26T16:35:41","modified_gmt":"2008-03-26T21:35:41","slug":"how-to-avoid-foreclosure","status":"publish","type":"corporate","link":"https:\/\/corporate.findlaw.com\/litigation-disputes\/how-to-avoid-foreclosure.html","title":{"rendered":"How to Avoid Foreclosure"},"content":{"rendered":"
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Q:<\/b> What happens when I miss my mortgage payments?<\/font><\/font>

Foreclosure may occur. This is the legal means that your lender can use to repossess (take over) your home. When this happens, you must move out of your house. If your property is worth less than the total amount you owe on your mortgage loan, your lender or HUD could seek a deficiency judgment. If that happens, you not only lose your home, you also would owe your lender or HUD an additional debt.<\/font><\/font><\/p>

Foreclosure or a deficiency judgment could seriously affect your ability to qualify for credit in the future. So you should avoid it if all possible!<\/font><\/font><\/p>

Q:<\/b> What should I do?<\/font><\/font><\/p>

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  1. <\/font><\/li>
  2. DO NOT IGNORE THE LETTERS FROM YOUR LENDER. If you are having problems making your payments, contact your lender immediately. Explain your situation. Be prepared to provide them with financial information, such as your monthly income and expenses. Without this information, they may not be able to help.<\/font><\/font><\/li>
  3. Stay in your home for now. You may not qualify for assistance if you abandon your property.<\/font><\/font><\/li>
  4. Contact a HUD-approved housing counseling agency<\/a><\/b>. They have information on services and programs that could help you. The housing counseling agency may also offer credit counseling. These services are usually free of charge.<\/font><\/font><\/li>
  5. If you bought your home with a Veterans Administration (VA) guaranteed loan, call the VA office nearest you.<\/font><\/font><\/li><\/ol>

    Q:<\/b> What are my alternatives?<\/font><\/font><\/font><\/p>

    Your options include the following:<\/font><\/font><\/font><\/p>

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