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How can I prevent foreclosure on my home?

In our previous post, we discussed how the Supreme Court ruled that second mortgages and liens can't be stripped as part of the Chapter 7 bankruptcy process. That new ruling might have some people concerned about how they can avoid foreclosure. There are several things you can do if you are facing a foreclosure on your home.

What is the first thing I should do if I'm facing foreclosure?

Foreclosure prevention sometimes starts before you get the notice of foreclosure. If you know that you are going to have trouble paying your mortgage because of an unforeseen circumstance, you should contact your lender right away. Your lender might have options that can help you avoid foreclosure. Whatever you do, don't ignore the problem because it isn't going to just go away.

What else can I do?

You should make paying your mortgage a priority. This means doing away with optional expenses. In some cases, it might mean you have to skip unsecured debt payments. The only priority over paying your mortgage should be health care. Make sure you review your mortgage paperwork to learn your rights so you can ensure you are protecting them.

Can anyone help?

You can contact a U.S. Department of Housing and Urban Development counselor to determine if you have any options. You can also seek legal assistance to help you in negotiations with the lender and other legal processes that might occur.

Make sure that anyone you get to help you is legitimate. Oftentimes, foreclosure prevention companies and foreclosure recovery companies are scams. Keep the old saying of "if it seems too good to be true, it probably is" in mind if you are contacted by those types of companies.

Source: FindLaw, "10 Tips to Avoid Foreclosure," accessed June 15, 2015

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