DYI ( Do It Yourself) Self-Help Tips

To help prevent problems related to foreclosures, it’s important to take action before it’s too late.

Tips to Avoid Foreclosure

    1. Contact your lender.
    2. Open & respond to all mail from your lender.
    3. Create a personal budget and review your financial resources.
    4. Consider ways to increase your income and reduce your expenses.

      List of documents your lender will request

      Being prepared will help your servicer better understand your financial position so he or she can assess possible options for you.  Have the following documents available:

      • Most recent pay stubs and most recent tax return.
      • Most recent bank statements.
      • Credit card bills.
      • Your monthly mortgage statement.
      • Any utility bills and car payments.

      These documents will help your lender to determine your options.

If you are unable to make your mortgage payment:

    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 house.
    2. Contact your lender as soon as you realize that you have a problem.
    3. Open and respond to all mail from your lender.   Your failure to open the mail will not be an excuse in foreclosure court.  Correspond with your lender.
    4. Keep a Conversation Log.
    5. Know your mortgage rights. Find your loan documents and read them so you know what your lender may do if you can’t make your payments. Learn about the foreclosure laws and time-frame in your state (as every state is different).
    6. No question is stupid… ask your lender to explain the process and the options.  Understand foreclosure prevention options.
    7. Prioritize your spending. Review your finances and see where you can cut spending in order to make your mortgage payment.

Don’t lose your house to foreclosure recovery scams! If any firm claims they can stop your foreclosure READ THE FINE PRINT…. 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 reading and understanding all the terms.

more links:

Foreclosure Laws by State 
Florida Hardest Hit 
HUD Making Home Affordable Program
USA.gov – Foreclosure Resources