Getting behind on your mortgage payments can be frustrating enough, but when you don't know where to turn with foreclosure questions then everything can get incredibly confusing. Don't assume that you know all you need to know about the potential for losing your home. If you find yourself in the situation of not having enough funds to cover your home loan; having the right information may help you keep your home.
Beware of Generic Foreclosure Answers
It's one thing to seek out answers to foreclosure questions if you are simply interested in the topic and want to have the general knowledge for your own peace of mind, but it is another thing entirely if you are frantically searching for answers to your questions because you are in danger of losing your home to foreclosure. Foreclosure laws vary from state to state, so it is very important to seek out answers to your specific questions from a trusted and reliable source to help prevent or stop foreclosure.
What is a good example of a trusted and reliable source?
- Attorneys: Licensed attorneys within your area should be able to answer your foreclosure questions satisfactorily, and in some cases they may be able to assist you in navigating (or avoiding) the process. If you cannot afford an attorney, seek out the local Legal Aid within your city or county.
- Financial Advisors: Some financial advisors may be able to answer your questions regarding foreclosure within your state, but make sure the individual you visit has experience in dealing with foreclosure matters. In other words, a financial advisor who specializes in setting people up with mutual funds may not be the best choice.
- Your Mortgage Lender: Believe it or not, your mortgage lender probably does not want to foreclose on your home. In the vast majority of cases, it is far more financially advantageous for lenders to have a borrower in place and making payments than it is to pay for foreclosure proceedings and send the home to auction. Don't avoid your lender if you feel as though you may fall behind in mortgage payments (or already have) because your lender may be able to help you in a variety of ways and partner with you in avoiding - or getting out of - foreclosure.
- The Guaranteeing Agency: If your mortgage loan was originally guaranteed by FHA or the VA then you should contact the agency with any foreclosure questions you have. Not only will they be able to effectively answer all your questions, they also may be able to help you keep your home.
Refer to Reliable Websites
When looking for answers to questions regarding foreclosure online, it is a good idea to visit websites which are representative of governing agencies. The reason for this is because foreclosure is a legal proceeding that is regulated by the law, and therefore you will find the most accurate answers from official websites of the agencies involved in foreclosures.
Here is a brief list of some reliable websites which offer valuable foreclosure information that may answer your questions:
- The U.S. Department of Housing and Urban Development offers a list of state-specific housing counseling agencies that will provide foreclosure advice and assistance.
- The Federal Housing Administration has a comprehensive list of answers to common foreclosure concerns as well as a list of lenders who have pledged to assist homeowners who have fallen behind with mortgage payments.
- The U.S. Department of Veterans Affairs provides counseling and other assistance for borrowers whose mortgage loans were guaranteed through the VA.
Quick Answers to Common Foreclosure Questions
If you find yourself in the situation of possibly losing your home to foreclosure, use these answers as the catalyst to make you seek out more information and get the help you need.
- How does foreclosure work ?: Although it may vary by state, a Notice of Default for or Lis Pendons is filed, and attempts may be made to bring the mortgage up to date. If the proceedings are not stopped, eventually the eviction process will be initiated.
- Can they really take my home? Yes, if you fail to make your payments you can certainly lose your home to foreclosure.
- How many payments can I miss before a foreclosure starts? Read your loan paperwork, but in some instances the lender can legally start foreclosure proceedings after one missed payment.
- If I pay my first mortgage on time, but not my home equity loan, can my home be foreclosed? Yes.
- Can I stop foreclosure proceedings? Yes, and this is why it is so important to seek out help when you need it.