PCV | VRM Seeds of Hope

Get informed.

If you are struggling with mortgage payments, foreclosure is not your only option.

Refinancing, modifications and short sales are only a few of the alternatives to help you make your mortgage payments more affordable or avoid foreclosure. But all these terms and conditions can seem daunting. This information on this site is a fraction of what is available to you. Foreclosure is the last option for everyone, including your lender. Often they can be your biggest ally. We encourage you to follow the guidelines below, get informed and learn your options for staying in your home or gracefully exiting your situation with dignity.

Avoiding Foreclosure

The sooner you explore your options, the more help may be available to you. Following the tips below can help provide your best option for avoiding foreclosure.

If you’re unable to make your mortgage payment:

Don’t ignore the problem
The further behind you get, the harder it will be to retain your house.

Contact your lender as soon as you realize that you have a problem
Lenders don’t want your house. They have options that may help you through difficult financial times.

Open and respond to all mail from your lender
The first notices you receive will offer good information about foreclosure prevention options and later mail may include important notices of pending legal action. Your failure to open the mail will not be an excuse in foreclosure court.

Find and read your loan documents
Know what your lender may do if you can’t make your payments. Learn about the foreclosure laws and timeframes in your state (every state is different) by contacting the State Government Housing Office.

Get informed about your foreclosure prevention options
Valuable information about foreclosure prevention (also called loss mitigation) options can be found here and online, at many lender websites and at the following government websites:

knowyouroptions.com
Freddie Mac
The Department Housing and Urban Development

Review and prioritize your spending
After healthcare, keeping your house should be your first priority. Review what you spend every month and see what you can eliminate to pay your mortgage. Look at optional expenses like satellite and cable TV, club memberships, and entertainment.

Look at using your assets and extra jobs for cash to get current
Do you have assets that you can sell for cash to help reinstate your loan? Can someone in your household work or get an extra job to bring in more money? It may not significantly increase your income, but it will show your lender you are willing to make sacrifices to keep your home.

Avoid foreclosure prevention companies
Don’t pay fees for foreclosure prevention help–use that money to pay your mortgage instead. Some for-profit companies will contact you promising to negotiate with your lender. While they may be a legitimate business, they will charge hefty fees for information and services your lender or approved housing counselor will provide free if you contact them.

Don’t get scammed. Talk to a housing counselor
Never sign a legal document without reading and understanding all the terms and getting professional advice from an attorney, a trusted real estate professional or approved housing counselor. Lenders can walk you through the process of exploring your options or you can find help at the following government websites:

knowyouroptions.com
Freddie Mac
The Department Housing and Urban Development

 

Stay in your Home

Even if you haven’t yet missed a payment, but worry you might soon, don’t wait to take action. There are a number of options to help you get your finances back on track and help you stay in your home.

These can include
Refinance
Repayment Plan
Forbearance
Modification
Deed-for-Lease
Military Forbearance

Learn all you can and discuss your options with an approved housing counselor and your lender. You can find more information at these websites:

knowyouroptions.com
Making Home Affordable
Freddie Mac
Hope Now

Gracefully exit your Home

If you have explored all your options for staying in your home and are still unable to continue to make your mortgage payments there are options other than foreclosure.

They can include:
Short Sale
Deed-in-Lieu

Learn all you can and discuss your options with an approved housing counselor and your lender. You can find more information at these websites:

knowyouroptions.com
Making Home Affordable
Freddie Mac
Hope Now