Preventing foreclosure is possible and there’s no need to panic. There are three main reminders that you have to tell yourself:
And, that’s what we’re going to take a look at today.
This is the first step. You have to look for housing counseling agencies that are nearest to you. Ask to speak with a foreclosure counselor to know what your options are in preventing foreclosure.
There are several agencies in Minnesota. Here is a helpful resource that contains the names of these counseling agencies as well as their numbers: HUD Approved Housing Counseling Agencies. Look for agencies that handle ‘Mortgage Delinquency and Default Resolution Counseling’.
Because of the US Department of Housing and Foreign Development’s (HUD) program, consumers do not have to pay for these counseling services. There might be minimal fees involved, but the HUD website states that the agency needs to inform the client of any fees before providing the service.
Your counselor will advise you with different options for preventing foreclosure. These options will depend on what your current situation is financially, but it may involve one of the following:
You are already in deep water. Even though you are in dire need of preventing foreclosure from happening, you still need to have your guard up with fake agencies and scam artists. Here are a few tips to avoid getting scammed:
Preventing foreclosure can be manageable, but the key is to approach the situation head on. Be honest with your lender, seek help from a credible housing agency, find out what your options are, equip yourself with information, and do not disregard alternatives like selling your house to an investor.
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