TIPS

TIPS

To avoid foreclosure

Don’t ignore the problem. The further behind on payments you become, the harder it will be to reinstate your loan.

Contact lender immediately. Lenders do not want your house. They want their money. They have options to help borrowers through difficult financial times.

Open and respond to all mail from your lender. The first notices your receive will offer good information about foreclosure prevention options.

Know your mortgage rights. Find your loan documents and read them.

Understand foreclosure prevention options. Visit fha.gov/foreclosure/index.cfm.

Contact a Department of Housing and Urban Development-approved housing counselor. HUD offers free or very low-cost housing counseling. Locally, try Youngstown Metropolitan Housing Authority, (330) 744-2161, Catholic Charities, (330) 744-3320, or Family Service Agency, (330) 782-5664.

Prioritize your spending. After health care, keeping your house should be your first priority.

Use your assets. Do you have assets such as a second car, jewelry, a life insurance policy that you can sell for extra cash to reinstate your loan?

Avoid foreclosure prevention companies.

Source: U.S. Department of Housing and Urban Development