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More than a few home owners are facing the prospect of foreclosure. The current federal administration has put policies in place that have allowed some relief to a few, but there are still many who face losing their home. Home owners in this situation should not give up hope.Know the Law and Take These StepsAs a home owner faced with foreclosure, it is paramount that you know the basic laws regarding foreclosures in your state of residence. Armed with a little bit of knowledge you will gain some understanding of the necessary steps you can take to forestall foreclosure, or maybe even avoid it altogether. Of course, the efficacy of these steps can vary from state to state.Step One Contact Your LenderThe minute you get the slightest hint that you may soon be forced to default on your monthly mortgage obligation, get in touch with your lender. Never wait until you have defaulted, most certainly never wait three months. This only allows your lender to think that you are are not being entirely honest. Immediately explain why and how your financial situation has changed. Most lenders will make every effort to help both of you out of the situation. You need to act quickly to gain trust.Step Two Never Ignore Your LenderIf you receive a call, an email, a letter, respond immediately in kind. Failure to do so leaves the lender with little recourse other than to start filing for foreclosure. After all, they have no knowledge of what your intent may be if you do not communicate. Putting off keeping in touch with your lender is one of the worst things you can do.Step Three Compose a Financial Hardship LetterBe succinct, but spare no details. Write a letter explicitly explaining the why and the how of your financial situation and how you plan to alleviate it. If you have lost your job and have been looking for employment. Tell the lender. If you have catastrophic medical bills and are seeking financial help. Tell the lender.Send this letter registered to your lender and keep a copy. This is another record that will benefit you in the long run and it lets the lender know that you are not supine on your catch watching the afternoon soaps. The lender will be more willing to help if it is known that you are looking for ways to meet your obligations. This can also help to buy additional time until you figure a way out of your financial difficulties.Step Four File for a Foreclosure HearingFiling for a foreclosure court hearing gives you an opportunity to explain to the judge and your lender about your financial situation and why you have gotten behind on your payments. Your plight becomes a matter of public record as well, and that is a good thing. This too will buy time.You may feel uneasy about doing this without the assistance of an attorney. You can find a lawyer help you, but you do not need one. Having one also begs the question of how can you afford a lawyer if you cannot meet your obligations. Also, one citizen against the establishment is likely to garner more sympathy and some time gain as you assault the foreclosure fortress alone.Foreclosure Is a ProcessMost home owners can delay and remain in their homes until they are equipped to negotiate a restructure of their home debt. It takes an understanding of the legal options available to them. Foreclosure is a process and any process can be delayed. Take the time, energy, and research and you can keep your home even in the face of seemingly overwhelming odds. Even if you presently have no income. And it does not hurt to try.
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