Having a hard time making those mortgage payments and are you fearing foreclosure in your future?  Here are some helpful tips to try to avoid foreclosure.

1.  Do not ignore the problem - it won't go away if you put it out of your mind.  The more you become behind on your loan, the harder it will be to reininstate the loan and the more likely it will be you will loose your house.

2. Contact your lender as soon as you realize that you have a problem.

Believe it or not but Lenders do not want your house. They have options to help borrowers through difficult financial times.  Don't hesitate giving them a call.  

3. Open and respond to all mail from your lender immediately.

The first notices you receive will offer good information about foreclosure prevention options that can help you withstand your financial problems.  Some mail may include important notice of pending legal action.  Telling a judge in foreclosure court that you didn't open your mail won't be a good excuse.

4. Know your mortgage rights.

Read your loan documents so you know what your lender can do if you can't make your payments.  Learn about the foreclosure laws and timeframes in your state (every state is different) by contacting your State Government Housing Office.  

5.  Contact a HUD-approved housing counselor.

The U.S. Department of Housing and Urban Development (HUD) funds free or very low cost housing counseling throughout the country.  These counselors can help you understand the law and your options, organize your finances and represent you in negotiations with your lender if you need help. Find a HUD-approved housing counselor near you or call (800) 569-4287.

6. Prioritize your spending.

After your healthcare, keeping your home should be your first priority.  Review your finances and see where you can cut spending in order to make your mortgage payment.  Look for optional expenses-cable TV, gym memberships, entertainment, anything that you can eliminate.

7. Use your assets.  

Do you have assets-a second car, jewelry, that you can sell for cash to help reinstate your loan? Can anyone in your household get an extra job to bring in that needed extra income?  Even if these efforts don't significantly increase your income, they proove to your lender that you are willing to do what it takes in order to keep your home.  

8. Avoid foreclosure prevention companies.

You don't need to pay fees for foreclosure prevention help-use that money to pay the mortgage. Many for-profit companies will contact you promising to negotiate with your lender.  These may be legitimate businesses, but they may charge you a hefty fee for information and services your lender or a HUD approved housing counselor will provide free if you contact them.

Don't wait to recieve that dreaded letter from your lender.  If you are having financial difficulty and are unable to make your mortgage payment, contact a HUD Approved counselor today!!!

Do you need to speak to a real estate professional about further foreclosure questions?  Contact Mike Parker/HUFF Realty via email at mike@mikeparker.com or phone 859-647-0700.  The Mike Parker Team would be glad to answer any questions we can.