Foreclosure Prevention

Times are tricky and you want to be prepared in a case of an emergency. Your family has cut their spending habits dramatically and all your spare cash is being saved in an emergency fund. Right now you feel like you are teetering on the edge and just want to get all your ducks in a row and research your state foreclosure resources before you actually need them.

There are several resources for finding this type of information. The federal HUD agency provides a state-by-state breakdown of foreclosure resources available to consumers at http://www.hud.gov/foreclosure/local.cfm. Some of the information provided is contact information for nonprofit housing counselors, legal assistance and information on where you can file a complaint with consumer affairs. The foreclosure resources available to those in jeopardy vary from state to state. Your best bet for researching your state foreclosure resources is to start with the federal website. The links provided are non-profit and HUD sponsors many.

In general the foreclosure process as far as the timing varies depending on the state you live in. To find the information that would be most applicable to you visit your favorite search engine and enter "foreclosure laws" and the name of your state in the browser. You can also visit http://www.foreclosurelaw.org/ to find all the links necessary for your state laws.

The Consumer Affairs and Business Regulation website for your state may also be a valuable foreclosure resource. Many of their home pages are chock full of links and resources to help consumers find answers and assistance to their mortgage problems. The web pages are also fairly easy to navigate, so you can browse and find more information about your state foreclosure resources easily.

The foreclosure process does not happen in the blink of an eye. It is actually a process that can take several months to complete. Although the exact time frame differs from state to state there are some federal rules about how many payments you miss before foreclosure becomes imminent.

• Missed Payment 1- your mortgage holder will notify you that your payment is delinquent
• Missed Payment 2- your lender will get more aggressive about contacting you about your missed payments, most probably on the phone. Take their phone call, as you may be able to negotiate a solution yourself
• Missed Payment 3- the lender will send you a letter with the total amount pass due and you will receive your official 30 day warning shot to pay up. If you ignore this notice to accelerate (aka demand letter) the wheels of foreclosure may start moving
• Missed Payment 4- your time is coming near an end and if you do not pay up the amount pass due you will be passed onto the legal team of your lender

If at that point you have not taken any steps to negotiate payments or paid of your debt a public trustee's sale is looming on the horizon. You can still pay off your debt by the time of the sale (which is the official foreclosure) if not you will become another grim statistic.

During any of the missed payments you should contact a HUD housing counselor as they can help you navigate the whole process. In many cases they can also help you avoid the unpleasant situation altogether. No one wants to loose their home, as it is the biggest sense of security American?s can purchase for them. Additionally foreclosure can wreak havoc on your credit rating, making any future loans even more challenging to secure.

Desperate times call for desperate measures and those fearful of loosing their homes to foreclosure are certainly feeling the breath of desperation being expelled from their lungs on a daily basis. If you are feeling the panic and want to contact a housing counselor to help you with foreclosure,...

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