Can a Housing Counselor Help with Foreclosure?

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, there are some things to know about the process.

A housing counselor is a specialist who can advise clients on everything related the housing industry and how it would apply to you. If you have questions about buying a home, renting, default, foreclosure, credit issues or reverse mortgages a housing counselor is a viable source for gaining advice on knowledge regarding your particular situation.

If you are thinking that foreclosure may be in your future, the government has recently set up a HUD sponsored housing counselor program to provide you with advice on what steps to take to help prevent this from occurring. Their services are either low-cost or free, depending on your particular financial situation. The services of a housing counselor should be rendered when you are 30-60 days behind on your mortgage payments as then they have more tools to help negotiate a new deal for you with your lender.

A seasoned housing counselor knows the ins and outs of the housing industry and has the skills and connections necessary for helping you negotiate the scary terrain. Before contacting one make sure to organize all your paperwork, such as your last couple of mortgage statements, foreclosure documents and all communication from you lender regarding your loan situation. By providing them with all the proper documentation you can help them navigate a path for you more easily.

When working with a housing counselor to help avoid foreclosure, it is vital that you find one who works in the nonprofit sector. Unfortunately in these trying economic times, there are unscrupulous people willing too profit off of your misfortune. Research your housing counselor thoroughly and good luck!