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Preventing foreclosure Published March 6, 2010 By Nancy FurstNo one buys a home intending to fall behind on payments and face foreclosure, yet some homeowners find themselves in this unenviable and stressful position. Never put yourself in a situation where you cannot afford your mortgage. Just because the mortgage lender approves you for a certain amount loan doesn’t mean you can actually handle the payments. Know what you can afford before you start shopping for a home and stick to that price range. Don’t let anyone persuade you to buy more than you know you can afford. It’s vitally important that you have a solid grasp on the details of your loan. Some people get into trouble because they don’t understand their home loan obligations. Ask the lender about how various loans work, and make sure you understand the payment structure of each and how it could change. Injuries or illness, accidents, unforeseen economic circumstances, unemployment and other factors can hinder a homeowner’s ability to pay the lender. If you face the prospect of missing a monthly mortgage payment, don’t be embarrassed. Instead, contact your lender as soon as you’re aware your payment will be late. If your lender attempts to get in touch with you, never ignore those calls or letters. If you’re elusive, unresponsive or seem disinterested, your lender will be less willing to work with you. It’s imperative to communicate at the first signs you’re having trouble. A HUD-approved counseling agency can work with you and your lender and may be able to negotiate a repayment plan. Call (800) 569-4287 or visit HUD.gov for the counseling agency nearest you. Your Realtor is another resource. Beware of someone telling you they can stop a foreclosure if you sign a document authorizing them to act on your behalf. Read and understand every document. You may be signing over your title to the house and before you know it, you’re a renter in the home you formerly owned! Avoid companies that promise you swift, effortless results by paying them a large fee. These are usually scams. Nancy Furst, CIPS, TRC, GREEN, GRI, is owner of The Furst Group and serves as southeast district director for the Houston Association of REALTORS® (HAR). She is actively involved in HAR’s governmental affairs efforts and has lived in the southeast district since 1997. Please visit TexasRealEstate.com or HAR.com for more. - Written By Nancy Furst |
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