Dealing With Foreclosure        Where You Can Turn For Help

 Have you received a foreclosure notice from your bank? If so, you are probably experiencing a wide range of emotions from fear to anger to sadness. You may be wondering what to do. Dealing with foreclosure is without a doubt a stressful situation.

Whether you are hoping to avoid foreclosure or have accepted your fate and want to know what to do next, be aware that there is help with foreclosure available for you. It is important that you seek assistance quickly because in some states, foreclosure proceedings cannot legally be stopped once they are begun. In any case, act as soon as you receive a notice of intent to file foreclosure, from your financial institution.

When you are faced with foreclosure, the first place you should go to for help is HUD, the United States Department of Housing and Urban Development. Their staff will try to help you stave off foreclosure by recommending that you see a HUD approved housing counselor. This counselor can give you some tips on avoiding foreclosure. If foreclosure can't be stopped, HUD can also provide information to help you make the transition from your home to a new residence.

Before accepting the inevitability of foreclosure, meet with an attorney who is knowledgeable about real estate and foreclosure law. A lawyer may be able to stop the foreclosure process. Depending on what state you live in, there are a number of possible options on how to stop a foreclosure of your property.

If you feel that you have in any way been discriminated against by your lender, by all means contact a lawyer. Likewise if you think you may be the victim of a foreclosure scam, get in touch with an attorney immediately.

Another important step to take is to contact a real estate agent at the first sign of financial trouble that may lead to foreclosure. At the point before formal foreclosure is declared, your home will be in what is called pre-foreclosure. At this time, you can still attempt to sell your house and get enough money to settle your mortgage and start over. Although you can try to sell your home privately, real estate offices do have access to more buyers, so a faster sale may be possible through an agent.

This is also the time to turn to family and friends. If they can help you financially, a huge burden will be lifted. But even if they can't help money-wise, their support and encouragement can help get you through this difficult time. You have nothing to be ashamed of. Your fate is being shared by thousands of other homeowners across the country.

Probably the most important thing you can do when dealing with possible foreclosure is to turn to your financial lender for help. It's best to make contact as soon as financial difficulties become evident and you know you may be headed for foreclosure.

Leaders are eager to avoid foreclosing on property because they usually stand to lose money when a foreclosed property is sold. Set up an in-person meeting with a high ranking official at the bank. You will want to meet with someone who is able to make decisions. If you can show that your money problems are temporary, by all means do so. Often this will be enough to convince your lender to give you more time to repay the overdue balance.

There may come a point however, when you have to accept the inevitability of foreclosure and moving out of your home. Foreclosed properties are often listed almost immediately at foreclosure auctions. When your property has been listed in a foreclosure auction, then it will only be a matter of time before it's sold and you are served with an eviction notice. You don't want to wait until this time to begin looking for another place to live.

Some homeowners hope that the new owner will allow them to stay on in the house and pay rent, but chances are this won't be acceptable to the new owners. They will probably be planning to either move in themselves or flip the property quickly, especially if it's a single family dwelling.

So be pro-active and accept your fate. Start getting your belongings packed and ready yourself and your family to move. If you fail to comply with an eviction notice, you will almost certainly be removed and you may even be arrested.

Dealing with foreclosure is never pleasant. You will no doubt do whatever you can to prevent the foreclosure from taking place. But whether or not that's possible, use the many available resources to help you land on your feet.