Three tips for homeowners nearing foreclosure
If you are behind in your mortgage payment, I urge you to avoid the multiple scams that are soliciting you. I viewed a short video this morning that lends advice to homeowners in a bad situation.
The Reuter’s video from YouTube, “Foreclosure scams prey on homeowners” gives three tips to homeowner’s nearing foreclosure:
1. Steer clear of foreclosure specialists
There are companies who claim they are specialists in foreclosure. The charge big fees to act as a mediator between you and your lender. These companies lead a homeowner to believe they are closing on a new mortgage with more amenable terms. Some homeowners have lost their home by signing away title at the new home loan closing, unbeknownst to them.
2. Talk to your lender first
Do not bury your head in the sand if you are getting behind in your mortgage payments. Any delinquincy notices you receive from your lender are serious business and need to be addressed right away. Call your mortgage company and see if they will work out a better payment schedule for your current situation.
3. Speak with a real estate agent
Selling your home is better than foreclosing on your home. Speak with a real estate agent if you do not get a new payment arrangement from your lender. Engage a real estate professional in the early stages of your financial distress. Be wary of any “all cash offers” that you receive from prospective buyers.
The best laid plan will come from a professional
Make sure to consult a professional . Share your current mortgage history with your real estate agent. Engage in open communication with both your lender and your real estate agent throughout your home sale process.